Fortune Global 500 in 2024: Biggest Risers and Fallers Explained

UBS saw a dramatic climb following its acquisition of Credit Suisse in a historic government-brokered deal in 2023. The integration of Credit Suisse significantly boosted UBS’s asset base and global footprint, leading to higher revenues and improved market confidence.

The Canadian banking giant surged ahead due to strong loan growth, successful integration of U.S.-based acquisitions, and a resilient North American economy. Its performance also reflects Canada’s broader financial sector stability.

Zurich’s rise in the ranks can be attributed to its diversified global insurance operations and disciplined underwriting. As insurers adapted to rising premiums and inflation, Zurich emerged as a consistent performer in the sector.

Another Canadian bank on the rise, Bank of Nova Scotia strengthened its Latin American operations and focused on digital transformation. Its international presence, especially in the Pacific Alliance countries, supported its earnings growth.

Japanese banks like Mizuho capitalized on global credit market shifts and increased demand for corporate lending. The group’s focus on innovation and cost controls helped it expand margins.

BBVA’s strong showing came from solid performances in Latin American markets, particularly Mexico. Its early investment in digital banking platforms paid off as customer acquisition and retention improved.

Sumitomo Mitsui, another major Japanese lender, reaped benefits from global M&A advisory services and investment banking growth. The company also expanded its sustainability-linked financing options.

Barclays made gains as it doubled down on its investment banking division and diversified into more resilient segments. Despite economic uncertainty in the UK, the bank maintained solid returns.

FEMSA, a conglomerate involved in retail and Coca-Cola bottling, benefited from strong consumer spending in Mexico and Latin America. Expansion in convenience stores and strategic investments also drove its revenue increase.

The Chinese shipping behemoth fell significantly as freight rates normalized following the pandemic-driven boom. With global supply chains stabilizing, COSCO’s revenues and profits shrank considerably.

This insurer struggled with a slowdown in the Chinese economy and declining policy sales. Additionally, investment income dipped due to volatile equity markets in China.

Maersk, like COSCO, faced the reality of a post-COVID world. Container rates plummeted, and excess shipping capacity weighed on earnings. The company is now investing more heavily in logistics and integrated services.

After peaking during the COVID-19 vaccine boom, Pfizer’s revenue declined sharply as demand waned. Its pipeline of new drugs is still strong, but 2023 saw a natural correction in earnings and valuation.

This Canadian pipeline operator was affected by slowdowns in energy infrastructure investment and environmental regulations. While still profitable, growth has stagnated.

The Chinese coal producer was hit by weaker demand and policy shifts toward clean energy. Although coal remains important in China, pricing pressures and competition are squeezing margins.

The Indian gold exporter saw reduced global demand and rising operational costs. Currency fluctuations and tighter regulations on bullion trading also contributed to its fall.

Europe’s third-largest insurer faced headwinds from inflation and a competitive pricing environment. Despite stable operations, its profits were affected by market volatility.

This Japanese trading company experienced a pullback due to lower commodity prices and a slowdown in industrial demand. Diversification helped limit the damage, but earnings still dropped.

Taiwanese electronics manufacturer Quanta saw reduced demand for PCs and cloud servers. The post-pandemic dip in hardware spending hit revenues, although AI-related hardware may provide a future lift.