These Bank Stocks Hit Lows—Some Even All-Time Lows—This Month

Topline

Bank of America led a group of bank stocks hitting multi-year lows Friday, continuing the bloodbath on the group as the sector-wide turmoil causes bank stocks big and small to shed value at a remarkable rate.

Key Facts

Big Number

$243 billion. That’s how much market value the 10 largest U.S. banks have lost since March 8.

Tangent

European bank stocks have similarly been walloped as investors responded to mayhem in the U.S. and UBS buying its Swiss peer Credit Suisse as the latter was on the brink. Europe-listed shares of UBS, Deutsche Bank, British banks HSBC and Barclays and French bank BNP Paribas are each down 15% or more during the stretch.

Crucial Quote

“Confidence is still fragile, volatility is likely to remain high, and policymakers may yet have to go further to ensure that faith in the global financial system stays solid,” UBS’ global chief investment officer Mark Haefele wrote in a Thursday note to clients. The current situation looks “unlikely to evolve into something akin to the 2008–09 meltdown,” Haefele said, citing stronger regulation on banks.

Further Reading

10 Numbers And Charts That Sum Up March’s Banking Fiasco (Forbes)

First Republic Shares Crater To All-Time Low As Bank Reportedly Taps JPMorgan To Explore Possible Sale (Forbes)

What’s Happening With Deutsche Bank As Shares Slide 7% (Forbes)