Curious about the top 10 banks in the world in 2024? Discover the top 10 largest banks in the world with this comprehensive overview.
The banking industry is very important worldwide, with many banks having trillions of dollars in assets. This article looks at the top 10 banks in the world in 2024. It gives a detailed analysis of their operations, financial performance, and impact on the global economy. By learning about these top banks, we can understand the current financial landscape and its influence on our world.
The Importance of Bank-Holding Companies
Bank-holding companies are very important in the global banking world. These companies control one or more banks but do not directly engage in banking. They provide a strategic advantage by offering different financial services under one umbrella, which increases the stability of the banks they own.
Many of the world’s largest banks are part of these bigger bank-holding companies. This setup allows them to offer various financial services, making them stronger and more competitive in the global market.
Top banks in the world in 2024:
Here’s a table showcasing the ten largest banks in the world, ranked by their market caps (as of May 2, 2024).
| Rank & Bank | Headquarters | Market Cap |
|---|---|---|
| #1 JPMorgan Chase | New York, USA | $551.03 B |
| #2 Bank of America | North Carolina, USA | $288.96 B |
| #3 Industrial and Commercial Bank of China Limited | Beijing, China | $249.28 B |
| #4 Wells Fargo | California, USA | $208.41 B |
| #5 Agricultural Bank of China | Beijing, China | $207.79 B |
| #6 Bank of China | Beijing, China | $171.35 B |
| #7 China Construction Bank | Beijing, China | $166.19 B |
| #8 HSBC | London, UK | $164.48 B |
| #9 Morgan Stanley | New York, USA | $148.90 B |
| #10 HDFC Bank | Mumbai, India | $147.31 B |
The largest banks in the world play a crucial role in the global economy. They facilitate international trade, provide business loans, and offer financial services to millions of customers worldwide.
Top 10 banks in the world in 2024: A deeper insight
Here’s a deep dive into the largest banks in the world.
JPMorgan Chase:
Total Assets: $3.875 Trillion
JPMorgan Chase is the largest bank in the U.S. and the fifth-largest in the world by total assets. It is a major force in investment banking and financial services. With the Federal Reserve’s new instant payment service, the FedNow system, JPMorgan Chase is one of the key banks that has already started using it.
Bank of America:
Total Assets: $3.180 Trillion
Bank of America has a strong presence in investment banking, wealth management, and trading. It serves over 68 million consumers and more than 3 million small businesses. Bank of America is the second-largest bank in the U.S. and the sixth-largest in the world by assets. With a market cap of $288.96 billion, it is one of the most valuable companies, ranking 33rd on the list.
Industrial and Commercial Bank of China (ICBC):
Total Assets: $6.323 Trillion
The Industrial and Commercial Bank of China Limited (ICBC) is the largest bank in China and the world by total assets. It is one of the biggest lenders globally and consistently ranks near the top, alongside major banks like Bank of America.
The Agricultural Bank of China:
Total Assets: $5.640 Trillion
The Agricultural Bank of China is the second-largest bank in the world by total assets. Founded in 1979, it has current earnings of $43.41 billion, according to the latest financial reports. The bank is essential in supporting China’s agricultural sector and also operates in regions like the Asia Pacific, the Middle East, Europe, and the Americas.
Wells Fargo:
Total Assets: $1.886 Trillion
Wells Fargo & Company, based in the U.S., offers financial services like mortgage banking, equipment leasing, and insurance in about 35 countries. Along with 33 other banks and credit unions, Wells Fargo has adopted the FedNow system, joining JPMorgan Chase. Wells Fargo serves over 70 million customers and is one of the top five banks in the United States.
Bank of China:
Total Assets: $4.558 Trillion
The Bank of China is the fourth largest bank in the world by total assets. As one of China’s oldest banks, it has a strong international presence. It started operations in Hong Kong and now runs its financial market business through major trading centers in Beijing, Shanghai, Hong Kong, New York, and London. One of the Bank of China’s goals is to maintain the currency’s value stability and promote economic growth in the country.
China Construction Bank (CCB):
Total Assets: $5.421 Trillion
China Construction Bank (CCB) is the third-largest bank in the world by total assets. It plays a major role in China’s construction and infrastructure projects and is one of the top commercial banks in the country. With 3.48 million corporate customers, CCB is the second-largest bank in China, following ICBC. Its subsidiaries operate in various industries, including leisure, software, energy, and retail, among others.
HSBC:
Total Assets: $2.308 Trillion
HSBC, which started in Hong Kong and Shanghai and is now headquartered in the United Kingdom, is the 8th largest bank in the world. It is a major banking and financial services organization serving millions of customers globally. HSBC has about 42 million customers and operates in 62 countries. It also has branches in India, offering products and services and growing its personal banking customer base there.
Morgan Stanley:
Total Assets: $1.193 Trillion
Morgan Stanley is an American investment bank and financial services provider. Recently, Morgan Stanley and Mitsubishi UFJ Financial announced plans to expand their 15-year partnership. They will now focus on foreign exchange trading, Japanese research, and equities to serve a global customer base.
HDFC Bank:
Total Assets: $466.29 Billion
As of July 2023, HDFC Bank has merged with HDFC Ltd., a major housing finance company, to become a single entity. This merger aims to better serve client needs and adapt to industry changes. After the merger, HDFC Bank is now the 10th largest lender in the world and the largest bank in India. It is also the third largest company by market capitalization on the Indian stock exchange and is focusing more on providing long-term corporate loans.
Largest banks in the world by country
Well, now we know the top 10 banks in the world in 2024, but which banks dominate in their respective countries by market cap? Here’s a look at some of the most popular ones:
| Bank | Country |
|---|---|
| JPMorgan Chase | USA |
| ICBC | China |
| HSBC | UK |
| HDFC Bank | India |
| Royal Bank Of Canada | CANADA |
| BNP Paribas | France |
| Mitsubishi UFJ Financial | Japan |
| Commonwealth Bank | Australia |
| The Saudi National Bank | Saudi Arabia |
| UBS | Switzerland |
| Santander | Spain |
These banks, among the largest in the world, continue to influence the global financial landscape with their huge resources and wide reach.
FAQs
Q1. Which bank has the highest total assets in India?
The State Bank of India (SBI) has the highest total assets in India, while HDFC Bank leads in market capitalization.
Q2. What is a bank’s market capitalization, and why is it important?
A bank’s market capitalization is the total value of all its shares of stock. It is important because it helps investors understand the bank’s size and can influence its ability to raise additional funds.
Q3. How does a bank’s market capitalization affect its operations?
A higher market capitalization usually means a bank has more resources for expansion, investments, and lending. It can also provide greater stability, reducing the likelihood of the bank being acquired by another company.
Published: 25th July 2024
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