The 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 Buyshares and the researcher Justinas Baltrusaitis, shows that during the first half of 2020, the world’s banks lost a considerable amount of market capitalization. Buyshares data shows that 14 select “major global banks” lost a combined total of $635.33 billion in market capitalization this year.

The biggest loser was Wells Fargo, which lost roughly -56.26% during the time period. Spain’s Banco Santander came in second place, losing -46.16% of its aggregate valuation.

Stats show that while Japan-based Mizuho Financial Group only lost 11%, the American bank, JP Morgan Chase saw a -30.16% drop in value in H1. The major losses from all 14 banks worldwide were significant drops,…

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Source: https://news.bitcoin.com/report-market-valuation-of-14-banking-giants-shed-635-billion-this-year/