Financials lose more than 90% market cap, AXP converts into a bank
Below here are some of the capital loses as compare to their peak a year ago.
* A I G -Then: $178.8 billion… Now: $5.46 billion. Down 96.95%
* Bank of America -Then: $236.5 billion… Now: $123.4 billion. Down: 47.82%
* Citigroup -Then: $236.7 billion… Now: $76.34 billion. Down 67.75%
* Merrill Lynch - Then: $63.9 billion… Now: $30.2 billion. Down 52.74%
* Fannie Mae - Then: $64.8 billion… Now: $0.45 billion. Down 99.3%
* Morgan Stanley - Then: $73.1 billion… Now: $41.1 billion. Down 43.78%
* Wachovia - Then: $98.3 billion… Now: $19.44 billion. Down 80.22%
* JP Morgan Chase - Then: $161 billion… Now: $130.2 billion. Down 19.13%
* Capital One Financial - Then: $29.9 billion… Now: $16.9 billion. Down 43.48%
* Washington Mutual - Then: $31.1 billion… Now: $3.64 billion. Down 88.3%
* Lehman Bros. - Then: $34.4 billion… Now: $0.80 billion. Down 97.6%
* Goldman Sachs - Then: 97.7 billion… Now: $40.6 billion. Down 58.7%
* Wells Fargo - Then: $124.1 billion… Now: $111.25 billion. Down 10.35%
* National City - Then: $16.4 billion… Now: $2.8 billion. Down 83%
* Fifth Third Bancorp - Then: $18.8 billion… Now: $7.9 billion. Down 57.6%
* American Express - Then: $74.8 billion… Now: $37.5 billion. Down 49.87%
* Freddie Mac - Then: $41.5 billion… Now: $0.16 billion. Down 58.7%
* Suntrust Banks - Then: $27 billion… Now: $16.07 billion. Down 58.7%
* BB&T - Then: $23.2 billion… Now: $18.4 billion. Down 20.69%
* Marshall & Ilsley - Then: $11.6 billion… Now: $4.48 billion. Down 61.3%
* Keycorp - Then: $13.2 billion… Now: $5.68 billion. Down 56.97%
* Legg Mason- Then: $11.4 billion…Now: $4.96 billion. Down 56.49%
* Comerica- Then: $8.3 billion…Now: $4.74 billion. Down 42.89%
* Countrywide Financial: Then: $11.1 billion…Now: $0.00 billion. Down 100%
* Bear Stearns- Then: $14.8 billion…Now: $ 0.00 billion. Down 100%
American Express became the latest financial group to convert to a bank holding company in a surprise move on Monday that will give the credit card group permanent access to Federal Reserve funds and could facilitate consolidation in the sector.
The Fed said AmexCo’s application had been approved more quickly than usual because of the “emergency conditions†and “the unusual and exigent circumstances†in financial markets.
According to the Fed, AmexCo had $127bn in total assets but retail deposits of just $7.2bn – another sign that the financial crisis is prompting regulators to accept bank holding applications from companies with little retail banking presence
