Financial crisis accelerates shift of power in global banking system; Market cap of top 25 banks still higher than 2004
Jul 28th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The global banking system has undergone a fundamental shift of power for years, accelerated by the financial crisis -- away from traditionally dominating financial institutions from the US, Europe and Japan towards banks in the emerging markets. Despite the decline since 2007, the market cap of the world's top 25 banks is still higher than 2004.