After years of work building fee-based income, reducing sensitivity to the interest rate cycle, and positioning themselves to reap the riches of history's longest boom via investment banking and venture capital businesses, the banks have finally gotten their stocks to behave like tech stocks.

As a result, they are watching their share prices get punished twice this cycle around. Despite unquestioned achievements in balancing their businesses away from interest rate fluctuations, bank stocks have spent the past year in a broad decline, hounded by the threat of rising interest rates. And the effect may only worsen, given Wall Street's expectation that the Federal Reserve's tightening cycle is about to intensify.

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