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J.P. Morgan closed over 1 percent lower, while Wells Fargo closed over 3 percent lower. Shares of Citigroup were down almost 1 percent at Thursday's close.
Barclays managing director and senior equity analyst Jason Goldberg said on CNBC's Power Lunch Thursday that J.P. Morgan and Citi shares were negative because sentiment in the financial sector has started to run out of steam.
"The agenda that the administration laid out that the group ran up on is just taking time to come to fruition," Goldberg said.
Coupled with the slow political action, Goldberg said the interest rate environment is holding investors back, but "the rate hikes we've seen should actually be a bigger benefit in the next three quarters."
If the Trump administration's deregulation and tax reform policies never get through, Goldberg said: "As long as the U.S. economy continues to expand we think [shareholder] downside is fairly limited."