Financial Sector Review: Fed Rates Hit Banks, ATM Criminals

Bank of America Corp (NYSE:BAC) and Citigroup (NYSE:C) are among lenders that may find it more difficult to increase profits and capital after the Fed said it would keep its benchmark interest rate low until at least late 2014.

BAC shares closed at $7.30, down $0.05, or 0.68%, on the day. Its market capitalization is $76.91 billion.

C shares closed at $30.38, up $0.42, or 1.4%, on the day. Its market capitalization is $88.83 billion.

Wells Fargo & Company (NYSE:WFC): As ATM criminals have grown more sophisticated and the data collected in banking transactions more valuable, makers of ATM machines are working to improve machines that store information remotely, by identifying customers by reading vein patterns in their hands, or just using hand gestures to make transactions, reports the Wall Street Journal.

WFC shares closed at $29.05, down $1.15, or 3.81%, on the day. Its market capitalization is $152.88 billion.

JPM shares closed at $37.49, down $0.11, or 0.29%, on the day. Its market capitalization is $141.44 billion.

Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.

To contact the reporter on this story: Stella Mariz at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com