Apple is now worth more than Europe’s banks combined

Michelle Davis for Blooomberg:

European banks are now collectively worth less than Apple Inc. The 36 lenders in the Bloomberg Europe 500 Banks Index — with $28 trillion in assets and employing more than 2 million people — have slipped below the market value of tech giants like Apple.

Andreas Treichl, chairman of Austrian lender Erste Group Bank AG, said Friday that the sobering milestone “tells a story” about the lagging fortunes of his industry.

“Europe will be at a constant disadvantage vis-a-vis the U.S. and other parts of the world that are working on developing their capital markets faster than we do in Europe,” Treichl said Friday on a panel at a conference hosted by the Institute of International Finance in Washington.

MacDailyNews Take: Apple, the world’s most valuable company is worth more than a lot of things: Microsoft, Intel, IBM, Google… 🤣

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