JPMorgan Chase, the largest bank in the U.S. by assets, saw its stock plummet 5.47% in the pre-market session on Tuesday. The decline was driven by growing concerns over economic growth and trade tensions, as well as reports of regulatory issues at the bank.

The sell-off in JPMorgan shares was part of a broader market downturn, with other major banks like Wells Fargo and Citigroup also experiencing significant declines. The latest sign of weak economic growth came from the Federal Reserve Bank of Atlanta's GDPNow model, which projected a 2.8% decline in first-quarter gross domestic product (GDP).

Additionally, the Trump administration's ongoing trade wars and tariffs on imports from Mexico, Canada, and China have raised concerns about their potential impact on economic growth and consumer sentiment. Banks are cyclical businesses that tend to be impacted by economic conditions and consumer spending.

Moreover, reports have emerged about manual errors on bank transfers made at Citigroup, reigniting concerns about the bank's regulatory issues. Citigroup has been fined multiple times in recent years for failing to correct long-standing internal and risk controls, and these latest incidents could further complicate the bank's efforts to address regulatory matters.