Wachovia, JPMorgan, Wells Fargo tumble

Shares of several major U.S. banks suffered steep declines Monday as investors speculated that Wachovia Corp (WB.N: Quote, Profile, Research, Stock Buzz) won't merge with Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz), while JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) and Wells Fargo & Co (WFC.N: Quote, Profile, Research, Stock Buzz) were downgraded.

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