Five leading U.S. banks lose over $220 billion of market cap in 2022

The five leading banks in the U.S. have lost almost $230 billion in market capitalization so far in 2022.

Research compiled by BitStacker reveals that Bank of America, JP Morgan Chase, Wells Fargo, Goldman Sachs and Citigroup all saw their market capitalization shrinking in the period between January 1 and December 5, 2022.

The study monitored the market cap of these US banks over the course of the year and it further illustrates the current economic uncertainty in the country.

Big losses in the U.S. banking industry

Citigroup was the hardest hit among the major U.S. banks in 2022. The company saw its market capitalization slipping from $119.83 billion on January 1 2022 to $88.39 billion on December 5 2022.

However, the Bank of America Corporation witnessed the greatest loss in market capitalization. The firm was valued with a $364.11 billion market cap at the start of the year, but this had shrunk to just $276.53 billion by early D

Market capitalization, or market cap, is a tool used to measure the total market value of a company’s outstanding shares of stock. This provides investors with a picture of the company’s total size rather than its other indicators such as its sales or assets.

Kris Lucas, BitStacker.com analyst said:

“The research showed that the five leading U.S. banks had experienced huge losses with hundreds of billions of dollars wiped off their value. With skyrocketing inflation and numerous interest rate hikes, it presents a worrying picture of the U.S. economy.”