** Shares of big U.S. banks fall premarket after President Trump said on Wednesday he would impose a 10% baseline tariff on all imports to the U.S. and higher duties on dozens of other countries
** The tariffs appeared to target about 60 countries, base 10% tariffs go into effect on April 5 and the higher reciprocal rates on April 9
** Investment banks are expected take a hit as tariff-driven uncertainty dampens dealmaking and capital markets activity, while lower consumer confidence could also curb spending and dampen loan demand
** JPMorgan Chase JPM.N falls 3.2%, Bank of America BAC.N down 3% and Citigroup C.N down 3.4%
** Goldman Sachs GS.N sheds 4%, Morgan Stanley falls MS.N 4.1% while Wells Fargo WFC.N down 4%
** Big banks begin reporting their quarterly results next week
(Reporting by Pritam Biswas in Bengaluru )
((pritam.biswas@thomsonreuters.com ))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.