Friday, December 19, 2014

Less Wall Street banks among the top 500, more technology – THE WORLD

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Less Wall Street banks among the top 500, more technology

With the general trend in the stock markets, the financial firms on Wall Street in recent years have not kept pace. Other industries such as technology and health …

                  With the general trend in the stock markets, the financial firms on Wall Street have been unable to keep pace in recent years. Other industries such as technology and health …
                  From Jing Cao

(Bloomberg) – With the general development in the stock markets, the financial company on Wall Street in recent years can not keep up. Other industries such as technology and health have, however, made good ground.

For the close of trading in New York on Thursday, among the world’s 500 largest companies by market capitalization 32 US financial firms. The end of 2006, the last full year before the credit crunch, there were 41. In some of the US financial firms still remained among the top 500, such as Citigroup Inc. and American International Group Inc., the market capitalization of only a fraction of of what technology giants such as Apple Inc. and Google Inc. have to have at market value.

At Goldman Sachs Group Inc., the market capitalization compared to the peak value of 2007 significantly melted. While Google and Apple have since brought new products to market and attract new customers, fell at the Wall-Street firms trading revenues and they spent a lot of time on the repayment of government bailout money to the state was required to provide or under pressure from regulators assets . Sale

“The culture of the big banks had to be corrected,” said Charles Peabody, banking analyst at Portales Partners LLC in New York, in a telephone interview with Bloomberg News. “That’s good. However, the adaptation process was much slower than expected. And that was not good.”

The investment bank Goldman Sachs went in 1999 to the Stock Exchange. The market capitalization fell from the peak in October 2007, more than 105 billion dollars to 18 December 2014 by around 21 percent.

In the US financial companies now accounts for a share of about 8.1 percent of the market value of the 500 largest companies, compared with 9.7 percent in 2006. The share of US healthcare company by market capitalization of the largest 500 increased with the expansion of Johnson & amp; Johnson and Amgen Inc. to 7.6 percent. The proportion of the technology companies climbed from 5.3 percent to 7.5 percent. Apple is now the world’s largest company by market value – end of 2006, the technology group was still at number 98. Goldman Sachs fell in the period from 63rd to 94th place from

Citigroup, which took over the universal banking model as the first US bank after the separation of the banking law was abolished in 1999, has slipped from the 4th to the 35th position according to market value. In contrast, Wells Fargo & amp; Co., which earns most of its revenue in the consumer and corporate banking and real estate loans, rose to become the most valuable bank in the world.

“Wells has become the part also more developed, because it has not so much of the capital markets business, “Peabody said.

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