- Moody's says UK large domestic banks’ asset quality will take hit from coronavirus; capital to remain strong
- UK Finance data reveals that credit and debit card activity in the UK fell slightly in June
- FCA seeks views on how to improve the consumer investment market
- UK Finance responds to FCA draft guidance on support for consumer credit and overdraft customers
- Scope says private capital needed to solve demand-supply imbalance in UK affordable housing
- UK homebuyers struggle to take advantage of the Stamp Duty holiday says survey
- Respite for UK savers as inflation falls to 0.2% expired
- Woolard to chair review of unsecured credit market regulation expired
- Juniper Research new study says global mobile business messaging traffic will increase by 10% this year to 2.7tr expired
- aixigo and investify TECH join forces as a consortium to strengthen Sopra Financial Technology's (SFT) range of services in the wealth management business expired
- Mastercard and Handpoint sign partnership agreement to promote greater acceptance of card payments expired
- Brest Métropole, Bibus, Mastercard and CIC launch Open Payment on public transport expired
15th September 2020
Buy Shares survey indicates global largest banks lose $635bn in market cap amid pandemic
Data presented by Buy Shares indicates that 14 selected major global banks cumulatively lost $635.33bn in market capitalisation. The loss was majorly induced by the coronavirus pandemic between December 2019 and August 2020.
Wells Fargo recorded the biggest slump with a percentage change in the market capitalisation at -56.26% followed by Spain’s Banco Santander at -46.16%. JP Morgan Chase’s change in market capitalisation was -30.16%. During the period, Japan-based Mizuho Financial Group had the least change at -11.33%.
Intervention by central banks cushioned most facilities from a further slump. According to the research report:
“The drop in valuations for the selected banks could have been much worse if there was no intervention from central banks. The immediate measures taken by regulators to ease restrictions on liquidity and capital, banks have proved beneficial. Although the measures put in place by authorities helped banks, they still face some immediate pressures on their capital and liquidity position, as the length and severity of the outbreak remain uncertain.”
An overview of the individual market capitalisation shows that JP Morgan still holds a superior position at $437.2bn in December 2019 and $305.44bn as of August 2020. In December last year, Wells Fargo market cap stood at $227.5bn and in August it stood at $99.5bn.
At the end of last year, the Bank of America market cap stood at $316.8bn and by the end of August, the figure stood at $223.01bn.
Buy Shares Trends(10 articles)