JPMorgan Chase, the largest U.S. bank by assets, said its profit rose 6% in the first quarter, but that higher interest rates would hamper growth going forward.

That sent the bank's shares down 6% in morning trading.

Wells Fargo reported a drop in first-quarter profit, as higher rates made it costlier to pay customers for deposits. At the same time, demand from borrowers declined.

Shares dipped slightly.

Citigroup's first-quarter profit fell 27% but beat market expectations - as part of its costs were spent on restructuring efforts.

CEO Jane Frazier in a statement said the bank's sweeping reorganization has created "a cleaner, simpler management structure...."

Shares initially rose on the news but reversed course and were down more than one percent in late morning trading.

And BlackRock, the world's largest asset manager, said its total assets hit a record $10.5 trillion in the first quarter.

The firm posted a 36% jump in profit as rising global equity markets boosted its investment advisory and administration fees.

Shares however were down more than one percent in morning trading, with the S&P 500 banks index falling roughly 3% to hit its lowest level in nearly a month.