The largest banks in the world have trillions of dollars in consolidated domestic assets and have proved themselves as game changers in the world economy. The banking sector has seen divergent growth in recent years post-pandemic and the global industry is expected to see ROE between 7% – 12% by the year 2025.
The biggest banks in the world are measured by market cap, total assets under management and total deposits. When you rank bank, then also consider the number of employees, branches and customers each bank has.
Some of the biggest banks in the US and China because of the bank’s size dominate the world markets as they offer more services, products, branches, a large ATM network and benefits compared to other banks.
Table of Contents
An Overview of 10 Largest Banks in the world in 2023 Based on Market Capitalization
1. JPMorgan Chase
- Origin Country: United States of America
- Founded:2000
- Headquarters: New York City, New York, U.S.
- Employees in 2022: 271,025
- Annual Revenue in 2022: 138.058 billion USD
- Net Income in 2022: 35,222 billion USD
- Market Value in 2022: 494 billion USD
- Total Asset Size in 2022: 3.954 trillion USD
- Total Deposits in 2022: 2.075 trillion USD
- Market Cap in 2022: 377.3 billion USD
The American-origin bank holding company and investment bank JPMorgan Chase is one of the largest banks in the US and the world based on market cap and the world’s fifth-largest bank based on total assets.
JPMorgan Chase bank is one of the oldest and biggest banks in the US with 2.6+ client assets under management and a reach of 100+ global markets. The financial services company has 4,700 branches in 49 states of the USA and 33 in the rest of the world along with 16,000 ATMs.
The financial institution JPMorgan Chase is the parent company to several subsidiaries like Chase Bank, One Equity Partners and JPMorgan Chase. Chase Bank is the consumer bank arm and the retail banking division of the financial institution that deals in credit card services in Canada and the US.
Products and services offered by JPMorgan Chase bank holding company-
- Investment management
- Traditional banking services
- Private banking services
- Wealth management services
- Asset management
- Commercial banking services
- Treasury services
- Commodities
- Risk management
- Mutual funds
- Equities trading
- Mortgage loans
2. Bank of America
- Origin Country: United States of America
- Founder: Amadeo Giannini, Hugh McColl
- Founded: 1998 in San Francisco
- Headquarters: Charlotte, North Carolina, U.S.
- Employees in 2022: 208,000
- Annual Revenue in 2022: 103.331 billion USD
- Net Income in 2022: 25.884 billion USD
- Market Value in 2022: 402.490 billion USD
- Total Asset Size in 2022: 3.238 trillion USD
- Total Deposits in 2022: 2.549 trillion USD
- Market Cap in 2022: 313.3 billion USD
Bank of America Corp is one of the largest banks in the US and the world based on market capitalization. The holding company associated with the financial services industry is the sixth-largest American public company listed on the New York Stock Exchange. It was in the 2020 Fortune 500 list as the “Largest US Corporations by Total Revenue” at 25th rank.
Bank of America has the distinction of being the national bank in the US as well as the second-largest commercial bank in the US after JPMorgan Chase. It handles nearly 10.73% of all American bank deposits.
Bank of America is the third-largest investment bank and the second-largest wealth manager in the world. The commercial banks’ segment and the global banking division of the Bank of America represent 38% and 22% respectively of the total revenues of the bank.
The retail banking division of Bank of America serves nearly 46 million consumers and small business clients with help of 4,600 + retail locations and 16,200+ ATMs. It has branches in all 50 states of the US and 40 other countries.
Products and services offered by Bank of America –
- Commercial banking
- Investment management
- Private Equity
- Asset management
- Commodities
- Wealth management services
- Risk management
- Mutual funds
- Equities trading
- Mortgage loans
- Insurance credit cards
3. Industrial and Commercial Bank of China (ICBC)
- Origin Country: China
- Founded: 1984
- Headquarters: Beijing, China
- Employees in 2022: 434,798
- Annual Revenue in 2022: 147.400 billion USD
- Net Income in 2022: 38.438 billion USD
- Market Value in 2022: 252.550 billion USD
- Total Assets in 2022: 5.880 trillion USD
- Market Cap in 2022: 250.8 billion USD
Industrial and Commercial Bank of China (ICBC) is placed in the third position in the list of the largest banks in the world in 2022 based on market capitalization. The Chinese bank was founded as a limited company and operates as one of the government-owned commercial banks.
Industrial and Commercial Bank of China (ICBC) is one of the biggest banks in China based on asset size. The investment bank has financed several national projects in China and supports numerous industries like transportation, manufacturing and energy along with personal accounts, micro-businesses and major corporations.
Industrial and Commercial Bank of China (ICBC) offers personal products and services to 650 million retail customers. It is the parent company of several subsidiaries that helps in banking operations at both domestic and international levels.
The Industrial and Commercial Bank of China (ICBC) was the recipient of the World’s Largest Public Company by Forbes Global 2000.
Products and services offered by the Industrial and Commercial Bank of China (ICBC)
- Finance
- Insurance
- Credit cards
- Mortgage loans
- Private Equity
- Corporate banking
- Private banking
- Gold bullion
- Investment banking
- Consumer banking
- Global wealth management
- International currency exchange
4. China Construction Bank
- Origin Country: China
- Founded: 1954
- Headquarters: Xicheng District, Beijing, China
- Employees in 2022: 349,671
- Annual Revenue in 2022: 128.135 billion USD
- Net Income in 2022: 34.274 billion USD
- Market Value in 2022: 182.170 billion USD
- Total Assets in 2022: 5.045 trillion USD
- Market Cap in 2022: 185.3 billion USD
China Construction Bank Corporation is owned by the Government of China and is part of the “Big Four” Chinese banks. The financial institution is one of the largest banks in the world based on market capitalization and one of the biggest banks in China based on total assets size.
China Construction Bank is one of the best banks in China with 13,629 domestic branches and 15 overseas branches along with a wholly-owned subsidiary in London.
The bank serves millions of corporate and personal customers through subsidiaries in various sectors like futures, trust, financial leasing and fund management etc. The bank is known for taking numerous business and personal initiatives and financing infrastructure projects in China as well as micro and small businesses.
China Construction Bank is ranked as the third-largest in the world in Forbes 2021 Global 2000 list and fifth-largest in Forbes 2022 Global 2000 list.
Products and services offered by China Construction Bank
- Personal & corporate banking (personal loans, deposit accounts, savings accounts, mobile app banking, long credit cards, e-banking, fund settlement etc.)
- Investment banking
- Wealth management
- Finance
- Insurance
- Global wealth management
5. Wells Fargo
- Origin Country: United States of America
- Founder: Henry Wells, William Fargo
- Founded: 1929
- Corporate Headquarters: San Francisco, California, U.S.
- Operational Headquarters: New York City, New York, U.S.
- Employees in 2022: 253,871
- Annual Revenue in 2022: 80.554 billion USD
- Net Income in 2022: 14.952 billion USD
- Market Value in 2022: 218.380 billion USD
- Total Assets in 2022: 1.945 trillion USD
- Total Deposits in 2022: 1.462 trillion USD
- Market Cap in 2022: 178.8 billion USD
Wells Fargo & Company is one of the largest banks in the US and the world based on market capitalization, the bank’s size, assets size and bank deposits. The current bank was formed because of the merger of the original bank Wells Fargo & Company and Norwest Corporation in 1998.
In 2018 the Federal Reserve barred Wells Fargo bank from growing its asset base any further until it fixed its problems as per the direction of the Federal Reserve.
Wells Fargo is one of the biggest US banks and has spread its operations to 35 countries with help of 8,050 branches and 13,000 ATMs. It serves 70 million customers in the global arena.
Banking products and services offered by Wells Fargo
- Asset management
- Banking
- Commodities
- Wealth management
- Bank accounts like savings accounts
- Retirement planning
- Mobile banking app
- Merchant services
- Payroll services
- Finance
- Insurance
- Credit cards
- Mortgage loans
- Consumer lending
- Equipment lending
- Securities
- Private Equity
- Corporate banking
- Investment banking
6. China Merchants Bank
- Origin Country: China
- Founder: Yuan Geng
- Founded: 1987
- Headquarters: Shenzhen, Guangdong, China
- Employees in 2022: 90,867
- Annual Revenue in 2022: 54.498 billion USD
- Net Income in 2022: 15.636 billion USD
- Market Value in 2022: 199.860 billion USD
- Total Assets in 2022: 1.455 trillion USD
- Market Cap in 2022: 177.8 billion USD
China Merchants Bank is one of the biggest banks in the world based on market capitalization and one of the largest commercial banks wholly owned by Chinese corporate entities.
China Merchants Bank focuses on medium and small businesses and personal and corporate banking services. It operates through retail finance, wholesale finance and other business segments and offers traditional banking services, private banking services and credit cards.
Banking products and services offered by China Merchants Bank
• Personal banking businesses (bank card services, deposit accounts, savings accounts, gold trading, stock trading, foreign exchange, personal loans and personal savings etc.)
• Corporate and investment banking business (corporate loans, corporate savings, trade financing, international settlements, fixed income and assets custody etc.)
• SME (combo loans, housing mortgage loans etc.)
• Credit cards
7. Agricultural Bank of China
- Origin Country: China
- Founded: 1951
- Headquarters: Dongcheng District, Beijing, China
- Employees in 2022: 459,000
- Annual Revenue (TTM) in 2022: 114.62 billion USD
- Net Income (TTM) in 2022: 38.163 billion USD
- Market Value in 2022: 160.760 billion USD
- Total Assets in 2022: 4.868 trillion USD
- Market Cap in 2022: 164.7 billion USD
The Agricultural Bank of China is one of the biggest banks in the world based on market capitalization and total asset size. The publicly traded company is an integral part of the Big Four banks and the third-largest lender in China by assets. The financial services company has been ranked third in the 13th Annual Global 2000 Forbes list.
Agricultural Bank of China is one of the largest investment banks and commercial banks in China that serves 320 million and 2.7 million retail customers and corporate clients respectively with the help of 24,000 branches.
The personal banking segment offers financial products and traditional banking services to individual customers, the corporate banking division offers financial services to financial institutions, government agencies and corporations and the treasury operations division offers repurchase transactions and debt instrument investments to its wealthy clients.
Products and services offered by the Agricultural Bank of China
- Finance and Insurance
- Credit cards
- Mortgages
- Loans (microfinance, personal business, small business and home construction etc.)
- Global wealth management
- Cash management
- Treasury operations
- Investment banking
- Corporate banking
- Consumer banking
8. Royal Bank of Canada
- Origin Country: Canada
- Founded: 1864
- Headquarters: Montreal, Quebec Canada
- Employees in 2022: 89,000
- Annual Revenue in 2022: 47.396 billion USD
- Net Income in 2022: 12.192 billion USD
- Market Value in 2022: 159.750 billion USD
- Total Assets in 2022: 1.376 trillion USD
- Market Cap in 2022: 154.5 billion USD
Royal Bank of Canada is the largest bank in Canada and one of the largest financial services companies in the world in 2022 based on market capitalization.
Royal Bank of Canada is the parent company of several subsidiaries like City National Bank and RBC Bank etc. that helps it to serve 17 million clients in Canada and 36 other countries.
The commercial and personal banking services in Canada are handled by RBC Royal Bank which acts as a regional bank operating in Canada. It serves nearly 10 million clients via 1,209 branches. The RBC Bank provides cross-border banking services to Canadian ex-pats and travellers.
Banking products and services offered by the Royal Bank of Canada
- Finance & Insurance
- Credit cards
- Retail banking
- Mortgage loans
- Corporate banking
- Private banking
- Investment banking
9. Morgan Stanley
- Origin Country: United States of America
- Founded: 1935
- Headquarters: New York City, New York, U.S.
- Employees in 2022: 75,000
- Annual Revenue in 2022: 55.443 billion USD
- Net Income in 2022: 12.019 billion USD
- Market Value in 2022: 186.710 billion USD
- Total Assets in 2022: 1.188 trillion USD
- Total Deposits in 2022: 169.57 billion USD
- Market Cap in 2022: 151.9 billion USD
Morgan Stanley is one of the biggest US banks in the world based on market capitalization. The financial services company was ranked 61st in the 2021 Fortune 500 list of Largest United States Corporations by Total Revenue.
Morgan Stanley is one of the largest investment banks with offices in 41+ countries. It serves individuals, small businesses, wealthy clients, institutions, governments and corporations. The current bank was formed after the merger of Dean Witter Discover & Co with the original Morgan Stanley.
Products and services offered by Morgan Stanley
- Institutional Securities
- Investment management
- Wealth management
10. Bank of China
- Origin Country: China
- Founder: Chen Jintao
- Founded: 1912
- Headquarters: Beijing, China
- Employees in 2022: 306,322
- Annual Revenue in 2022: 76.991 billion USD
- Net Income in 2022: 33.270 billion USD
- Market Value in 2022: 135.640 billion USD
- Total Assets in 2022: 4.327 trillion USD
- Market Cap in 2022: 140.2 billion USD
Bank of China is the fourth-largest commercial bank in the world based on total assets and the tenth-largest bank in the world based on market cap.
The state-owned financial services company is the second-oldest bank in China and currently acts as a regional bank operating as a national commercial bank as well as a foreign exchange bank.
The Bank of China operates as a legally separate entity from the Bank of China (Hong Kong) subsidiary. It has spread its presence to 60 countries
Products and services offered by the Bank of China
- Commodity trading
- Consumer and corporate banking
- Insurance
- Finance
- Securities
- Asset management
- Private banking
- Mortgage loans
Conclusion
The world’s largest banks include investment banks, commercial banks, retail banks and even regional banks operating in several parts of the world. These banks offer innumerable banking services and products at competitive rates to their customers all over the world through most branches in select cities.
Some of the Top US banks in the world are
- TD Group US Holdings (the consumer division in the US is represented by TD Bank)
- Goldman Sachs Group
- PNC Bank
- HSBC Bank USA
- US Bank
- CitiGroup Inc.
- Bank of New York Mellon or BNY Mellon (formed by the merger of Mellon Financial Corporation and The Bank of New York)
- Fifth Third Bank
- Citizens Bank
- First Republic bank
- Ally Bank
- Capital One Bank
- Suntrust Bank
- Regions Bank
- BBVA USA
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