The following are lists of the largest banks in the world, as measured by market capitalization and total assets.
The list is based on Forbes ranking as of January 2024 based on an analysis of the bank's operations, financial performance, and overall impact on the global economy.
Many of the largest banks in the world are part of larger bank holding companies. This structure allows them to offer various financial services, making them more resilient and competitive in the global market. [1]
Here's a table showcasing the ten largest banks in the world, ranked by their market caps (as of January 2, 2024).
Rank | Bank name | Market cap (US$ billion) |
---|---|---|
1 | JPMorgan Chase | 491.76 |
2 | Bank of America | 266.45 |
3 | Citigroup | 219.45 |
4 | Wells Fargo | 178.74 |
5 | Agricultural Bank of China | 175.69 |
6 | HDFC Bank | 169.84 |
7 | Industrial and Commercial Bank of China | 156.13 |
8 | Morgan Stanley | 153.05 |
9 | China Construction Bank | 151.97 |
10 | Bank of China | 150.39 |
This list is based on the April 2023 S&P Global Market Intelligence report of the 100 largest banks in the world. The ranking was based upon assets as reported and was not adjusted for different accounting treatments. [2] Another publication which compiles an annual list of the world's largest banks is The Banker magazine. It publishes a list of the World 1000 Largest Banks every July. [3] The financial data published by the July yearly issue of The Banker are much more extensive compared to the S&P Top 100 banks, but it is not a publication intended for the general public. Some banks were added due to their annual reports.
Accounting treatment affects the assets reported: for example, the United States uses US GAAP (as opposed to IFRS), which only reports the net derivative position in most cases, leading to US banks having fewer derivative assets than comparable non-US banks. [4] If Goldman Sachs reported under the IFRS, it would be ranked 17th on the list as of 2023 [update] , rather than 26th. [2]
Rank | Country | Number |
---|---|---|
1 | United States | 20 |
2 | China | 11 |
3 | Japan | 8 |
4 | Germany | 7 |
5 | France | 6 |
Canada | 6 | |
South Korea | 6 | |
8 | Australia | 5 |
United Kingdom | 5 | |
10 | Spain | 3 |
Netherlands | 3 | |
Singapore | 3 | |
Brazil | 3 | |
14 | ||
Italy | 2 | |
Russia | 2 | |
Sweden | 2 | |
17 | Switzerland | 1 |
India | 1 | |
Finland | 1 | |
Denmark | 1 | |
Belgium | 1 | |
Austria | 1 | |
Norway | 1 | |
Qatar | 1 |
* Includes all beneath counted banks of member states of the European Union
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State Street Corporation, is a global financial services and bank holding company headquartered at One Congress Street in Boston with operations worldwide. It is the second-oldest continually operating United States bank; its predecessor, Union Bank, was founded in 1792. State Street is ranked 14th on the list of largest banks in the United States by assets. It is one of the largest asset management companies in the world with US$3.7 trillion under management and US$40.0 trillion under custody and administration in 2023. It is the largest custodian bank in the world, providing securities services and it is considered a systemically important bank by the Financial Stability Board. Along with BlackRock and Vanguard, State Street is considered to be one of the Big Three index fund managers that dominate corporate America.
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Agricultural Bank of China (ABC), also known as AgBank, is one of the "Big Four" banks in China. It was founded on 10 July 1951, and has its headquarters in Dongcheng District, Beijing. It has branches throughout mainland China, Hong Kong, London, Tokyo, New York, Frankfurt, Sydney, Seoul, and Singapore.
The Forbes 500 was an annual listing of the top 500 American companies, produced by Forbes magazine. The list was calculated by combining five factors: sales, profits, assets, market value, and employees. The list was last issued in March 2003 ; it is no longer calculated each year and has been replaced by the Forbes Global 2000, which includes non-U.S. companies but is calculated on a similar basis as the old Forbes 500.
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