Money isn’t everything, but it is a important part of modern life. And the source of money is typically a bank. Modern-day banks are more than just a place to keep your savings. The largest banks in the world are usually also among the biggest and most important investors of the global economy. Most companies, regardless of which size, need a loan or credit at some point and it’s the banks that still are the primary address for that.
Between the everyday commercial banking and the big-time, global investment banking, banks have grown into large corporations. They employ millions of people and jobs in banking (e.g. bank tellers) are still among the most sought after. The biggest banks in the world also belong to he biggest companies in the world (albeit not in the Top 10 currently). In fact, they have grown so big that many simply cannot go under without taking the entire economy with them. This is how interconnected banks are with our economy these days. This is especially true for the Top 10 biggest banks in the world. The following ranking shows up which of the thousands of banks worldwide currently belong to the absolutely largest banks globally. Hint: 8 of the 10 banks come just from two countries.
The 10 Largest Banks in the World
1. Industrial and Commercial Bank of China
The Industrial and Commercial Bank of China is currently the largest bank in the world. The ICBC is the youngest of the big four Chinese banks, all of which are majority-owned by the Chinese government. While primarily active within China, it has also started to invest and operate globally in recent times, particularly in Africa. The ICBC is now also the largest bank in the world in terms of held assets under management.
2. JP Morgan Chase
JP Morgan Chase is the second largest bank in the world and the biggest bank of America. It is furthermore the biggest private bank in the world. 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, but is also known for its investment, corporate lending and wealth management branches.
3. China Construction Bank
The China Construction Bank is another of the ‘Big 4’ Chinese banks in the Top 10 Ranking of the largest banks in the world. CCB is primarily a corporate bank, but has recently also started to offer personal banking services. Like the ICBC, CCB is of course, too, owned and controlled by the Chinese government.
4. Bank of America
The Bank of America finds itself in 4th place in this Top 10 banks ranking. While primarily involved in personal banking, Bank of America does also provide corporate as well as wealth management services. The bank is for the most part, as the name implies, active on the home market in the United States. At the same time, the bank does have a presence in 34 other countries.
5. Agricultural Bank of China
The Agricultural Bank of China is another of the banks owned by the Chinese communist government. Its services mainly target agricultural businesses as well as farmers in China.
6. Credit Agricole
Credit Agricole is currently the biggest European bank. The tradition-rich bank was originally founded as an agricultural bank for farmers and other agricultural clients. However, nowadays the bank offers its services to a wider variety of clients, both private and corporate.
7. Wells Fargo
Founded in 1852, Wells Fargo is the oldest American bank still in existence. The bank had to go through some rough scandal-rich times recently, but remains one of the largest banks in the world. Wells Fargo focuses both on individual private banking as well as corporate clients.
8. Bank of China
The oldest of the big four banks of China is the Bank of China. The bank has been founded in 1912, long before the Communist revolution in the country. The bank is now of course owned by the communist Chinese government, but still belongs to the largest banks globally. Aside from China itself, the Bank of China is also increasingly involved in Hong Kong and Macau.
Citigroup is another American bank which finds itself in the Top 10 of the largest banks in the world. Citigroup is active in almost every corner of the world. Through its different branches, the bank covers practically all banking branches.
10. Mitsubishi UFJ Financial Group
The Mitsubishi UFJ Financial Group completes the Top 10 largest banks ranking. The bank is currently the largest bank in Japan. It is owned by the Mitsubishi Corporation which, among other, also produces cars, electronics and offers engineering services.
The 10 Largest Banks in the World
(as of May 2020)
|Top 10 Largest Banks in the World:|
|1. INDUSTRIAL AND COMMERCIAL BANK OF CHINA|
Revenue: $123.6 billion
|2. JP MORGAN CHASE|
Revenue: $114.6 billion
|3. CHINA CONSTRUCTION BANK|
Revenue: $102.2 billion
|4. BANK OF AMERICA|
Revenue: $91.2 billion
|5. AGRICULTURAL BANK OF CHINA|
Revenue: $89.7 billion
|6. CREDIT AGRICOLE|
Revenue: $83.4 billion
|7. WELLS FARGO|
Revenue: $82.0 billion
|8. BANK OF CHINA|
Revenue: $79.4 billion
Revenue: $74.3 billion
|10. MITUBISHI UFJ FINANCIAL GROUP|
Revenue: $61.6 billion
The 10 largest banks in the world based on the most recent annual revenue numbers, in U.S. Dollars. Source: YCharts