Howard Davies asks why the largest US bank now has a higher market capitalization than Europe’s top five banks combined.
JPMorganChase's market cap now exceeds top five EU banks combined—a 25-year reversal. Regulatory fragmentation and consolidation lag have ceded fintech leadership and innovation to US competitors, signaling structural disadvantage for European stack builders.
en English
Economics
Jul 31, 2026
Howard Davies
At the start of the millennium, all five of the largest European banks had a higher market capitalization than the largest US bank. What explains the fact that a quarter-century later, the largest US bank has a higher capitalization than all five top EU banks combined, and how can European policymakers address this dramatic reversal?
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