Wall Street firms fail to keep up with stock market boom

Wall Street sign

Wall Street firms have failed to keep up with a stock market that’s boomed for more than five years, losing ground to industries including technology and health care.

Bloomberg News reports that there were just 32 U.S. financial firms among the world’s largest 500 companies by market capitalization when trading closed yesterday in New York.

That compares with 41 at the end of 2006, the last full year before the credit crisis. Some companies that remain on the list, like Citigroup and American International Group (AIG), have shrunk to a fraction of the size of tech giants like Apple and Google.

Goldman Sachs has a lower market value than its peak in 2007. While Google and Cupertino, California-based Apple have been adding new products and customers since then, Wall Street lost trading revenue and spent much of that time repaying bailouts, settling government probes or divesting assets under pressure from federal watchdogs.

To access the complete Bloomberg News article hit the link below:

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