2023 Global 2000 list, up from 292 in 2022.t’s been a dramatic year for the banking industry after the bank run and collapse of seemingly healthy $212 billion Silicon Valley Bank in March kicked off turmoil in the regional bank sector and spurred a highly competitive deposit environment. Shortly after SVB fell, Switzerland’s Credit Suisse was acquired by competitor UBS Group, adding to uncertainty in the global banking industry.
American banks are in good company among 2023’s top 50. Bank of America moved to the No.6 spot from No.9 last year with $3.1 trillion in assets; Wells Fargo jumped one spot to No. 17 ; Citigroup clocked in at No. 24 ; Morgan Stanley broke the top 30 ; and Goldman Sachs came in No.33 .top 50 Global 2000 listers, U.S. bank stocks have had a turbulent year. The KBW Bank ETF fell 25% in the month of March as cascading bank failures shook investor confidence.
“The pace at which the Fed raised interest rates, 500 basis points in the year, was incredible and it led to funding pressures exceeding the improvement in their asset yields so margins began to compress,” McGratty says. “That's led to decent negative revisions to earnings estimates over the last three or four months.”
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