Despite a tumultuous 18 months for the sector, banks make up many of the world’s largest institutions. FinTech Magazine takes a look at the big players…
The banking sector had a very turbulent 2023 as a result of the failure of several banks, including Silicon Valley Bank and Signature Bank.
Then there was the practically overnight agreement by UBS to acquire Credit Suisse at a steep discount in an attempt to avert a possible financial catastrophe.
However, well-known financial institutions continue to rank among the largest corporations worldwide. Many of these are still based in the US, while China has recently grown to be a significant player.
FinTech Magazine examines the world’s top 10 banks in this article.
10. HSBC
One of the largest banking and financial services companies in the world, HSBC continues to strive to provide its clients with endless opportunities.
With its three business divisions—Wealth and Personal Banking, Commercial Banking, and Global Banking & Markets—the company currently provides services to almost 40 million clients.
More than 180,000 stockholders in 128 different countries and territories own shares in HSBC Holdings PLC, which are listed on the stock markets of London, Hong Kong, New York, and Bermuda.
9. ICBC
The Industrial and Commercial Bank of China (ICBC) is the biggest firm in the world based on assets (US$6.12 trillion), according to the Forbes Global 2000.
ICBC was first founded in 1984 and underwent a complete restructuring in 2005 to become a limited business with joint stock. The company successfully went public on The Stock Exchange of Hong Kong and The Shanghai Stock Exchange a year later.
The bank has increased performance in recent years by being heavily involved in developing industries like green financing and sci-tech innovation.
8. China Construction Bank
One of the “big four” banks in the country is still China Construction Bank.
Its origins may be traced to 1954, when the People’s building Bank of China was established as a fully state-owned financial institution. The Ministry of Finance oversaw its administration and distribution of public monies for projects pertaining to infrastructure and building.
After 25 years, the bank was regulated by the State Council as a financial institution and progressively took on more roles related to commercial banking.
7. Agricultural Bank of China
The Agricultural Bank of China, the second-highest Chinese entry on the list, is ranked fifth in the Forbes Global 2000 and has assets in excess of US$5 trillion.
The bank, which has its headquarters in Beijing, operates in four primary business segments: asset management, treasury, personal finance, and corporate financing.
The Agricultural Bank of China reaffirmed its commitment to advancing green finance and promoting sustainable development in October 2021 by signing the UN Principles for Responsible Banking.
The Agricultural Bank of China, the second-highest Chinese entry on the list, is ranked fifth in the Forbes Global 2000 and has assets in excess of US$5 trillion.
The bank, which has its headquarters in Beijing, operates in four primary business segments: asset management, treasury, personal finance, and corporate financing.
The Agricultural Bank of China reaffirmed its commitment to advancing green finance and promoting sustainable development in October 2021 by signing the UN Principles for Responsible Banking.
6. Bank of China
The Bank of China, which is the most integrated and globalized bank in China, is present in 62 nations and territories in addition to the Chinese mainland.
Based on the pillars of corporate banking, personal banking, financial markets, and other commercial banking activity, including investment banking, securities, insurance, and fintech, the institution boasts a well-established global service network and an integrated service platform.
As a result, clients can obtain a wide range of services and worldwide experience at any point of contact.The Bank of China, which is the most integrated and globalized bank in China, is present in 62 nations and territories in addition to the Chinese mainland.
Based on the pillars of corporate banking, personal banking, financial markets, and other commercial banking activity, including investment banking, securities, insurance, and fintech, the institution boasts a well-established global service network and an integrated service platform.
As a result, clients can obtain a wide range of services and worldwide experience at any point of contact.
5. Citigroup
Originally known as City Bank of New York, Citibank was founded in 1812 and has since contributed to many of the most ground-breaking financial innovations in history, such as the widespread use of ATMs.
These days, Citi is proud of its goal of being a reliable partner by offering financial services that promote development and the advancement of the economy.
The protection of assets, lending of funds, payment processing, and capital market access on behalf of clients continue to be core activities.
Citi CEO Jane Fraser has made no secret of the company’s plan to profit from generative AI, emphasizing the need to remain ahead of the curve while using cutting edge technology sensibly.
4. BNP Paribas
After Banque Nationale de Paris and Paribas merged, BNP Paribas was founded back in 2000. Since then, it has grown to be the largest bank in the European Union, with about 190,000 workers worldwide and assets close to US$3 trillion.
In each of its three main operating divisions, the organization maintains a leadership position:
Banking for Companies and Institutions
Services for Personal and Commercial Banking
Services for Investment and Protection
In addition to providing services to Belgium, France, Italy, and Luxembourg, BNP Paribas operates its integrated retail banking model in Eastern Europe and Turkey, two nations bordering the Mediterranean Sea.
3. Wells Fargo
The mission of Wells Fargo, a community-based, diversified financial services organization with about US$1.9 billion in assets, is to meet the requirements of its clients and enable them to achieve financial success.
Through more than 7,300 locations, 12,000 ATMs, and internet banking, the San Francisco-based company offers banking, investment, and mortgage products and services, as well as consumer and commercial finance.
Because of its extensive reach, Wells Fargo is said to provide services to about one in three US households. In addition, the bank maintains offices in over 40 countries and territories to assist its clientele who transact business internationally.
2. Bank of America
One of the “big four” financial institutions in the US and one of the biggest globally, Bank of America caters to a broad spectrum of clients, from start-ups to Fortune 500 companies.
The company provides asset management, risk management, banking, and investing services to almost 56 million individuals and small companies.
The first portions of Bank of America date back 240 years. Over the previous 25 years, a number of sources have combined to build the organization as it is today.
Today, its main goal is to use the power of every connection to improve people’s financial lives.
1. JPMorgan Chase & Co
JPMorgan Chase & Co. is the largest bank in North America, with assets of US$3.67 trillion.
Although JPMorgan Chase was established in its current form in 2000 as a result of the merger of J.P. Morgan & Company and Chase Manhattan Corporation, the institution’s history dates back more than 200 years, to 1799.
Chase is the consumer banking sector with over 5,000 branches, whereas JPMorgan is still the moniker used for investment banking and asset management services. As of right now, the company has over 290,000 employees worldwide.
The 20th edition of Forbes Global 2000, which evaluates heavyweight companies according to their sales, profit, assets, and market value, saw JPMorgan rise three spots to the top in 2023.
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