Major US bank stocks fell sharply on Monday, as Bank of America said transaction revenue would be “relatively flat” compared to the third quarter of last year. Furthermore, growing market concerns about artificial intelligence-themed transactions are putting pressure on the financial stock sector. Bank of America's decline extended to 5.7% at one point. CEO Brian Moynihan said at the Barclays Global Financial Services Conference that the bank's third-fiscal quarter transaction revenue will be “relatively flat” year over year. The largest banks with the highest declines in the KBW Bank Index include Goldman Sachs, down 4.6%, Citi 3.5%, Morgan Stanley 4.1%, Wells Fargo down 3.0%, Bank of New York Mellon, 3.5%, and J.P. Morgan Chase 2.2%. At one point, North American Trust shares fell 4.9%. Dave Fox, the company's chief financial officer, anticipates a “seasonal decline” in results this quarter.

Major US bank stocks fell sharply on Monday, as Bank of America said transaction revenue would be “relatively flat” compared to the third quarter of last year. Furthermore, growing market concerns about artificial intelligence-themed transactions are putting pressure on the financial stock sector. Bank of America's decline extended to 5.7% at one point. CEO Brian Moynihan said at the Barclays Global Financial Services Conference that the bank's third-fiscal quarter transaction revenue will be “relatively flat” year over year. The largest banks with the highest declines in the KBW Bank Index include Goldman Sachs, down 4.6%, Citi 3.5%, Morgan Stanley 4.1%, Wells Fargo down 3.0%, Bank of New York Mellon, 3.5%, and J.P. Morgan Chase 2.2%. At one point, North American Trust shares fell 4.9%. Dave Fox, the company's chief financial officer, anticipates a “seasonal decline” in results this quarter.