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.

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Issue 54 | January 13, 2026 | Banks crown successful year with Q4 rally

This issue of our zeb.market.flash gives you a concise overview of the most important developments in the global banking market in Q4 2025.

And here is what this issue is all about:

Rising markets despite ongoing concerns 

• In Q4 25, global capital markets recorded moderate price gains (MSCI World market cap +3.2% QoQ) despite pronounced uncertainty factors; the top 100 banks increased their market capitalization to EUR 8.8 trillion, thus ending a very successful 2025 with a new record high. 

• Western European banks once again outperformed their US competitors (TSR: +14.5% QoQ vs. +7.9% QoQ), further narrowing the historical valuation gap (P/B ratio +0.16x QoQ vs. +0.14x QoQ).

   

Strong results even as interest rate tailwinds ease 

• Germany continued to tread water in Q3 25 with a growth figure of +0.3% YoY; Western Europe, however, once again exceeded expectations with +1.4% YoY while the US economy also proved robust (US: +2.3% YoY). 

• The global top 100 banks achieved strong results in Q3 25 too; with a return on equity of 14.2%, US banks once again took the lead ahead of Western Europe (ROE 13.1%). 

• Looking ahead, interest income is becoming less important as a growth driver now that the interest rate turnaround is completed; a sustainable growth story requires higher commission income, systematic cost management, efficiency gains and the strategic use of surplus capital.

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