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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LONDON—A quarter-century ago, each of the five biggest European Union banks had a market capitalization larger than that of the biggest US bank. Now the market capitalization of the biggest US bank, JPMorganChase, is higher than that of the top five EU banks combined. (The EU is coy about names, but we can presume that the EU banks include France’s BNP Paribas, Germany’s Deutsche Bank, and Spain’s Santander).