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

Report: Market Valuation of 14 Banking Giants Shed $635 Billion This YearThe 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 […]

The post Report: Market Valuation of 14 Banking Giants Shed $635 Billion This Year appeared first on Bitcoin News.

Largest US Banks Expect Billions in Loan Losses, Profits Plunge

Largest US Banks Expect Billions in Loan Losses, Profits PlungeSeveral of the largest U.S. banks have set aside billions of dollars in reserves as they expect massive losses from loan defaults, sending their profits nosediving. Wells Fargo’s first-quarter earnings fell a whopping 90% while JPMorgan Chase’s profit dropped 70%. Bank of America, Citigroup, Goldman Sachs, and Morgan Stanley also saw their profits plunge. Flood […]

The post Largest US Banks Expect Billions in Loan Losses, Profits Plunge appeared first on Bitcoin News.

2 American Banks Have Failed Since Coronavirus Started Spreading in the US

2 American Banks Have Failed Since Coronavirus Started Spreading in the USSince the coronavirus started spreading in the U.S., two banks have failed and were shut down by state banking authorities. One was a bank in West Virginia and the other was in the state of Nebraska. The governor of West Virginia has already issued a stay-at-home order due to rising covid-19 cases. Also read: IMF […]

The post 2 American Banks Have Failed Since Coronavirus Started Spreading in the US appeared first on Bitcoin News.