Online Stock Trading - More Banking Woe for World Bankers
As the stockmarket in the US slumped despite the US Presidential inauguration fest - DOW down 332 points - , banks around the world were the worst hit yet again on fears that the global banking crisis is getting worse. Online stock trading is difficult at the best of times bu it seems hard to imagine that things could get much worse, particularly for the banks but it seems that the unimaginable is no longer so unimaginable.
In the US
Regions Financial Corp., operating S.E. USA reported a Q4 loss of $6.24 billion, stocks fell more than 24% to a 24-year low of $4.60.
SunTrust Banks Inc. fell 24.4%;
Fifth Third Bancorp fell 22.3%
Marshall & Ilsley Corp. fell 21.3%.
State Street Corp. reported a 71% drop in Q4 its shares fell 59%
Citigroup, reported a loss of $8.29 billion and fell 20% to $2.80.
Bank of America shares fell 29%
Bank of New York Mellon Corp. fell 17%.
Last week, JPMorgan actually reported a profit for Q4, but defaults rose sharply in home loans, credit cards, commercial real estate. Shares fell 20.7%.
Even Wells Fargo fell 24%.
In the UK
Barclays fell another 20% to 72p - it was 180p just a week ago
Lloyds fell another 30% to 44p - it was 140p a week ago
Even RBS managed to fall another 10% after its 70% drop yesterday
To see what happened to UK banks yesterday have a look at - UK Banks Fund New Toilet
In France
Societe Generale fell 13%
BNP Paribas fell 13%
Credit Agricole fell 7%
It seems odd that this hasn't caused more of a stir but it seems like people may be getting used to it, and of course today was a Obamamania day
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