| Top 10 Banks By Market Cap (as of 1/31/24) | ||
|---|---|---|
| Name | Ticker | Market Cap |
| JP Morgan & Chase | JPM | $504.07 billion |
| Bank of America | BAC | $269.15 billion |
| Industrial and Commercial Bank of China Ltd. | IDCBY | $249.54 billion |
| Wells Fargo | WFC | $182.24 billion |
| China Construction Bank Corp | CICHY | $151.76 billion |
| HSBC Holdings | HSBC | $149.06 billion |
| Royal Bank of Canada | RY | $136.83 billion |
| HDFC Bank Limited | HDB | $131.39 billion |
| China Merchants Bank | CIHKY | $116.65 billion |
| Mitsubishi UFJ Financial Group | MUFG | $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.
