Banks follow Goldman's, Citi's decline

|About: Axos Financial, Inc. (AX)|By:, SA News Editor

While Goldman Sachs (GS -3.2%) and Citigroup (C -0.1%) Q1 earnings exceeded consensus estimates, investors weren't impressed and bank stocks, in general, slumped.

Financial Select Sector SPDR ETF (NYSEARCA:XLFslides 0.8% in early afternoon trading, backtracking from Friday's 1.8% gain, its largest since April 1.

Goldman Chairman and CEO David Solomon stressed that the bank is "focused on new opportunities to grow and diversify our business mix" and called the results a "muted" start to the year. Goldman's stock is the biggest decliner in the Dow Jones Industrial Average, which is down 0.2%.

The only U.S. megabank that's up, Wells Fargo (WFC +0.7%), is the only one that fell on Friday.

The other big banks: Bank of America (BAC -1.1%), JPMorgan (JPM -1.4%), Morgan Stanley (MS -1.2%).

Regional banks followed suit, as M&T Bank (MTB -2.2%) fell despite Q1 EPS beating its average analyst estimate. Others: PNC Financial (PNC -0.3%), Axos Financial (AX -0.9%), Bank OZK  (OZK -2.6%), Fifth Third (FITB -1.6%), KeyCorp (KEY -1.3%), CIT Group (CIT -1.2%).

Many non-U.S-based multinational banks are faring better--Lloyds Banking Group (LYG +0.9%), Barclays (BCS +0.6%), Royal Bank of Scotland (RBS +0.5%), and Credit Suisse Group (CS +0.6%).

Previously: Goldman seeks to diversify business mix after muted Q1 (April 15)

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