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.
Biden: "Our economy is moving in the right direction" pic.twitter.com/dDGtZtI3xt
— The Post Millennial (@TPostMillennial) March 10, 2023
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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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.
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]!
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.
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.
article was clear—% drop in mkt val—unless U just read headlines…
stock prices down and the average citizen who can’t afford to play this gambling game is supposed to show concern? not here!
Agree, stock value doesn’t represent depositors assets or debts, or the banks ability to weather a crisis.
This is just pocket change for our country. Print it and move on. The Right wing nuts are making something out of nothing.
Says the corrupted Democrat who practices hypocrisy and lies, cheats and tries to turn it around on the Republicans! Bank on that bigot!
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?
Yeah, we can just print more money. FJB
You Must have trillions to spare
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.
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.
make way! desecated corpse coming thru!
I wonder how much the bank bailouts will be this time.
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!!!!
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….