U.S. Bank losses on held-to-maturity assets have soared to an ALL-TIME HIGH of $400 Billion
Source: Barchart
This is WORSE than the 2008 Financial Crisis. Credit card defaults are rising at levels NEVER seen in 3 decades
Source: Game of Trades
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
The consumer is borrowing more than they can afford to pay
The consumer default rate on credit card loans from small lenders has seen a sharp spike to 7.51% This level is higher than the: - Dot Com bubble - Financial Crisis - C-19 With credit card interest rates still above 20%. Consumers are going to continue feeling the pressure. Source: Game of Trades
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
