Our overview of current developments in the global banking market

With zeb.market.flash, zeb publishes a quarterly, up-to-date overview of the performance of the world’s largest banks.

Click here for the current issue with the following focus topic:
Issue 53 | October 10, 2025 | Signs of econimic stabilization

This issue of our zeb.market.flash gives you a concise overview of the most important developments in the global banking market in Q3 2025.

And here is what this issue is all about:

Record market capitalization of the top 100 banks

• In Q3 25, global capital markets recorded significant price gains (MSCI World market cap +6.8% QoQ); the top 100 banks achieved a record market capitalization of EUR 8.2 trillion.

• With a TSR of +14.8% QoQ, Western European banks in particular stood out in a regional comparison (USA: +9.3% QoQ).

• Western European banks increased their price-to-book ratio to 1.20x in Q3 25, while US banks reached their highest level at 1.89x.

   

Transatlantic economy brightens slightly

• Germany recorded slight growth for the second quarter in a row in Q2 25 (+0.2% YoY); in contrast, Western Europe exceeded expectations with a growth figure of +1.5% YoY (US: +2.1% YoY).

• Following persistent inversion, the yield curve in the euro area rose steadily again in Q3 25 for the first time in a long while.

• The US dollar remains under pressure – US budget deficits, political uncertainty and weak growth are preventing a recovery against the euro.

• Interest rates for consumer and mortgage loans initially rose slightly in Q2 25 but fell again after the ECB cut interest rates in June.

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