Stat of the month: Financial freefall - £340bn - Value lost by FTSE-100 firms, 10 Sep-10 Oct

The City awoke on 10 September to a FTSE-100 sitting pretty at 5,366.2 points - worth £1,279.8bn. The mood was relatively, if still tentatively, upbeat: since the American bail-out of Fannie Mae and Freddie Mac, perhaps the worst of the woes were behind us. Then Lehman's went bust, and the real crisis escalated. A month later, the index was floudering at 3,932.1 - worth just £939.8bn. That's a fall of 1434.1 points - more than a quarter of its value shed in 28 days. If the chart that day was a cartoon, Wile E Coyote would be landing face-first in the bottom of a canyon in a distant puff of dust. To put the crash in perspective, the week ending 10 October was by far the worst ever week for the FTSE in terms of points dropped - twice as many as the worst week in 1987, in the wake of Black Monday. A bleak association indeed. With the US stock markets losing around $8.3trn to date this year, and the markets in Asia trembling from the fall-out, the recession is now official, and the pound is tumbling as a result. So it may be worth remembering troubles past and savouring this lesson: once you hit bottom, there's only one way to go ...

by
Last Updated: 28 Oct 2015

Find this article useful?

Get more great articles like this in your inbox every lunchtime

Leading from a distance: Remote working for the C-suite

Leadership lessons video panel: Chris Hirst, CEO of Havas Creative; Matt Peers, COO of Linklaters;...

There’s little point saving your business if you let your market die

Opinion: The nature of the coronavirus pandemic demands we look out for each other.

C-suite and furloughed

Use this as an opportunity to take a breath and get some perspective, says this...

Books for CEOs: Daniel Goleman, Jack Welch, Nelson Mandela

Beaverbrooks CEO Anna Blackburn shares her reading list.

What happens next: COVID-19 lessons from Italian CEOs

Part I: Marco Alvera, chief executive of €15bn Lombardy-based energy firm Snam, on living with...

Coronavirus communications: Dos and don'ts

Uncertainty and isolation make it more important than ever to be seen, to be heard...