After Blowing $328 Billion on Share Buybacks since 2017, JPMorgan, BofA, Wells Fargo, Citi, Goldman Sachs Stocks Drop

Q1 was crappy as IPOs imploded, investment banking took a hit, mortgage activity fizzled, other stuff happened.

By Wolf Richter | 15 April 2022

WOLF STREET — Of the big five banks and bank holding companies in the US by total assets – JP Morgan, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs Group – four reported Q1 earnings so far, and BofA will do so next week. Those earnings reports were marked by a sharp decline in revenues and net income, with all kinds of complications in between. And as a group their shares continued their jagged decline that started in November last year.

The WOLF STREET index of the big five banks’ market capitalization has plunged 23.5% since its recent peak in October 2021 (data via YCharts):

This debacle occurred amid enormous share buybacks. These banks have been regularly featured among the largest share buyback queens in the US, except during the pandemic, when they halted the practice for three quarters. […]

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