Introduction
Good morning. The 2025 Fortune Global 500 list, released this week, highlights impressive growth among companies, particularly in the financial sector.
Key Financial Insights
This year, the listed corporations collectively generated $41.7 trillion in revenue for 2024, a 1.8% increase from the previous year. These companies employ approximately 70.1 million individuals, and their revenue accounts for over one-third of the global GDP.
Top Companies
Walmart maintains its lead for the 12th consecutive year and 20th time since 1995, securing the No. 1 position on the list. The U.S. has a strong representation with 138 companies, outpacing Greater China, which has 130 firms, marking a decrease of three from last year. To view the complete list, click here.
Profit Trends
The Global 500 achieved an impressive $2.98 trillion in profit this year, marking the second-highest profit in its history. Notably, financial companies accounted for $1 trillion of this total, with Warren Buffett’s Berkshire Hathaway ranked at No. 10, leading the financial sector.
Noteworthy Advances
Several financial companies made significant gains on the list.
- Prudential Financial (No. 192, up 74 spots): Chief Financial Officer Yanela Frias highlighted their strong momentum, stating, “We have seen strong momentum across our market-leading insurance, retirement, and asset management businesses. Our unique combination of global scale, distribution power, brand, and talent sets us apart as we serve 50 million customers worldwide.” She emphasized their commitment to offering flexible retirement solutions.
- BNY (No. 389, up 77 spots): CFO Dermot McDonogh shared, “We’re hitting our stride in BNY’s transformation and firing on all cylinders. We’ve built a more connected, agile organization—one that’s breaking down silos and working more closely with clients than ever before.” He noted their investments in talent and technology, particularly AI, to enhance their services.
C-Suite Changes
The financial landscape is also seeing notable executive changes:
- Wayne S. DeVeydt has been appointed CFO of UnitedHealth Group, effective September 2, after serving at Bain Capital.
- Justin Plouffe will become CFO of Carlyle on January 1, 2026, succeeding John Redett.
- Kristen Actis-Grande stepped down from her CFO role at MSC Industrial Supply, effective August 8.
- Patricia Cobian has been appointed CFO of BT Group plc, following Simon Lowth’s impending retirement.
- Eyal Bar has taken the CFO position at Chainguard, offering a wealth of tech industry experience.
- Jeff Glajch is set to step down as CFO of Orion S.A. early in the fourth quarter of 2025, with plans for a successor search underway.
Tariff Updates
In other news, President Donald Trump recently signed an executive order revising “reciprocal” tariffs, now ranging from 10% to 41%. Canada’s tariffs have increased to 35%, effective August 1, for certain goods, while most new rates will take effect on August 7. Additionally, Mexico has been granted a 90-day reprieve from higher tariffs as negotiations continue.
Weekend Reads
For those interested in deeper insights, here are four recommended articles:
- “Is eBay actually sexy again as the ecommerce old-timer’s stock surges to an all-time high?” by Jason Del Rey
- “Beijing officials warm to the idea of a yuan stablecoin, driven by the ‘fear of missing out’” by Cecilia Hult
- “Inside IBM’s rebound: Can CEO Arvind Krishna bring the tech company back to its former glory?” by Sharon Goldman
- “AI is the elephant in the room.”
Conclusion
Thank you for reading, and have a great weekend.
