06:07 AM EDT, 04/04/2025 (MT Newswires) -- Stocks of major US banks closed in the red Thursday amid concerns over US President Donald Trump's tariffs potentially leading to a recession and eventually impacting the banks' earnings.

Citigroup ( C ) fell over 12%, Bank of America (BAC) was down more than 11%, JPMorgan Chase ( JPM ) declined by almost 7%, while Morgan Stanley ( MS ) , Wells Fargo ( WFC ) , and Goldman Sachs Group ( GS ) closed over 9% lower.