Regional banks suffered a steep sell-off Friday after a number of weak quarterly earnings reports highlighting the negative impact from higher interest rates soured investor sentiment toward the industry.
The SPDR S&P Regional Banking ETF (KRE) fell 4%, dragged down by Regions Financial, which tanked more than 12%. Comerica, Berkshire Hills Bancorp, Amerant Bancorp and Fifth Third Bancorp all tumbled by 5% or more.
