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14 segments · 28 companies

Financial Services

−7.3%chain · 1M

Rates and regulation set bank earnings, payment networks earn on volume, and market activity drives banks, brokers and crypto: each line reacts to the macro differently.

  • The Financial Services covers 14 segments and 28 companies, 0 of them chokepoints.
  • Over the past month the chain's median listed company returned −7.3%, against 0.0% for the S&P 500.
  • The strongest segment is Card networks (+12.3%) and the weakest Bitcoin treasuries & miners (−42.2%), a 54.5-point spread.

The chain, stage by stage

Upstream on the left, end demand on the right. Figures are 1-month returns; the segment shows its median.

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Payments & creditBanks & marketsInvesting & crypto
Macro & regulation
Rates & regulation
Infrastructure
Card networks+12.3%
Custody & clearing−2.9%
BNY−2.9%
Crypto exchange−11.9%
Intermediaries
Card issuers & consumer credit+4.5%
Money-center banks−7.2%
JPM−0.9%BAC−9.6%WFC−0.9%C−6.5%105560.KS−9.1%MFG−7.9%
Regional banks+0.3%
Asset management+7.8%
Insurance & holdings
Berkshire HathawayBerkshire Hathaway
Bitcoin treasuries & miners−42.2%
MSTR−8.3%IREN−42.7%ABTC−15.9%CLSK−42.2%HUT−32.9%MARA−42.8%RIOT−43.8%
Products & channels
Digital wallets & merchant payments+8.1%
Investment banking & trading−5.7%
Brokerage & wealth−13.3%
Clients
Consumers, companies & investors

Which segments are leading

Median price return of the listed companies in each segment.

Card networks+12.3%
Digital wallets & merchant payments+8.1%
Asset management+7.8%
Card issuers & consumer credit+4.5%
Regional banks+0.3%
Custody & clearing−2.9%
Investment banking & trading−5.7%
Money-center banks−7.2%
Crypto exchange−11.9%
Brokerage & wealth−13.3%
Bitcoin treasuries & miners−42.2%
S&P 5000.0%
Card networks+16.7%
Asset management+10.8%
Crypto exchange+9.9%
Digital wallets & merchant payments+2.1%
Card issuers & consumer credit−0.8%
Brokerage & wealth−4.8%
Money-center banks−5.4%
Regional banks−6.8%
Custody & clearing−8.5%
Investment banking & trading−14.2%
Bitcoin treasuries & miners−39.0%
S&P 500+4.7%
Custody & clearing+36.8%
Regional banks+27.9%
Money-center banks+19.3%
Investment banking & trading+18.5%
Card networks+14.6%
Asset management+0.1%
Card issuers & consumer credit−5.0%
Brokerage & wealth−13.7%
Digital wallets & merchant payments−16.9%
Bitcoin treasuries & miners−48.3%
Crypto exchange−48.5%
S&P 500+15.8%

Key numbers

Visa payments volume growth (const. $)+10%Visa · FY26 Q3 财报(SEC 8-K 附件)

Sources

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