The 10 largest banks in the world in 2024

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.

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Top 10 banks in the world in 2024: A deeper insight

Here’s a deep dive into the largest banks in the world.

1. JPMorgan Chase

• Total Assets: $4.210 Trillion

JPMorgan Chase is the largest US-based bank and the fifth-largest bank in the world in terms of total assets. It is a leading player in investment banking and financial services. As the Federal Reserve introduces its new instant payment service dubbed the FedNow system, JP Morgan is among the prominent financial institutions having already adopted the system.

2. Bank of America

• Total Assets: $3.324 Trillion

With a substantial investment banking, wealth management, and trading presence, Bank of America serves more than 68 million consumers and over 3 million small business clients. In terms of assets, Bank of America is the second-largest bank in the world and the sixth-largest bank in the world. With $288.96 billion in market cap, Bank of America is one of the most valuable companies, ranking 33rd on the list.

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3. Industrial and Commercial Bank of China (ICBC)

• Total Assets: $6.898 Trillion

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. Among the biggest lenders in the world, ICBC continues to steadily remain near the top, along with the likes of the Bank of America.

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4. Wells Fargo

• Total Assets: $1.922 Trillion

The American Wells Fargo & Company offers financial services such as mortgage banking, equipment leasing, insurance agency, and more in about 35 countries. Along with 33 other banks and credit unions, Wells Fargo joined JPMorgan in integrating the FedNow system. Wells Fargo serves more than 70 million customers and is one of the top five banks in the United States.

5. The Agricultural Bank of China

• Total Assets: $6.212 Trillion

The Agricultural Bank of China is the second-largest bank in the world in terms of total assets. It was founded in 1979. The latest financial reports state that the company’s current earnings are $43.41 billion. The bank plays a crucial role in supporting China's agricultural sector and also operates in other parts of the globe, such as Asia Pacific, the Middle East, Europe, and the Americas.

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6. Morgan Stanley

• Total Assets: $1.258 Trillion

Morgan Stanley is an investment bank and financial services provider from America. Notably, Morgan Stanley and Mitsubishi UFJ Financial have recently announced plans to take their 15-year alliance further and venture into foreign exchange trading and Japanese research and equities businesses for a global consumer base.

7. China Construction Bank (CCB)

• Total Assets: $5.837 Trillion

CCB is the third largest bank globally in terms of total assets. It has a significant influence on China's construction and infrastructure projects and is one of the leading commercial banks in China. With 3.48 million corporate customers, Chinese Construction Bank is the second largest bank, next to ICBC. CCB’s various subsidiaries also cover various industries, including leisure, software, energy, retail, and many more.

8. Goldman Sachs

• Total Assets: $1.728 Trillion

Established in 1869, Goldman Sachs is a leading global investment banking, securities, and investment management firm headquartered in New York City. It is involved in investment banking, asset management, securities, and trading. The firm has a reputation for its high-profile advisory roles in mergers and acquisitions, underwriting of securities, and asset management. There were 45.3 thousand employees at Goldman Sachs globally in 2023. Despite its success, Goldman Sachs has also faced controversies and legal challenges, often associated with its significant influence in global financial markets.

9. Bank of China

• Total Assets: $4.859 Trillion

The Bank of China is the fourth largest bank globally by total assets. It is one of the oldest banks in China and has a significant international presence. The Bank of China began its operations in Hong Kong and now operates the financial market business through five major trading centres: Beijing, Shanghai, Hong Kong, New York, and London. One of the Bank of China's aims is to maintain the stability of the currency's value and promote economic growth in the country.

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10. Royal Bank of Canada

• Total Assets: $1.499 Trillion

Royal Bank of Canada is the biggest bank in Canada in terms of market capitalisation. Headquartered in Torranatto, it has a presence in 27 countries and serves approximately 17 million clients worldwide. The bank offers services ranging from personal commercial banking to wealth management and insurance investor services.

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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:

These banks, amongst the largest banks in the world, continue to shape the global financial landscape with their vast resources and extensive reach.

FAQs

1. Which bank has the highest total assets in India?

The SBI, or the State Bank of India, is the largest bank in India by total assets, while HDFC Bank tops the list in terms of market capitalisation.

2. What is a bank's market capitalisation, and why is it important?

A bank's market capitalisation is the total value of all its shares of stock. It's crucial as it gives investors an idea of the company's size and can impact its ability to raise additional funds, among other things.

3. How does a bank's market capitalisation affect its operations?

A larger market capitalisation often gives banks more resources for expansion, investments, and lending. It can also provide stability, making it less likely for the bank to be a takeover target.