The rate hike Wall Street banks were expecting this summer just got scotched by a surprisingly bad jobs report..
U.S. bank stocks were getting hammered Friday, after a disappointing employment report caused economists to scale back expectations for when the Federal Open Market Committee will lift interest rates.
"The job market clearly looks like it has decelerated," said Deutsche Bank chief U.S. economist Joe LaVorgna. "It seems to be matching GDP."
Many major U.S. banks' shares were down more than 3 percent in trading Friday, including JPMorgan Chase, Goldman Sachs and Capital One. Bank of America, Citigroup and Morgan Stanley saw shares down between 4 percent and 5 percent early Friday, and even Wells Fargo, which has outperformed most U.S. banks in the years following the global financial crisis, saw shares down more than 2 percent.