Why Banco Santander's Shares Fell 12.5% in July
Shares of Madrid-based Banco Santander (NYSE: SAN) dropped 12.5% in July, according to data from S&P Global Market Intelligence. The drop came on the heels of an absolutely devastating Q2 2020 earnings report by the bank, which has operations around the globe, but particular exposure to Spain and Latin America.
It's hard to overstate how massive the bank's Q2 losses were. Banco Santander hasn't posted a quarterly loss since 2005, and then it was a loss of $80.9 million. Prior losses were similarly small. Its Q2 2020 loss was $12.3 billion. That's staggering.
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Source Fool.com
