The EU’s Incredible Shrinking Banking Sector¶
LONDON—A quarter-century ago, each of the five biggest European Union banks had a market capitalization larger than that of the biggest US bank. Now the market capitalization of the biggest US bank, JPMorganChase, is higher than that of the top five EU bankscombined. (The EU is coy about names, but we can presume that the EU banks include France’s BNP Paribas, Germany’s Deutsche Bank, and Spain’s Santander).