NEW YORK (
) -- Over the past month, the six biggest bank stocks have lost an average of 13%, seemingly on fears of what effect new, yet-to-be-determined regulations will have on their profitability.
(WFC - Get Report)
shares have lost the least value, with a decline of 8% since Jan. 8, closing at $26.43 on Monday.
(MS - Get Report)
was the loss leader, with an 18% decline, dropping to $26.60 by Monday's close.
(C - Get Report)
(GS - Get Report)
Bank of America
(BAC - Get Report)
(JPM - Get Report)
were somewhere in between, all with double-digit declines.
The sell-off gained momentum roughly around the time JPMorgan announced fourth-quarter results on Jan. 15. Revenue was disappointing, and management comments about the road ahead weren't as sunny as some had hoped.
Then came the
, which turned into the
, which hasn't yet been drafted and doesn't seem likely to get far beyond the
held last week.
Senate Banking Committee Chairman Chris Dodd (D., Conn.), who is trying to get a broad reform bill passed before he hangs up his
, grumbled about Obama's attempt to slip in the Volcker measure while he's having trouble passing the original proposal.
"It's not a movable feast," Dodd told Volcker after the hearings had ended, according to the
New York Times
. "It's adding to the problems of trying to get a bill done."