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KeyCorp's(KEY Quote) expectation of higher loan charge-offs sent bank stocks tumbling Wednesday, as investors worried whether other lenders will face the same fate.
Key shares plunged 10.4% to $19.66 after the regional bank announced that it expects net loan charge-offs to be closer to 1% to 1.3%, instead of its earlier forecast of 0.65% to 0.90%. Homebuilders unable to pay back loans were the culprit behind the damaging debt.
Other regional banks also dipped on the news. Regions Financial(RF Quote) fell 5% to $18.08. Fifth Third Bancorp(FITB Quote) slid 3.6% to $18.85, after the stock hit a 52-week low of $18.48 during the day's trading. ...
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