largest banks in the world

Top 10 Biggest Banks in the World

Between everyday commercial banking, corporate banking, and global investment banking, banks have grown into large corporations. The biggest banks in the world also belong to the biggest companies in the world (albeit not in the Top Ten currently). In fact, many have grown so big that it is believed that those biggest banks simply cannot go under without taking the entire economy with them, they are “too big to fail”. This is how interconnected banks are with our economy these days.

In the past few decades, the archetype of a commercial bank has undergone a significant metamorphosis. Modern-day large-scale banks cater both individual customers alongside small and big corporations and even governments. They offer savings and checking accounts, certificates of deposit, loans, and other similar services. Additionally, the biggest banks have extended their operations into investment banking, serving corporate and institutional clients by offering underwriting of stock offers, brokerage, financial advisory, wealth management, and other investment-type services.

In other words, the biggest banks keep becoming larger. Not only in terms of the services they offer but also in how much money they generate every year (and day) and by the value of the assets they own in total across numerous ventures, industries, and countries.

The following ranking lists the biggest banks in the world as measured by the banks’ most recently achieved revenue numbers.

The 10 Biggest Banks in the World 2024

10 biggest banks in the world

1. Industrial and Commercial Bank of China

Industrial and Commercial Bank of China Ltd.

Revenue: $143.3 billion

Net Income: $55.3 billion
Market Cap: $238.1 billion
Total Assets: $5.7 trillion

Year of Foundation: 1984
Headquarters: Beijing, China

The Industrial and Commercial Bank Of China Ltd., or ICBC, retains the crown of being the biggest bank in the world. Not only does the Beijing-based Chinese bank generate the highest revenue of any bank in the world, but it also owns the highest total assets in the world. The Industrial and Commercial Bank Of China is a state-owned commercial bank that primarily operates in China offering credit cards, loans, business financing, and other basic banking services, but its money management services for companies, governments, and high-net-worth individuals operate around the world.


2. China Construction Bank

China Construction Bank Corporation

Revenue: $126.8 billion

Net Income: $48.5 billion
Market Cap: $149.8 billion
Total Assets: $5.0 trillion

Year of Foundation: 1954
Headquarters: Beijing, China

China Construction Bank, or CCB, holds the title of the second-biggest bank worldwide. The China Construction Bank is another of the big Beijing-based state-owned Chinese banks. CCB primarily serves as a corporate bank but has recently also started to offer personal banking services. It now provides corporate banking services, including e-banking, credit lines, and commercial loans. While its primary market is the Chinese home market, the bank is also increasingly active abroad, especially in other parts of Asia.


3. JPMorgan Chase

JPMorgan Chase & Co.

Revenue: $123.4 billion

Net Income: $37.1 billion
Market Cap: $498.0 billion
Total Assets: $3.9 trillion

Year of Foundation: 2000
(through the merger of Chase Manhattan & JP Morgan)
Headquarters: New York City, New York, USA

JP Morgan Chase is the third-biggest bank in the world and the biggest bank outside of China. The American bank is furthermore the biggest non-state-owned bank in the world and the bank with the highest market capitalization in the world. While based in New York City, JP Morgan Chase is active all over the world and provides all kinds of services in the financial world. It has a commercial banking division active in the USA but is also known for its global investment, corporate lending, and wealth management branches.


4. Bank of America

Bank of America Corporation

Revenue: $92.5 billion

Net Income: $27.4 billion
Market Cap: $272.5 billion
Total Assets: $3.1 trillion

Year of Foundation: 1998
(through the merger of Bank America & NationsBank)
Headquarters:
Charlotte, North Carolina, USA

The Bank of America finds itself in fourth place among the biggest banks in the world. While primarily involved in personal banking, Bank of America also provides corporate and wealth management services, offering services to individual clients and businesses of all sizes. The bank is for the most part, as the name implies, active on the home market in the United States. However, the North Carolina-based American bank does have a presence in many other countries as well, where it offers wealth management services through its global branches.


5. Wells Fargo

Wells Fargo & Company

Revenue: $75.0 billion

Net Income: $16.1 billion
Market Cap: $181.3 billion
Total Assets: $1.9 trillion

Year of Foundation: 1852
Headquarters:
San Francisco, California, USA

Wells Fargo completes the top five of the biggest banks in the world. Founded in 1852 by American businessmen Henry Wells and William Fargo, who wanted to establish a major bank on the U.S. West Coast, Wells Fargo today is the oldest American bank still in existence. The bank is based in San Francisco in Northern California. Wells Fargo focuses both on individual commercial banking as well as a diverse range of other banking services, including wealth management, lending, and investment banking.


6. Citigroup

Citigroup Inc.

Revenue: $74.3 billion

Net Income: $15.5 billion
Market Cap: $104.0 billion
Total Assets: $1.9 trillion

Year of Foundation: 1998
(through the merger of Citicorp & Travelers Group)
Headquarters:
New York City, New York, USA

Citigroup is another American bank that finds itself among the ten biggest banks in the world. The New York City-based bank is active in almost every corner of the world. Through its different branches, the bank covers practically all banking branches. Citigroup offers commercial banking, various securities services, institutional banking, wealth management, and much more.


7. BNP Paribas

BNP Paribas S.A.

Revenue: $70.3 billion

Net Income: $11.2 billion
Market Cap: $80.4 billion
Total Assets: $2.9 trillion

Year of Foundation: 2000
(through the merger of Banque National de Paris & Paribas)
Headquarters:
Paris, Ile-de-France, France

BNP Paribas is the seventh-biggest bank in the world and the biggest bank in Europe. The French bank, based in Paris, France, offers a wide range of financial services, including commercial banking, corporate and investment banking, asset management, and various lending services. The bank is not just operating in France and the European Union, but also well outside of it, with a special focus on Northern Africa, Western Africa, Asia, and South America.


8. HSBC

HSBC Holdings plc

Revenue: $56.3 billion

Net Income: $13.2 billion
Market Cap: $156.1 billion
Total Assets: $3.0 trillion

Year of Foundation: 1991
Headquarters: London, England, UK

HSBC stands as the eighth biggest bank in the world. The British bank traces its roots back to Hong Kong and Shanghai, China. HSBC originally stood for “Hongkong and Shanghai Banking Corporation”. Before the British Government relinquished its possession of the Hong Kong colony and gave it back to China, the formerly Hong Kong-based bank was relocated to the British capital of London and made a subsidiary of the then newly created HSBC. Today, the bank belongs to the biggest banks in the world, offering a wide range of financial products and services, with a strong presence in the UK, the EU, and the US, but also still in Asia.


9. Banco Santander (SAN)

Banco Santander, S.A.

Revenue: $54.6 billion

Net Income: $10.4 billion
Market Cap: $63.7 billion
Total Assets: $1.7 trillion

Year of Foundation: 1999
(through the merger of Banco de Santander & Banco Central Hispano)
Headquarters: Santander, Cantabria, Spain

Banco Santander comes ninth among the ten biggest banks in the world. The Spanish bank is based in the city of Santander in the Cantabria region of Northern Spain, though much of the bank’s operations are led from Madrid, Spain’s capital. Santander offers a wide range of financial products and services, including commercial banking, investment banking, asset management, and also an insurance division. The bank operates not only in Spain and the rest of the European Union but also has a strong presence in the UK and in both North and South America.


10. China Merchants Bank

China Merchants Bank Company Ltd

Revenue: $51.8 billion

Net Income: $20.3 billion
Market Cap: $96.8 billion
Total Assets: $1.5 trillion

Year of Foundation: 1987
Headquarters: Shenzhen, Guangdong, China

China Merchants Bank, or CMB, completes the top ten ranking of the biggest banks in the world. China Merchants Bank is China’s biggest bank outside of the big Beijing-based capital banks. The bank is still, however, wholly state-owned and state-controlled. China Merchants Bank has established itself as a major commercial bank in China but also has a growing corporate banking and investment banking branch. The bank has also started to expand its operations outside of China in recent years.


Top 10 Biggest Banks In The World:

1. INDUSTRIAL AND COMMERCIAL BANK OF CHINA

HQ: Beijing, China
Revenue: $143.3 billion
Total Assets: $5.7 trillion
2. CHINA CONSTRUCTION BANK

HQ: Beijing, China
Revenue: $126.8 billion
Total Assets: $5.0 trillion
3. JPMORGAN CHASE

HQ: New York City, USA
Revenue: $123.4 billion
Total Assets: $3.9 trillion
4.BANK OF AMERICA

HQ: Charlotte, USA
Revenue: $92.5 billion
Total Assets: $3.1 trillion
5.WELLS FARGO

HQ: San Francisco, USA
Revenue: $75.0 billion
Total Assets: $1.9 trillion
6.CITIGROUP

HQ: New York City, USA
Revenue: $74.3 billion
Total Assets: $1.9 trillion
7.BNP PARIBAS

HQ: Paris, France
Revenue: $70.3 billion
Total Assets: $2.9 trillion
8.HSBC

HQ: London, UK
Revenue: $56.3 billion
Total Assets: $3.0 trillion
9.BANCO SANTANDER

HQ: Santander, Spain
Revenue: $54.6 billion
Total Assets: $1.7 trillion
10.CHINA MERCHANTS BANK

HQ: Szenzhen, China
Revenue: $51.8 billion
Total Assets: $1.5 trillion
Updated as of January 2024.

Top ten biggest banks in the world. The ranking is based on the respective revenues the banks achieved.
Source: Dun&Bradstreet and the annual reports of the respective banks.


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