Top 3 bank stocks you should consider investing in right now!

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Although the stock market did gain well enough in the last week, the banking sector is still far behind its all-time high in mid-February. Social distancing, mass lockdown and millions of jobless claims and mortgage deferments are further reducing expected earnings for this year. Having said this, experts believe that the banking sector has the potential to withstand such upheavals and get back to their all-time high levels post-Coronavirus. Here we list down 3 of the promising banking stocks that can offer value for your investment in the long run-

JP Morgan Chase

Jamie Dimon, the CEO of JP Morgan Chase, declared in his shareholder letter that a bad recession is expected. However, his message had a positive tone that said the bank has got the resources to withstand such a crisis and also help the country. This has been one stellar decade for the bank as it has delivered amazing returns in its stock price, bigger than any other major bank in the US.

Bank of America

Though the stock prices of this bank has seen a certain decline due to the Coronavirus outspread, it has remained strong in its functioning. It has recently hired 2000 new employees and assured that no one will be laid off by the company in this time of economic slowdown. The small business lending operation of the bank will benefit from the new lending of $350 billion administered by US Small Business Administration (SBA). The bank is well settled with plenty of mortgages which can earn it enough fees from refinancing activities.

Wells Fargo

Just before the COVID 19 outbreak, the bank had been recovering from the huge backlash it suffered due to the scandal regarding fake accounts in the bank by its employees. Though this bank is way behind the other two mentioned above, yet it has the potency to perform well in the long run. As the Fed recently modified the asset cap, the bank can now participate in the recent SBA lending program. The fundamentals behind the bank’s working model are strong enough and hence it is a good investment!