The roller coaster like headlines over the past week have given businesses and consumer a wild ride. If your business looks to the financial sector and banks as a source of revenue and expect growth, it is indeed a white knuckle experience.
We took a look in our database of The Global 5000 to look at the numbers for the banking segment and where some of the large European banks rank as they seem to be in the eye of the storm. Banking is included in our Financial Services segment and with 523 Global 5000 companies it is the largest segment with Industrial Manufacturing second with 400 companies.
Withing Financial Services, Banking has 190 companies in The Global 5000 — it is the largest sector followed by Insurance, Chemicals, Food Producers and Retail Stores. So, everything that happens in Banking reverberates throughout the markets.
Looking at the regional spread of those 190 banks, 56 are in Europe, 50 in the US and 60 in AsiaPac (and growing). A problem in banking anywhere in the world can cause that movement that reverberates throughout.
Drilling down into European banks, the top 10 (by revenue) we see a number of French banks included and they have been in the news quite a bit this past week:
- BNP Paribas – France
- Credit Agricole – France
- HSBC of UK which has been selling off various operations
- Santander (Spain)
- Lloyds Banking Group – UK
- Societe Generale – France
- Dexia of Belgium
- Group BPCE – France
- Barclays – UK
- Royal Bank of Scotland – UK