Foreign
A new study has revealed that $258.17 billion was slashed off the market capitalization of the world’s five largest banks during the entire 2022.
Data compiled by BitStacker found that JPMorgan Chase, Bank of America, The Industrial and Commercial Bank of China, Wells Fargo and China Construction Bank all saw at least a 9% drop in market capitalization for the period.
US and Chinese banks hit hard in a difficult year
Bank of America was the year’s biggest loser in terms of the percentage of its market capitalization loss. The bank saw 27% of its market cap lost with $98.41 billion wiped off its share value.
JP Morgan Chase and Wells Fargo also suffered a hard year, having lost $74.63 billion and $34.03 billion from their market capitalizations respectively.
Chinese banks also had a tough time with the Industrial and Commercial Bank of China seeing its market capitalization slide fall by $17.40 billion, while China Construction Bank proved to be the most resilient of the five largest banks having lost a relatively modest 9.92% of its market cap.
Kris Lucas, BitStacker.com analyst said:
“Challenging 2022 left financial markets with scars. Entering new year it will be interesting to monitor what this year could bring to the global economies. Notably, the key fields to watch in 2023 are prolonged Russia-Ukraine war and the Federal Reserve’s efforts to “soft land” high rate of inflation.”
A.I
Tags: Bank of America JPMorgan Chase Kris Lucas Wells Fargo World's five largest banks
