In The Global 5000 database, there are 837 companies in the financial industry. It is the largest of all industries in the database and includes companies involved in banking, securities, mortgage, and insurance segments as well as investments and PE firms.
As the 2024 annual financial reporting rolls in, here’s an early (albeit partial) look at how this industry did last year in comparison to previous years.
While 2024 shows another year of strong, double digit growth – the real story is volatility of the industry over the past 6-7 years. Undoubtedly, the COVID effect was in play here with the downturn in economic activity in 2020 followed by the infusion of cash to spur economic activity. It takes markets time to adjust to those wild swings in activity.
At the end of the day, marketing and sales teams have a tough time trying to predict and forecast their opportunities and sales close timing in such an environment.
