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The coronavirus (COVID-19) outbreak hit the financial markets hard in 2020. Some of Europe's largest banks, such as HSBC and Banco Santander, saw market capitalization values almost halved between December 31 and October 31, 2020. The market cap of Europe's largest banks increased after October 2020, but the economic uncertainties of 2022 started another downtrend. In March 2023, following the collapse of Silicon Valley Bank and Signature Bank, the market cap of all observed banks dropped sharply. In the next months, the market cap of each observed banks increased again. In April 2025, President Trump’s announcement of new tariffs led to another drop in bank valuations, though market caps recovered shortly thereafter.