What a difference two months make. Coming out of fourth-quarter earnings in January, US banks were largely optimistic about the outlook for 2020.

For all the worries about regulations and low interest rates, the sector was one of the market’s top performers in 2019. Morgan Stanley, Goldman Sachs and JPMorgan Chase are among those that rolled out ambitious new financial targets. Expectations were for interest rates to stay put in 2020.

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