This Bank Collapse Is Global
July 7, 2016 (EIRNS)—After examining 20 top international banks, the Wall Street Journal concluded that these banks have lost nearly a half a trillion dollars in share value—a quarter of their market capitalization—so far this year. The Journal’ report, posted Wednesday night, acknowledges that this "bloodbath" started at the beginning of the year, and that the Brexit just accelerated it.
The Journal looked at J.P. Morgan Chase & Co., Wells Fargo & Co., Bank of America Corp., Citigroup Inc., Goldman Sachs Group, Morgan Stanley, Royal Bank of Scotland PLC, HSBC Holdings, Barclays PLC, Standard Chartered PLC, UBS Group AG, Crédit Suisse Group AG, BNP Paribas SA, Credit Agricole SA, Société Générale SA, UniCredit SpA, Deutsche Bank AG, Banco Santander SA, Industrial and Commercial Bank of China Ltd., and Mitsubishi UFJ Financial Group Inc.
Italian UniCredit led the way with the most spectacular loss, of nearly two-thirds of its value, while the Royal Bank of Scotland has fallen around 56%, and Crédit Suisse, Deutsche Bank, and Barclays are all down by about half.