Top 10 Biggest Banks in the World 2023/2024 by Total Assets (Updated)
The majority of banks around the world are successful and wealthy, and this is due to a variety of factors, including how well their respective economies are performing.
The “Big Four” are once again in the top spots, which is not surprising given that their economies continue to expand annually as a result of expanding trade markets and increasing exports!
Here is a list of the top 10 banks in the world, determined and ranked according to their total assets, in case you are interested in banking but don’t really know much about it.
The Industrial and Commercial Bank of China (ICBC) was the biggest bank in the world in 2023 based on total assets. In that year, the bank’s total assets amounted to roughly 5.74 trillion dollars. China Construction Bank, Agricultural Bank of China, and Bank of China were the next three biggest banks that year.
JPMorgan Chase & Co. is the largest bank in the United States and the fifth largest bank in the world with assets of roughly $3.3 trillion. New York City serves as the bank’s main headquarters. The Bank of the Manhattan Company was established in 1799 and is now known as JPMorgan Chase & Co. (NYSE: JPM). Here are the top banks in the world by asset size, with a combined base of assets exceeding $1 trillion.
Despite having combined domestic assets of more than a trillion dollars, JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C), Wells Fargo & Company (NYSE:WFC), and Bank of America Corporation (NYSE:BAC) increased their spending on technology.
The list of largest banks, as well as the figures mentioned and introduced by KnowInsiders.com below, were compiled from a variety of reliable sources, including Sasstatista, Wikipedia, Investopedia, and Dough Roller.
Here’s a table showcasing the ten largest banks in the world, ranked by their market caps (as of August 21, 2023).
Total Assets: $3.744 Trillion
Total Assets: $3.194 Trillion
Total Assets: $6.118 Trillion
Total Assets: $278.44 Billion
Total Assets: $1.886 Trillion
Total Assets: $2.989 Trillion
Total Assets: $5.357 Trillion
Total Assets: $1.199 Trillion
Total Assets: $5.376 Trillion
Total Assets: $4.422 Trillion
Crédit Agricole Group, a French-owned bank and one of France’s largest companies, is the world’s tenth largest bank.
It is the world’s largest cooperative financial institution and was transformed into an international full-service banking group in 1990.
This included thirty-nine Crédit Agricole regional banks as well as a large network of local banks.
Its headquarters are in Montrouge, France, and it serves customers all over the world.
The bank controls a significant portion of the French banking system and is well-known for its working historical ties to the agricultural industry.
According to recent data, Crédit Agricole has a total asset balance of approximately $2.13 trillion dollars.
Bank of America is the second-largest banking institution in the United States, with $2.35 trillion in assets.
It handles commercial banking, wealth management, and investment banking and serves approximately 10.73% of all American bank deposits.
Bank of America, founded in 1784 and headquartered in Charlotte, North Carolina, now serves clients all over the world through its 5,000 financial retail locations.
Bank of America, with over 208,000 employees, is also one of the largest corporations in the United States. It acquired Merrill Lynch in 2008, making it the world’s largest wealth manager.
According to recent data, Bank of America has an approximate current total asset balance of $2.35 trillion.
BNP Parabis, a French multinational banking group, comes next on the list.
It is currently the eighth-largest bank in the world by total assets, and it has operations in 77 nations.
The Banque Nationale de Paris (BNP) and Paribas merged to form the bank in 2000.
It is thought that the bank was first established in 1848, which is when its origins date back to.
BNP Parabis is a French company with its headquarters in Paris. It has over 190,000 employees, and the majority of its annual revenue comes from regular client accounts.
A multinational investment bank and financial holdings company based in Britain is called HSCB Holdings PLC.
It was ranked as the largest bank in Europe and the seventh-largest bank in the entire world as of 2018.
The bank operates more than 1,000 locations worldwide, including 80 offices in the UK and 460 across the United States.
With more than four million clients worldwide, HSBC provides its clients with private banking, corporate finance, retail banking, and commercial banking services.
With its main office in London, England, it currently has over 235,000 employees.
Around 65 nations around the world are home to HSBC, which is listed on both the London Stock Exchange and the Hong Kong Stock Exchange.
JPMorgan Chase & Co. is the largest bank in America and the sixth-largest bank in the world. It is a financial services holding company and international investment bank.
They deal with asset management, investment services, wealth management, and securities and offer their products to customers in more than 100 countries.
In 2000, several sizable banks merged to form JPMorgan Chase & Co, which is now among the most expensive businesses in the world.
JPMorgan Chase & Co., with its headquarters in Manhattan, New York City, is currently one of the biggest investment firms in the world.
The bank uses the name “Chase” to conduct retail and credit card business.
The Mitsubishi UFJ Financial Group is ranked number five on our list of the biggest banks in the world.
It is Japan’s largest bank holding financial group and the fifth-largest bank in the world, with $2.81 trillion in total assets.
It is one of the main businesses of the Mitsubishi Corporation and provides its clients with a range of services, including trust banking, commercial banking, and asset management.
The Mitsubishi Tokyo Financial Group and UFJ holdings, two of Japan’s largest banks, merged to form the bank in 2005.
Its current headquarters are located in Osaka and it has over 106,000 employees.
The first of the “Big Four” and the following Asian bank on our list is the Bank of China.
It was established in 1912 by the republican government and is currently regarded as the oldest bank in mainland China. It is one of the four largest state-owned commercial banks in China.
Its headquarters are in Beijing, China, and it has offices across more than 20 nations, employing about 310,000 people.
The bank provides asset and liability management, personal loans, credit cards, mortgages, investment banking, insurance, and investing services.
With assets worth just over $3 trillion, the Chinese government owns about 70% of the business.
The third largest bank in the world and one of the ten largest corporations on the planet, AgBank is the second of China’s “Big Four” banks.
Agbank was established in 1951 and has locations in the largest cities around the world, including Seoul, Tokyo, Singapore, Sydney, New York, and London.
It has its headquarters in Beijing, employs over 444,000 people, and is wholly owned by the government.
Around the world, it serves 320 million retail customers and 2.7 million corporate clients through one of its 24,000 branches.
When AgBank went public in 2010, it completed the largest IPO in history—a record that has since been surpassed by Alibaba.
According to the most recent data, the bank’s assets are approximately $3.2 trillion.
China Construction Bank Corporation is the second-largest bank in the world.
The third of the “Big Four” on our list, CCB, or as it’s also frequently referred to, has roughly 13,629 domestic branches as well as international locations in Frankfurt, Barcelona, Luxembourg, Hong Kong, New York, Seoul, and several other significant cities.
With its headquarters in Beijing’s Xicheng neighborhood, CCB has over 333,000 employees and provides both personal and business banking services.
They provide personal services like credit cards, loans, deposits, and wealth management, as examples.
In contrast, the commercial side provides credit, company e-banking, loans, business loans, and credit lines.
The most recent data indicates that the CCB’s total assets are around $3.3 trillion.
Industrial & Commercial Bank of China, the largest bank in China and one of the “Big Four” banks, is the biggest bank in the world.
ICBC, as it is frequently referred to, completely dominates the other largest banks in the world in terms of total assets, customers, employees, loans, and deposits.
Due to the sheer size of its assets, the state-owned bank, which was established in 1984 as a limited company, has become the largest public company in the entire world.
With offices in Asia, Europe, America, and Oceania, it has a massive 460,000 employees at its Beijing, China, headquarters.
The company, which is 70% owned by the government, came in first place overall in “The Bankers Top 1000 World Banks ranking” and the Forbes Global 2000 list of the largest public companies in the world.
ICB’s total assets are estimated to be around $4.2 trillion according to the most recent information.
Understanding the modern financial landscape and how it shapes our world requires a close examination of the largest global banks listed above.
The world’s largest banks are often subsidiaries of much larger financial conglomerates. Since they can now provide a wider range of financial services, they are better able to weather economic storms and compete on a global scale.
Do larger things always succeed where smaller ones fail? The answer to this intriguing question will vary from person to person, but in general, the bigger the bank, the more services and features it can provide. It’s not true for every single one of the banks on our list, but in general, the vast majority of them can help you with both your personal and business banking needs.
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