Startups may cast incumbents as hapless Goliaths, but in ranking Europe\u2019s biggest companies, David is nowhere to be seen.<\/p>\n
Minus a merger here and an acquisition there, Europe\u2019s business giants remain largely unchanged from two\u2014or even 20\u2014years ago. Every company in the Fortune\u00a0500 Europe<\/a> top\u00a010 has roots from before the Second World War. The oldest, Banco Santander<\/a>, was founded in 1857.<\/p>\n They\u2019re hardly struggling: Total revenue for the 500 rose 2.5% to $14.9\u00a0trillion, and market capitalization climbed 13.7% to $15.9\u00a0trillion. Profits, however, slipped 5.1% to $978.2\u00a0billion.<\/p>\n That doesn\u2019t mean Europe\u2019s largest businesses are standing still. The three largest sectors by revenue\u2014finance (107 companies, $3.5\u00a0trillion), energy (71 companies, $3\u00a0trillion), and motor vehicles and parts (23 companies, $1.4\u00a0trillion)\u2014are all being reshaped by digital technology and in the case of energy, renewables. Yet even in these fast-changing industries, the dominant players are still long-established incumbents rather than upstart disrupters. There are no fintechs among the 500; the highest-ranking newcomer in finance is Italy\u2019s CDP Group (No.\u00a0122), founded in 1850. The top pure-play renewables firm, wind-turbine manufacturer Vestas (No.\u00a0226), got started in 1945.<\/p>\n Will this change in the coming years? Will disruptive tech firms eclipse carmakers and banks? Possibly, but it hasn\u2019t happened yet. None of the 14 tech companies on the list are new to the\u00a0500, and nine saw revenue declines over the past year, suggesting we\u2019re more likely to see tech implemented within other industries rather than emerge as a dominant sector in its own right.\u00a0<\/p>\n The three largest sectors by revenue\u2014finance, energy, and motor vehicles and parts\u2026<\/p>\n<\/blockquote>\n AI will undoubtedly play a major role, regardless of sector. Still, predictions that it will provide a dramatic boost to productivity or reduce employment aren\u2019t yet showing up in the data: Total employment by the 500 rose 3.7% to 34.9\u00a0million, while revenue per employee fell by 1.1% to $426,376.\u00a0<\/p>\n\n