Wall Street Firms Endure Lost Decade After Goldman Peak in 2007
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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.
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 Inc. and American International Group Inc., have shrunk to a fraction of the size of tech giants like Apple Inc. and Google Inc.