In another sign the recession may be easing, the combined market capitalization of the world's banking companies has more than doubled in the last seven months, according to the Boston Consulting Group.
The industry's worldwide market cap was $6.2 trillion in September, after bottoming out at $3.1 trillion in February, the business consulting firm said in a report issued Friday.
The industry is still well shy of its $9.3 trillion peak in October 2007, the report said. Half of the world's 10 largest banking companies by market capitalization are in the United States. They are JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co., Citigroup Inc. and Goldman Sachs Group Inc.