US banks fall after jobs data
** Shares of U.S. banks fall after jobs data shows labor market cooling off
** JPMorgan Chase JPM.N, Bank of America BAC.N, Wells Fargo WFC.N and Citigroup C.N down between 1% and 2.3%
** The S&P 500 banks index .SPXBK fell 1.7%
** Annual wages increased at the slowest pace in three years and unemployment rate rose to 4.1% from 4%, data shows
** A slowdown in wage growth could prompt consumers to defer their purchases, impacting loan demand and credit card spending - the core business of many banks
** However, higher unemployment could convince the Federal Reserve to cut interest rates and lower banks' deposit costs
** The S&P 500 banks index has gained 17.7% YTD as of last close, slightly outperforming the S&P 500 index's .SPX 16.1% jump
** Major stock indexes struggled for direction on Friday .N
Reporting by Niket Nishant in Bengaluru
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