Why Big Bank Stocks Plunged 30% in the First Half of 2020
Shares of the biggest U.S. banks by market cap -- JPMorgan Chase (NYSE: JPM), Bank of America (NYSE: BAC), and Citigroup (NYSE: C) -- toppled more than 30% in the first half of 2020, according to data provided by S&P Global Market Intelligence.
JPMorgan's shares fell 32.5% over the six months ended June 30, 2020, almost identical to Bank of America's 32.6% price decline. Citigroup was only slightly worse for wear, down 36% during the same period. 2020's dismal performance more than wiped out all of the gains the three stocks saw in 2018 and 2019. By contrast, the S&P 500 had fallen 4% through June 30.
Here's why the big banks have underperformed the market so badly this year.
Source Fool.com
