“You’re losing,” JPMorgan Chase CEO Jamie Dimon told an audience in Dublin earlier in July, speaking about Europe and its companies. He warned of the continent’s declining share in global GDP, and suggested a pro-growth agenda was needed to make up for the shortfall. “Europe has some serious issues to fix,” he had previously said.
Back in Brussels, many were nodding in agreement. After all, European growth has been tepid in the past decade, particularly compared to the US and China. In our own Fortune 500 Global list, which ranks companies by revenue, the number of European companies fell back from 142 in 2004 to 98 in 2024. And almost no new tech or industrial giants have emerged out of Europe in that time.
