Bank shares around the world have lost $460 billion so far in March (as of the close on March 17.) That’s a lot of money. Even these days when a coffee can run you $5.60.
That’s the worst loss for the sector since the March 2020 Covid plunge.
The heaviest losses were in the United States with the KBW Bank index down 18% in March. Europe’s Stoxx 600 bank index is off 15%. Japan’s Topix bank sector index lost 9%.
The drop in bond prices, including those for Treasuries, has hit Wall Street trading desks too. The trading desk at Goldman Sachs, for example, has lost $200 million, the Financial Times reports.