America’s Biggest Banks Lost More Than 50 Billion Dollars In A Single Day

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Yesterday some of the biggest banks in this country – Wells Fargo, Bank of America, JP Moragn Chase, Morgan Stanley – collectively lost more than 50 billion dollars collectively yesterday alone.

But no one in media and government have barely remarked. It’s all racial equity, inclusion and climate. The emperors not so new clothes.

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Wall Street’s 4 top banks just had $55 billion wiped off their market value in a single day

By: Zinya Salfiti, Business Insider, Mar 10, 2023:

People walk inside JP Morgan headquarters in New York, October 25, 2013. REUTERS/Eduardo Munoz

  • Four of America’s biggest banks lost a combined $55 billion of market value in a single day as financial stocks plunged.
  • US bank shares took a beating Thursday amid fears of contagion effects from the turmoil at Silicon Valley Bank and Silvergate.
  • JPMorgan saw the biggest tumble in market value among US lenders, losing $22 billion.

Wall Street’s biggest banks took quite a thrashing in the stock market Thursday as investors spooked the turmoil at Silicon Valley Bank and Silvergate Capital dumped financial shares.

JPMorgan Chase, Bank of America, Wells Fargo and Morgan Stanley – the four most valued US lenders – saw $55 billion wiped off their combined market capitalization on Thursday, Refinitiv data show.

JPMorgan, the biggest US bank, alone saw a $22 billion tumble in its market value as its stock slid 5.41% to $130.34. Wall Street heavyweight Bank of America lost $16.16 billion as its share price fell 6.20% to $30.54. Wells Fargo and Morgan Stanley saw their market capitalization drop by $10.3 billion and $6.2 billion, respectively.

Among other major US banks, Goldman Sachs and Citi also witnessed significant declines in their share prices.

The selloff came amid heightened fears of contagion effects from financial distress at Silicon Valley Bank (SVB) and Silvergate Capital. SVB’s stock crashed 60% Thursday after the company said it would sell more shares to cover a $1.8 billion loss it incurred after completing a $21 billion fire sale of its bond portfolio.

Meanwhile, crypto-focused lender Silvergate said it will write off its assets and close down Wednesday, only days after flagging doubts about its survival.

The KBW Bank Index which tracks the performance of leading bank stocks fell 7.7% on Thursday, in what was the biggest decline since June 2020.

All four of the top US banks above remain under pressure in premarket trading on Friday, with JPMorgan stock falling an additional 1.10%, Bank of America dipping 0.62%, Wells Fargo sliding 0.88% and Morgan Stanley down 0.43%.

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Joel
Joel
1 year ago

This is a bogus headline. Losing “Market Value” is completely different than losing actual “Assets”. Companies lose billions in market value every time the market goes down, AND they gain billions in market value every time the market goes up. Stop with the click bait.

VMS
VMS
1 year ago
Reply to  Joel

Even if it were real assets, it would be like losing your wallet containing several hundred dollars. It would piss you off immensely, but it would not break the bank [pun intended]!

Joe
Joe
1 year ago
Reply to  Joel

Agree. The bank insiders most likely got a heads up that this is going to happen and got out I time. Now they’ll buy shares again at fire sale prices. The elites never lose.

Zenit08
Zenit08
1 year ago
Reply to  Joe

The CEO and other bigwigs at SVB did indeed dump boatloads of shares in the days before it failed. They’re laughing all the way to some other bank.

garry pollackD
garry pollack
1 year ago
Reply to  Joel

article was clear—% drop in mkt val—unless U just read headlines…

Red Byrd
Red Byrd
1 year ago

stock prices down and the average citizen who can’t afford to play this gambling game is supposed to show concern? not here!

Steve
Steve
1 year ago

Agree, stock value doesn’t represent depositors assets or debts, or the banks ability to weather a crisis.

fat boyz
fat boyz
1 year ago

This is just pocket change for our country. Print it and move on. The Right wing nuts are making something out of nothing.

Staff Sgt Chaos
Staff Sgt Chaos
1 year ago
Reply to  fat boyz

Says the corrupted Democrat who practices hypocrisy and lies, cheats and tries to turn it around on the Republicans! Bank on that bigot!

DeeD
Dee
1 year ago
Reply to  fat boyz

Isn’t that the corrupt Dems are the ones who always make something out of nothing. They create, invent, make-up something to scare the wits out of everybody? Plandemic?

Doyle Hargraves
Doyle Hargraves
1 year ago
Reply to  fat boyz

Yeah, we can just print more money. FJB

roll
roll
1 year ago
Reply to  fat boyz

You Must have trillions to spare

Snowedin
Snowedin
1 year ago

Another step toward the government agenda to destroy our monetary system, and to push us into a digital currency so that can control every purchase we make, what we eat, where we travel, and what we buy and sell.

Leon
Leon
1 year ago

Just look at his face !! Does anyone think that is normal ??
He is falling apart. The dementia is taking him apart. Wake up America. This moron is taking America down the proverbial drain.

garry pollackD
garry pollack
1 year ago
Reply to  Leon

make way! desecated corpse coming thru!

Jack Fanning
Jack Fanning
1 year ago

I wonder how much the bank bailouts will be this time.

PatDD
PatD
1 year ago

Not sure what is actually going on except that the moronic idiot oxygen thief occupying our WH has been killing this country for over 2 years!!!!

edD
ed
1 year ago

BiDUMB states that the economy is “running in the right direction”. I guess he is right….since he seems hell bent on DESTROYING the economy and the country….

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