NEW YORK — As the banking sector continues to get hammered, some of the biggest and what were thought to be strongest banks — including Wells Fargo & Co. and JPMorgan Chase & Co. — are getting badly hit.

Shares of Wells Fargo tumbled as much as 19% Thursday to a 13-year low. Moody's Investors Service, in warning late Wednesday that it might downgrade Wells Fargo's credit ratings, focused on the continuing costs from the bank's acquisition last year of Wachovia Corp.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.