Top 10 largest banks in the world
Money is not everything, but it is an important part of modern life. And the typical source of money is the bank. Banks today are more than just a place to keep your savings. The largest banks in the world are also often among the largest and most important investors in the global economy. Most companies, regardless of size, need a loan or credit at some point, and the banks themselves are still the primary address for that.
Between everyday commercial banking and large, global investment banks, banks have evolved into large corporations. They employ millions of people and banking jobs remain among the most sought-after.
The biggest banks in the world also belong to the biggest companies in the world (although not in the current Top 10). In fact, they have grown so large that many simply cannot get through without bringing the entire economy with them. This is how banks are connected to our economy today. This is especially true for the Top 10 largest banks in the world. The following ranking shows which of the thousands of banks worldwide currently belong to the largest banks globally.
Hint: 8 out of 10 banks are from just two countries.
Top 10 largest banks in the world
1. INDUSTRY AND COMMERCIAL BANK OF CHINA
Revenue: $123.6 billion
2. JP MORGAN CHASE
Revenue: $114.6 billion
3. CONSTRUCTION BANK OF CHINA
Revenue: $102.2 billion
4. BANK OF AMERICAN
Revenue: $91.2 billion
5. AGRICULTURE 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
9. CITIGROUP
Revenue: $74.3 billion
10. MITUBISHI UFJ FINANCIAL GROUP
Revenue: $61.6 billion
Top 10 largest banks in the world
1. Industrial and Commercial Bank of China
Revenue: 123.6 billion USD
Net income: $45.3 billion
Market capitalization: $231.8 billion
Year of establishment: 1984
Head office : Beijing, Beijing City, China Official website
The Industrial and Commercial Bank of China is currently the largest bank in the world. ICBC is the youngest of China's four major banks, all majority owned by the Chinese government. Although it mainly operates in China, it has also begun to invest and operate globally in recent times, especially in Africa. ICBC is also currently the world's largest bank in terms of managed holdings.
2. JP Morgan Chase
Revenue: 114.6 billion USD
Net income: $36.4 billion
Market capitalization: $280.1 billion
Year of establishment: 2000
(via Chase Manhattan & JP Morgan merger)
Headquarters: New York City, New York, USA
JP Morgan Chase is the second largest bank in the world and the largest bank in the United States. It is also the largest private bank in the world. JP Morgan Chase is operating worldwide and providing 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
Revenue: $102.2 billion
Net income: $38.7 billion
Market capitalization: $196.6 billion
Year of establishment: 1954
Head office: Beijing, Beijing City, China
China Construction Bank is one of four Chinese banks in the Top 10 largest banks in the world. CCB is primarily a corporate bank, but has also recently started offering personal banking services. Like ICBC, CCB is of course also owned and controlled by the Chinese government.
4. Bank of America
Revenue: 91.2 billion USD
Net income: $27.4 billion
Market capitalization: 188.5 billion USD
Year of establishment: 1998
(through Bank America & NationsBank merger)
Headquarters: Charlotte, North Carolina, USA
Bank of America ranks 4th in this top 10 ranking. While primarily engaged in personal banking, Bank of America also offers corporate and wealth management services. For the most part, as the name implies, the bank is active in the domestic market in the United States. At the same time, the bank is present in 34 other countries.
5. Agricultural Bank of China
Revenue: $89.7 billion
Net income: 30.9 billion USD
Market capitalization: $131.5 billion
Year of establishment: 1951
Headquarter: Beijing, Beijing City, China
Agricultural Bank of China is one of the banks owned by the communist government of China. Its services are mainly aimed at agribusinesses as well as farmers in China.
6. Credit Agricole
Revenue: 83.4 billion USD
Net income: $5.4 billion
Market capitalization: $22.3 billion
Year of establishment: 1894
Headquarters: Montrouge, Ile-de-France, France
Credit Agricole is currently the largest bank in Europe. This traditionally rich bank was originally established as an agricultural bank for farmers and other agricultural customers. However, today banks offer their services to a wider range of customers, both individuals and businesses.
7. Wells Fargo
Revenue: $82.0 billion
Net income: 19.6 billion USD
Market capitalization: 123.8 billion USD
Year of establishment : 1852
Headquarters: San Francisco, California, USA
Founded in 1852, Wells Fargo is the oldest American bank still in existence. The bank has been through some tough scandals lately but remains one of the biggest banks in the world. Wells Fargo focuses on both private and corporate banking.
8. Bank of China
Revenue: $79.4 billion
Net Income: $27.2 billion
Market capitalization: $109.1 billion
Year of establishment: 1912
Head office: Beijing, Beijing City, China
The oldest of the four major banks of China is the Bank of China. The bank was founded in 1912, long before the Communist revolution in the country. Of course, this bank is now owned by the communist Chinese government, but still belongs to the biggest banks globally. Besides China itself, Bank of China is also increasingly involved in Hong Kong and Macau.
9. Citigroup
Revenue: $74.3 billion
Net Income: $19.4 billion
Market capitalization: $91.9 billion
Year of establishment: 1998
(through the merger of Citicorp & Travelers Group)
Headquarters: New York City, New York, USA
Citigroup is another American bank in the Top 10 largest banks in the world. Citigroup is active almost anywhere in the world. Through the various branches, the bank covers practically all the bank branches.
10. Mitsubishi UFJ Financial Corporation
Revenue: $61.6 billion
Net income: $4.9 billion
Market capitalization: $52.1 billion
Year of establishment: 2005
(through merger of UFJ Financial Group & Mitsubishi Toyko)
Head office: Tokyo, Tokyo Prefecture, Japan
Mitsubishi UFJ Financial Group completed the ranking of Top 10 largest banks. The bank is currently the largest bank in Japan. It is owned by the Mitsubishi Corporation, which, among other things, also manufactures automobiles, electronic equipment, and provides engineering services.
Top 10 largest banks in the world
(as of May 2020)
1. BANK OF INDUSTRY AND TRADE OF CHINA
Revenue: 123.6 billion USD
2. JP MORGAN CHASE
Revenue: 114.6 billion USD
3. CONSTRUCTION BANK OF CHINA
Revenue: $102.2 billion
4. BANK OF USA
Revenue: 91.2 billion USD
5. AGRICULTURE BANK OF CHINA
Revenue: $89.7 billion
6. CREDIT AGRICOLE
Revenue: 83.4 billion USD
7. WELLS FARGO
Revenue: $82.0 billion
8. BANK OF CHINA
Revenue: $79.4 billion
9. CITIGROUP
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 figures, in US Dollars.