|By Marketwired .||
|November 9, 2012 08:20 AM EST||
NEW YORK, NY -- (Marketwire) -- 11/09/12 -- A day after President Obama was re-elected shares of financial stocks fell sharply, with major banks leading the way, as investor focus has now been shifted towards the upcoming "fiscal cliff." The Standard and Poor's 500 Financials Index declined 3.53 percent Wednesday. Five Star Equities examines the outlook for companies in the Banking Industry and provides equity research on Goldman Sachs Group, Inc. (NYSE: GS) and Wells Fargo & Company (NYSE: WFC).
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A majority of Wall Street had backed Mitt Romney in the hopes of easing regulations such as the Dodd-Frank Wall Street Reform and Consumer Protection Act. The upcoming "fiscal cliff" has become a major concern for the financial sector now that the U.S. House of Representatives remains under Republican control.
"We see the risk that we temporarily fall over the cliff to be larger than it would be under a Romney victory," Merrill Lynch analysts said. "President Obama has called for tax increases for the upper-income cohort, which the Republicans have resisted. If Republicans do not concede ground on this issue, then the risk rises that Democrats allow the Bush tax cuts to all expire in order to push their own middle-income tax-relief plan."
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Goldman Sachs is the fifth-largest bank ranked by assets. The bank recently reported that their traders lost money on only 2 days during the third quarter, a major improvement from the 21 days in the third quarter of 2011. Revenue from sales and trading totaled $4.18 billion in the third quarter, which made up approximately 55 percent of Goldman Sachs total revenues.
Wells Fargo has recently added 25 bankers in Canada, and has made the country its priority for international expansion. "The Canada strategy is clearly a part of our overall international strategy, and the strategy is focused around leveraging the American nexus, our capabilities and customer base in the U.S.," said Richard Yorke, leader of Wells Fargo's international group.
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