Deposit management, lending, wealth management, currency exchange, and investment banking are just a few of the many services that banks provide to the general public and businesses alike. Customers of these banks include individuals, businesses, and a wide range of other institutions.
A commercial bank’s definition has changed substantially during the last few decades. As investment banks, many of them engage with corporate and institutional clients offering underwriting of stock offers, brokerage, and mergers and acquisitions advice services.
Which Are The Top 10 Biggest Banks in the World?
Following is a list of the 10 largest banks in terms of revenue for the last 12 months. For the purposes of this list, only publicly traded corporations are included:
1. Industrial and Commercial Bank of China
ICBC, which was founded in 1984, has since become the world’s largest bank in terms of total assets. The total value of its assets as of this writing is a staggering $3.47 trillion. The majority of ICBC’s efforts are devoted to this particular sector of the economy. They lend most of their money to manufacturing, transportation, electricity, and retail businesses. This bank, on the other hand, appears to be thriving. Profits increased by 3.3% in the third quarter of 2017.
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2. China Construction Bank Corporation
The world’s second-largest bank is China’s second-largest bank. There is now $3.02 trillion in the China Construction Bank Corporation’s holdings. CCB was established in 1954, making it one of China’s oldest financial institutions. In the year 2005, Bank of America sought to broaden its reach into the Chinese marketplace.
As a result, it acquired a 9.1% share in CCB. However, it didn’t go as planned. During the financial crisis in the United States in 2009, BOA was forced to divest most of its holdings. When it came time to divest its last remaining stake in CCB in 2013, Bank of America decided to concentrate its Asian activities in Hong Kong.
3. BNP Paribas
The third-largest bank in the world, this French institution has assets of $2.19 trillion. BNP is one of the world’s largest banking networks, operating in 75 countries. Private bank customers in France, Italy, Belgium, and Luxembourg are served by BNP Paribas.
BNP acquired 75% of Fortis Bank in April 2009, making it the Eurozone’s largest depositor. BNP Paribas was founded in 1848, making it one of the oldest financial institutions in the world. Banking services for individuals and small businesses are the company’s most important source of revenue. Over three-quarters of the revenue of the company comes from regular customers.
The company’s headquarters are located in France. There are 190,000 persons employed there.
4. Agricultural Bank of China
Another Chinese financial institution, the Agricultural Bank of China, holds the third-place spot on the global asset rankings with a total of $2.82 trillion.
The Agricultural Bank of China was established in 1951 and is also known as Ag Bank. It has branch offices in many of the greatest cities in the globe, including Seoul, Singapore, Sydney, London, and New York, among many others. An interesting tidbit is that in 2007, Ag Bank was the target of the biggest bank heist that has ever taken place in China. Thieves made off with $7.5 million.
5. JPMorgan Chase & Co.
JPMorgan Chase & Co. is a worldwide bank and financial services holding firm that provides a wide range of products and services, including corporate lending, asset management, wealth management, investment and consumer banking, and more.
JPMorgan Chase recently made an announcement in response to COVID-19 regarding its intentions to seek up to ten billion dollars in alternative investments from pension funds and other clients. These alternative investments include leveraged loans and specific types of real estate.
6. Mitsubishi UFJ Financial Group
With assets of $2.63 trillion, the Japanese financial services giant Mitsubishi is the largest bank holding company and financial services company in the world. This company, which is a subsidiary of the Mitsubishi Group, is responsible for offering a variety of different financial and investment services.
These services cover a wide range of financial domains, from commercial banking to trust banking and international finance, in addition to asset management. It is hard to believe that MUFG was only founded in 2005 when one considers the great reputation that the company has earned over the years.
Japan is comprised of its capital city of Tokyo and its 106,000 employees.
7. Japan Post Holdings Co. Ltd.
Japan Post Holdings Co. Ltd. stands apart from the majority of the other firms on this list due to the fact that it is involved in banking in addition to life insurance, the logistics industry, and other fields.
The corporation is also well-known for its Japan Post branch, which is responsible for the delivery of mail and the operation of post offices in Japan, as well as for its Japan Post Bank branch, which is the financial arm of the company.
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8. Bank of America
Bank of America (BAC), which has a market capitalization of $2.19 trillion, is the largest bank holding company in the United States. One hundred ninety-nine percent of the corporations that make up the Fortune 500 in the United States are customers of the company.
After Bank of America completed its acquisition of Merrill Lynch in 2008, it became the largest wealth manager in the world. This stock is a component of several different indices, including the New York Stock Exchange, the S&P 500, and the Dow Jones Industrial Average.
The headquarters of the corporation is located in Charlotte, North Carolina, and the city is home to 208,000 employees.
9. HSBC Holdings PLC
HSBC Bank operates more than 460 bank branches in the United States, the vast majority of which are located in the state of New York (380). On our ranking of the world’s largest banks, this one comes in at position number seven, boasting assets worth $2.37 trillion.
Through its personal financial services, private banking, retail banking, commercial banking, and global banking and market segments, HSBC provides its 4 million customers with access to worldwide markets. The Hongkong and Shanghai Banking Corporation (HSBC) was established in 1865 in British Hong Kong.
10. Wells Fargo
Wells Fargo has struggled through the past few years with a few scandals that they would like to forget, yet they still managed to sneak their way into the top 10. Despite this, the financial institution has assets worth a total of $1.93 trillion and is one of the largest retail banks in the United States.
Wells Fargo is an American financial services company that was established in 1852 and currently operates close to 9,000 retail locations across the United States. When they bought Wachovia in 2009, that’s when they became my primary financial institution.
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Final Thoughts
These are the ten banks that are considered to be the largest in the entire world. It is important to keep in mind that the criteria include not only the money earned but also the face value.
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