The World’s Bank Stocks Price In ‘Armageddon’ as Buyers Flee
- Banks globally plunge to record lows versus overall market
- Dividend cuts further hurt sector reeling from virus fallout
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If the world’s banks are in much better shape this time round, it’s little consolation for their shareholders nursing historic losses.
As the coronavirus pandemic sparks corporate defaults, interest rate cuts and trading losses, investors have been punishing the sector with an intensity reminiscent of the global financial crisis.