The scale of the market turmoil that battered shares in the first quarter of 2016 is laid bare in the latest ranking of Europe’s top 20 lenders by market capitalisation according to S&P Global Market Intelligence, part of credit ratings agency (CRA) Standard & Poor’s (S&P).
The updated top 20 table, compiled by its SNL Financial unit, shows HSBC Holdings Plc remains atop the ranking. However, with its shares down nearly 19% in the first quarter, its market capitalisation expressed in terms of euros is no longer more than double that of runner-up Lloyds Banking Group Plc.
Deutsche Bank AG had dropped to 20th by market capitalisation at the end of Q1 from 14th three months earlier at the end of 2015, having seen its shares fall by one-third over the three months. PAO Sberbank of Russia rose five spots to 12th, while Allied Irish Banks Plc returned to the top 20 by rising 11 places from 26th.
KBC Group NV, Standard Chartered Plc and UniCredit SpA dropped out of the top 20 during the quarter.
By 2030 artificial intelligence will add more than US$15 trillion to the world economy according to the group’s research, but most of that gain will go to North America, Europe and Asia.
A report by the Lloyd’s of London insurance market finds that the sector is second only to financial services as the target of attacks.
The Bank of England calls for UK banks to put aside an extra £11.4bn to deal with any future economic slowdown in its latest financial stability report