Financial firms, shunned by investors to a degree seen only once in the last 20 years, are becoming a smaller part of the U.S. economy as they deal with a past that won’t go away and a future of lower revenue and fewer jobs.
Shares of financial companies have fallen for three straight months and now have their lowest ratio to the Standard & Poor’s 500 Index since 2009. Net revenue at the six largest U.S. lenders-Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co., Goldman Sachs Group Inc. and Morgan Stanley-will probably fall 3.7 percent in the second quarter, the fourth year-over-year decline in five quarters, according to 100 analyst estimates compiled by Bloomberg.
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