Daily News: July 11, 2016

WSJ: Big Banks Lose Nearly Half a Trillion Dollars in 2016


The Wall Street Journal reported that 20 of the world’s biggest banks have lost 25% of their aggregate market value — approximately $465 billion — according to data from FactSet.

According to the Journal, there is more to blame for these losses than the Brexit as bank stocks have been dropping since early 2016 due to uncertainty regarding the Chinese economy, U.S. interest rates and oil prices.

The Journal listed the banks, which include JPMorgan Chase, Wells Fargo, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, Royal Bank of Scotland, HSBC, Barclays, Standard Chartered, UBS Group, Credit Suisse, BNP Paribas, Credit Agricole, Société Générale, UniCredit, Deutsche Bank, Banco Santander, Industrial and Commercial Bank of China and Mitsubishi UFJ Financial Group.