Source : Business Insider
The S&P is back in positive territory for the year. But some sectors did better than others.
The financial sector in particular took a beating and rightfully so. Banks face increased regulations, the loss of revenue driving fees, and compressed net interest margins thanks to a flattening yield curve, which was the aim of the Fed's Operation Twist. On top of this, many banks are exposed, directly or indirectly, to risky European sovereign debt. And worst of all, they face a slowing global economy.
The hardest-hit big bank is Lloyd's Banking Group, which has seen shares decline more than 61% on depressed investment banking revenue amid a weak United Kingdom macro-picture. Bank of America trails only slightly, down 59.5% year-to-date. Reuters recently reported that the bank may have to sell additional assets to buffer itself.
Take a look at how some of the biggest financial institutions in the world stack up:
 |
Here's a quick rundown of the declines through trading this afternoon:
- Bank of America: -59.45%
- Citi: -43.63%
- Goldman Sachs: -45.89%
- JPMorgan: -21.28%
- Morgan Stanley: -44.22%
- Barclays: -33.31%
- Lloyds: -61.22%
- UBS: -28.42%
- Deutsche Bank: -27.01%
- BNP Paribas: -36.29%
- Société Générale: -58.49%
No comments:
Post a Comment