This year’s stock sell-off hasn’t spared banks, with the KBW Bank Index down more than 20%, roughly in line with the decline of the broader S&P 500.

Shares of big American banks have dropped despite rising interest rates, which help them boost the profitability of their core lending activities. That’s because investors are now concerned that a recession is on the horizon, which would lead to rising defaults as borrowers struggle to repay loans.

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