U.S. Banks have fallen to an all-time low against the S&P 500
Source: FT, Barchart
For only the 3rd time in the last 50 years, commercial bank credit has declined by more than 2%
The other 2 times were the peak of the Dot Com Bubble and the aftermath of the Global Financial Crisis. Source: barchart
U.S. Bank losses on held-to-maturity assets have soared to an ALL-TIME HIGH of $400 Billion
Source: Barchart
4 of Wall Street's biggest banks have recently plummeted to levels not seen since the devastating March Banking Crisis
YTD losses are staggering, with 📉 ranging from -15% to -24% causing significant concerns for investors & overall market Source: The Coastal Journal
In case you missed it...
Citigroup $C closed at its lowest price in more than 3.5 years Source: Barchart
$JPM JP Morgan Chase Q3 FY23
CEO Jamie Dimon: "Now may be the most dangerous time the world has seen in decades." • Net revenue +22% Y/Y to $39.9B ($0.5B beat). • Net Income $13.2B. • EPS: $4.33 ($0.39 beat). • CET1 ratio of 14.3%. Source: App Economy Insights
JPMorgan Debuts Tokenization Platform, BlackRock Among Key Clients According to a report by cointelegraph
United States banking giant JPMorgan debuted its in-house blockchain-based tokenization application, the Tokenized Collateral Network (TCN), on Oct. 11, according to Bloomberg. TCN settled its first trade for asset management giant BlackRock. The Tokenized Collateral Network is an application that allows investors to utilize assets as collateral. Using #blockchain technology, investors can transfer collateral ownership without moving assets in underlying ledgers. In its first public collateralized trade between JPMorgan and BlackRock, the TCN turned shares of one money market fund into digital tokens, which were then transferred to Barclays bank as security for an over-the-counter derivatives exchange between the two companies. Source: www.zerohedge.com, www.cointelegraph.com
Bank credit has now entered contraction territory. After witnessing one of sharpest declines on record
Since 1974, this has only happened ONCE: → The Financial Crisis. Back then, this metric reached levels as low as -5%. At the current rate, the risk of a credit event is on the rise. Source: Game of trades
