Report: Market Valuation of 14 Banking Giants Shed $635 Billion This Year

The world’s largest banks lost a considerable amount of market valuation amid the Covid-19 pandemic, according to a new report that estimates financial incumbents lost $635 billion. Between December 2019 and August 2020, the market caps of 14 major banking institutions lost upwards of 30-50% during the time period.

A newly published report written by Buyshares and the researcher Justinas Baltrusaitis, shows that during the first half of 2020, the world’s banks lost a considerable amount of market capitalization. Buyshares data shows that 14 select “major global banks” lost a combined total of $635.33 billion in market capitalization this year.

The biggest loser was Wells Fargo, which lost roughly -56.26% during the time period. Spain’s Banco Santander came in second place, losing -46.16% of its aggregate valuation.

Stats show that while Japan-based Mizuho Financial Group only lost 11%, the American bank, JP Morgan Chase saw a -30.16% drop in value in H1. The major losses from all 14 banks worldwide were significant drops, the Buyshares report highlights.

Report: Market Valuation of 14 Banking Giants Shed $635 Billion This Year

But researchers also stress that it “could have been much worse if there was no intervention from central banks.” Financial incumbents curbed disaster by receiving massive stimulus from the Federal Reserve. Additionally, the research says that regulators easing restrictions on liquidity, reserves, and capital “proved beneficial.”

Data shows that American banks took the largest hits, but JP Morgan Chase still has a decent market cap ($305.44 billion) today. Chinese banks followed American banks and both groups saw the biggest losses in February, as the start of the pandemic began to shake markets.

Report: Market Valuation of 14 Banking Giants Shed $635 Billion This Year

Meanwhile, the American banking cartel and the nation’s wealthiest 1% have been accused of fleecing $50 trillion from the bottom 99% during the last few decades. The accusation stems from a working paper written by Kathryn Edwards and Carter C. Price from the RAND Corporation called “Trends in…

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