10 Biggest Banks in the World (2024)

Top 10 Banks By Market Cap (as of 1/31/24)
NameTickerMarket Cap
JP Morgan & ChaseJPM$504.07 billion
Bank of AmericaBAC$269.15 billion
Industrial and Commercial Bank of China Ltd.IDCBY$249.54 billion
Wells FargoWFC$182.24 billion
China Construction Bank CorpCICHY$151.76 billion
HSBC HoldingsHSBC$149.06 billion
Royal Bank of CanadaRY$136.83 billion
HDFC Bank LimitedHDB$131.39 billion
China Merchants BankCIHKY$116.65 billion
Mitsubishi UFJ Financial GroupMUFG$114.79 billion

  • Revenue (TTM): $239.43B
  • Net Income (TTM): $498.26B
  • Market Cap: $504.07B
  • 1-Year Trailing Total Return: 24.65%
  • Exchange: New York Stock Exchange (NYSE)

JPMorgan Chase & Co. is a multinational bank and financial services holding company involved in corporate lending, asset management, wealth management, and investment and consumer banking, among other offerings.

Bank of America Corp. (BAC)

  • Revenue (TTM): $171.91B
  • Net Income (TTM): $26.52B
  • Market Cap: $269.15B
  • 1-Year Trailing Total Return: -3.30%
  • Exchange: NYSE

Bank of America is a U.S. bank that offers services for individual clients and businesses of all sizes. Besides deposit and checking accounts through its Consumer Banking branch, Bank of America also provides various commercial and wealth management services through its global branches.

Industrial and Commercial Bank Of China Ltd. (IDCBY)

  • Revenue (TTM): $221.49B
  • Net Income (TTM): $53.53B
  • Market Cap: $249.54B
  • 1-Year Trailing Total Return: -8.57%
  • Exchange: OTC

One of the largest banks in the world in terms of total assets under management (AUM) and gross revenues is the Industrial and Commercial Bank Of China Ltd. This institution provides credit cards and loans, business financing, and money management services for companies and high net worth individuals. Though this is a commercial bank, it is state-owned.

  • Revenue (TTM): $115.34B
  • Net Income (TTM): $19.14B
  • Market Cap: $182.24B
  • 1-Year Trailing Total Return: 8.33%
  • Exchange: NYSE

Wells Fargo is recognized as a prominent financial institution that offers diverse banking services, including personal and commercial banking, wealth management, and investment banking, catering to the needs of individuals, businesses, and institutional clients.

China Construction Bank Corp. (CICHY)

  • Revenue (TTM): $202.54B
  • Net Income (TTM): $48.10B
  • Market Cap: $151.76B
  • 1-Year Trailing Total Return: -8.77%
  • Exchange: OTC

The second Chinese bank on this 10 biggest list is China Construction Bank Corp. It is the fifth-largest worldwide and provides corporate banking services such as e-banking, credit lines, and commercial loans. China Construction Bank also offers personal banking through a separate segment, personal loans, deposits, wealth management, and credit cards.

HSBC Holdings (HSBC)

  • Revenue (TTM): $93.56B
  • Net Income (TTM): $14.82B
  • Market Cap: $149.067B
  • 1-Year Trailing Total Return: 6.96%
  • Exchange: NYSE

The Hong Kong and Shanghai Banking Corporation (HSBC) is a multinational bank and financial services company headquartered in London, United Kingdom. It is one of the largest banks in the world by total assets and has operations in more than 60 countries.

Considered a high street bank in the U.K., HSBC offers a wide range of financial products and services, including retail and commercial banking, wealth management, and investment banking. The bank serves customers in various sectors, including individuals, small and medium-sized enterprises, and large corporations. In addition to its core banking business, HSBC has a significant presence in insurance, asset management, and other financial services.

Royal Bank of Canada (RY)

  • Revenue (TTM): $116.92B
  • Net Income (TTM): $14.86B
  • Market Cap: $136.83B
  • 1-Year Trailing Total Return: -3.09%
  • Exchange: NYSE/TSE

The Royal Bank of Canada is headquartered in Toronto, Canada, and provides banking and financial services in Canada, the U.S., the U.K., Europe, and the Caribbean. The Royal Bank offers all of the services you'd expect from one of the largest banks in the world, such as investing, wealth management, retirement planning, lending, auto loans, and payment solutions, to name a few. The bank has more than 94,000 employees in 29 countries and claims to serve 17+ million clients.

HDFC Bank Ltd (HBC)

  • Revenue (TTM): $25.52B
  • Net Income (TTM): $5.72B
  • Market Cap: $131.39B
  • 1-Year Trailing Total Return: -15.77%
  • Exchange: NYSE

HDFC Bank, headquartered in Mumbai, India, provides banking and financial services to businesses and people in Dubai, Hong Kong, India, and Bahrain. Its vast range of services includes loans, pensions, banking, auto financing, remittances, investing, credit services, and much more.

China Merchants Bank (CIHKY)

  • Revenue (TTM): $72.62B
  • Net Income (TTM): $19.97B
  • Market Cap: $116.65B
  • 1-Year Trailing Total Return: -43.93%
  • Exchange: NYSE/TSE

China Merchants Bank (CMB) is a state-owned bank in China that provides a range of financial products and services, including retail and corporate banking, investment banking, and asset management. It is headquartered in Shenzhen, China, and has branches and outlets throughout the country and operations in Hong Kong, Europe, and the United States.

CMB is one of the largest banks in China and is known for its strong focus on retail banking, with a large network of branches and ATMs and a range of products and services tailored to the needs of individual customers. The bank also has a significant presence in corporate banking and serves a diverse range of customers, including small and medium-sized enterprises and large corporations.

Mitsubishi UFJ Financial Group Inc. (MUFG)

  • Revenue (TTM): $63.90B
  • Net Income (TTM): $8.24B
  • Market Cap: $114.79B
  • 1-Year Trailing Total Return: 27.38%
  • Exchange: NYSE

Mitsubishi UFJ claims its beginnings go back to the opening of the Konoike Exchange Bureau in Osaka in 1656. Through the centuries, it transitioned through many names and existences, finally arriving at its current form, MUFG. The bank operates in more than 50 countries and employs about 160,000 people.

How Do Banks Make Money?

Banks make money basically by borrowing from depositors and lending to borrowers. The spread between the interest rate that they credit depositors and the rate that they charge borrowers for new loans is known as the spread or net interest income—and this is the primary source of banks' revenues. Banks also make money from charging fees or commissions for various services, such as account servicing, brokerage, wealth management, financial advising, and investment banking.

How Did the Biggest Banks Get So Big?

The largest banks have grown to their current size through a combination of factors, including organic growth, mergers and acquisitions, innovation, and market dominance.

What Is the Largest Bank in the World?

As of Jan. 31, 2024, JP Morgan & Chase held the title of the largest bank in the world by market capitalization.

The Bottom Line

The world's biggest banks have grown substantially over time through a combination of organic growth, mergers and acquisitions, innovation, and market dominance. They offer a wide range of financial products and services to individual consumers, businesses, and institutional clients.

The top banks by both revenue and market cap are concentrated in the U.S. and China, a trend that has seen major European banks lose their global dominance over the past decades.

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10 Biggest Banks in the World (2024)

FAQs

Which bank is World No 1? ›

JPMorgan Chase

What are the 5 biggest bank in the world? ›

The largest five banks by market capitalization are JP Morgan & Chase, Bank of America, Industrial and Commercial Bank of China, Wells Fargo, and China Construction Bank. The sixth through eighth largest banks, while smaller in market cap than the top five, are still significantly large.

What is the top 10 bank in the US? ›

The 10 largest banks in the U.S. are Chase, Bank of America, Wells Fargo, Citibank, U.S. Bank, PNC Bank, Goldman Sachs Bank, Truist Bank, Capital One and TD Bank.

What are the 5 top banks? ›

Biggest Banks in America
  1. JPMorgan Chase. JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. ...
  2. Bank of America. ...
  3. Wells Fargo. ...
  4. Citibank. ...
  5. U.S. Bank. ...
  6. PNC Bank. ...
  7. Goldman Sachs Bank. ...
  8. Truist Bank.

What is the most trusted bank? ›

Following one of the most successful years in United's long history, United Bank has been named the Most Trustworthy Bank in America by Newsweek for 2023. Across 23 industries evaluated, United joined the list of the “Most Trustworthy Companies in America,” earning the No.

Which is the strongest bank in the world? ›

Industrial and Commercial Bank of China (ICBC)

The Industrial and Commercial Bank of China Limited is the largest bank in both the People's Republic of China and the world when considering total assets.

Who is the number 1 bank in America? ›

The Bankrate promise
RANKBANK NAMEPREVIOUS RANK
1JPMorgan Chase1
2Bank of America2
3Wells Fargo4
4Citigroup3
11 more rows
Apr 2, 2024

What are the 7 world banks? ›

The World Bank Group
  • International Bank for Reconstruction and Development (IBRD)
  • International Development Association (IDA)
  • International Finance Corporation (IFC)
  • Multilateral Investment Guarantee Agency (MIGA)
  • International Centre for Settlement of Investment Disputes (ICSID)

What's the richest bank in America? ›

The 15 Biggest Banks in the US
RankingBank NameAssets
1JPMorgan Chase$3.40 trillion
2Bank of America$2.54 trillion
3Wells Fargo$1.73 trillion
4Citibank$1.68 trillion
11 more rows
Mar 16, 2024

What is the strongest US bank? ›

JPMorgan Chase is the top largest bank in the US, with a balance sheet total of $3.31 trillion.

What is the most stable bank in America? ›

Summary: Safest Banks In The U.S. Of April 2024
BankForbes Advisor RatingProducts
Chase Bank5.0Checking, Savings, CDs
Bank of America4.2Checking, Savings, CDs
Wells Fargo Bank4.0Savings, checking, money market accounts, CDs
Citi®4.0Checking, savings, CDs
1 more row
Jan 29, 2024

Which bank do billionaires use? ›

JP Morgan Private Bank

“J.P. Morgan Private Bank is the more elite program serving ultra-high-net-worth individuals,” Naghibi said. “It offers comprehensive services in savings, checking and retirement account management.

What bank has the most millionaires? ›

Here are the 8 banks that millionaires work with:
  • JP Morgan Private Bank.
  • Bank of America Private Banking.
  • Citi Private Bank.
  • Wells Fargo Private Bank.
  • TD Bank Private Bank.
  • Goldman Sachs Private Wealth Management.
  • Santander Private Client.
  • Morgan Stanley Private Wealth Management.
Nov 7, 2023

What is the world's largest private bank? ›

As of 2023, the world's biggest private bank in terms of assets under management (AUM) is UBS Group AG. UBS, a Swiss multinational investment bank and financial services company, is renowned for its extensive services in wealth management, investment banking, asset management, and retail banking.

Which is the No 1 bank of USA? ›

The Bankrate promise
RANKBANK NAMEPREVIOUS RANK
1JPMorgan Chase1
2Bank of America2
3Wells Fargo4
4Citigroup3
11 more rows
Apr 2, 2024

Which private bank is best? ›

Here is an overview of India's top 10 private banks in 2024.
  • • HDFC Bank. HDFC Bank is one of the best private banks in India and the world's sixth-largest bank. ...
  • Revenue: 1,15,016 Cr. Net Income: 39610 Cr. ...
  • • ICICI Bank. ...
  • Revenue: 1,86,179 Cr. ...
  • • Axis Bank. ...
  • Revenue: 1,06,155 Cr. ...
  • • Kotak Mahindra Bank. ...
  • Revenue: 68,142 Cr.
Mar 13, 2024

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