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Regional Banks Taking It On The Chin

Bucking the rally. Following yesterday's announcement that KeyCorp would cut its dividend in half, a number of regional banks are notably weaker today.

Goldman Sachs sent a note out late last night with this title: Key is Likely Not Alone, More Capital Raises and Dividend Cuts to Come. They specifically mentioned Regions Financial, Fifth Third, Comerica, Bank of America and SunTrust; all but Bank of America are down notably. BofA already said this week that they would not have to raise capital or cut the dividend, assuming the U.S. avoids a recession.

Symbol
Price
 
Change
%Change
NOVU
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CMA
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FITB
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KEY
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RF
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STI
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Symbol
Price
 
Change
%Change
KEY
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STI
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CMA
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FITB
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RF
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  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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