"Will this change in the coming years? Will disruptive tech firms eclipse carmakers and banks? Possibly, but it hasn't happened yet. None of the 14 tech companies on the list are new to the 500, and nine saw revenue declines over the past year, suggesting we're more likely to see tech implemented within other industries rather than emerge as a dominant sector in its own right."
"That doesn't mean Europe's largest businesses are standing still. The three largest sectors by revenue-finance (107 companies, $3.5 trillion), energy (71 companies, $3 trillion), and motor vehicles and parts (23 companies, $1.4 trillion)-are all being reshaped by digital technology and in the case of energy, renewables. Yet even in these fast-changing industries, the dominant players are still long-established incumbents rather than upstart disrupters. There are no fintechs among the 500; the highest-ranking newcomer in finance is Italy's CDP Group (No. 122), founded in 1850. The top pure-play renewables firm, wind-turbine manufacturer Vestas (No. 226), got started in 1945."
"Minus a merger here and an acquisition there, Europe's business giants remain largely unchanged from two-or even 20-years ago. Every company in the Fortune 500 Europe top 10 has roots from before the Second World War. The oldest, Banco Santander, was founded in 1857."
Europe's biggest firms remain dominated by long-established incumbents, many with roots predating World War II; Banco Santander dates to 1857. Total revenue for the Fortune 500 Europe rose 2.5% to $14.9 trillion and market capitalization increased 13.7% to $15.9 trillion, while profits fell 5.1% to $978.2 billion. Finance, energy and motor vehicles and parts are the largest sectors by revenue and are being reshaped by digital technology and renewables. No fintechs appear among the 500, many tech companies saw revenue declines, and total employment by the 500 rose to 34.9 million.
#european-corporations #corporate-incumbents #finance-sector #energy-and-renewables #technology-disruption
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