Mon, 09/21/2020 – 07:01
JP Morgan shares tumbled 3.5% to their lowest levels since July.
Deutsche Bank, also prominently featured in the Buzzfeed report, tumbled 8.3% as the report relitigated parts of the Mueller probe and the bank’s involvement with the Trump family, and members of the Trump inner circle. Reports in the files revealed $1.3 trillion
European banks are having their worst session in six months, as HSBC falls 4% to lows unseen in decades. HSBC and Standard Chartered both featured heavily in the report, as transgressions involving both banks from around 2012 were cited as helping spur a massive surge in banks filing SARs. DB, meanwhile, was shown to have processed $1.3 trillion in suspicious transactions between the late 1990s and 2017. All told, the documents obtained by Buzzfeed and shared with the ICIJ showed the banks moving more than $2 trillion in suspicious funds between 1999 and 2017.
The Stoxx Europe 600 banks index dropped 4.6% at its lows, the biggest daily drop in more than 3 months.
European banks are now down roughly 43% so far this year.
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Author: Tyler Durden