5.4% of households in the United States remain unbanked, meaning that no one in the household had a checking or savings account at a bank or credit union (i.e., bank), down from a peak of 8.2%.
Explains moves in the US to introduce the Public Banking Act.
“Some banks trade at valuations equal to (or less than) their surplus capital, implying that the banks themselves—including their interest-rate-resilient wealth management divisions, trading and operations segments, and automobile and mortgage lending businesses—are free.“
Nice slide from JPM Q2 2020 Results showing activity measures across their lines of business.
“We saw record levels of debt and equity issuance in the quarter as clients bought to pay down the majority of the revolver draws“
“as markets rebounded to pre-COVID levels, May and June together were our two busiest months for equity issuance ever“
“More recently, we’ve seen the improvement in overall sales growth across the country flatten out, notably in both states with increasing cases and states with decreasing cases.”
“In Auto, April saw the lowest level of loan and lease originations since the financial crisis. But activity rebounded sharply in May and June. And in fact, June ended up the best month for auto originations in our history.“
“And in home lending, retail purchase applications, after reaching a low in April, recovered to well above pre-COVID levels in June due to a strong and broad market recovery.”
