European banks are now collectively worth less than Apple Inc. The 36 lenders in the Bloomberg Europe 500 Banks Index — with $28 trillion in assets and employing more than 2 million people — have slipped below the market value of tech giants like Apple.
Andreas Treichl, chairman of Austrian lender Erste Group Bank AG, said Friday that the sobering milestone “tells a story” about the lagging fortunes of his industry.
“Europe will be at a constant disadvantage vis-a-vis the U.S. and other parts of the world that are working on developing their capital markets faster than we do in Europe,” Treichl said Friday on a panel at a conference hosted by the Institute of International Finance in Washington.
MacDailyNews Take: Apple, the world’s most valuable company is worth more than a lot of things: Microsoft, Intel, IBM, Google… 🤣