The biggest banks worldwide

Oluwatoni Olujinmi

The definition of a commercial bank has evolved significantly over the past few decades. Traditional customers of large banks can now take advantage of a wide range of services. Offering a full range of banking services to consumers and businesses of all sizes, from savings and checking accounts to CDs and loans.

Many of them work with corporations and institutions like investment banks do, underwriting stock offerings, brokering trades, and providing M&A advice. These following are the biggest banks in the world.

The 7 biggest banks worldwide

In this article is a list of the biggest banks worldwide.

1. Industrial and Commercial Bank of China (IDCBY)

  • Market Cap: 173.9 Billion dollars
  • Exchange: OTC
  • Revenue (TTM): 143.32 Billion dollars
  • 1-Year Trailing Total Return: -2.9 percent
  • Net Income (TTM): 55.34 Billion dollars

Founded in 1984, the Industrial and Commercial Bank of China (ICBC) is now the largest financial institution in the world. As of this writing, the total worth of its assets is $3.47 trillion. When it comes to outreach, ICBC focuses primarily on business.

These lenders’ loan portfolios have heavy concentrations in the retail, transportation, manufacturing, and energy sectors. No indications of trying to slow down are seen here anyway. The company saw a 3.3% increase in quarterly profit for 2017’s third quarter.

2. China Construction Bank Corp. (CICHY)

  • Market Cap: 148.5 Billion dollars
  • Exchange: OTC
  • Revenue (TTM): 126.79 Billion dollars
  • 1-Year Trailing Total Return: -4.5 percent
  • Net Income (TTM): 48.49 Billion dollars

China Construction Bank Corporation serves a clientele in the hundreds of millions, including both large corporations and individual consumers. Some of the company’s most vital customers are massive state-owned infrastructure firms. Besides the United States, it is active in more than 30 other nations and territories.

3. JPMorgan Chase & Co. (JPM)

  • Market Cap: 381.6 Billion dollars
  • Exchange: New York Stock Exchange (NYSE)
  • Revenue (TTM): 123.42 Billion dollars
  • 1-Year Trailing Total Return: -15.0percent
  • Net Income (TTM): 37.07 Billion dollars

JPMorgan Chase & Co. is a financial services conglomerate that provides a wide variety of banking, investment, and other financial products and services to clients around the world.

JPMorgan Chase recently announced plans to raise up to 10 billion dollars from pension funds and other clients to invest in alternative investments such as leveraged loans and certain kinds of real estate in response to COVID-19.

4. Bank of America Corp. (BAC)

  • Market Cap: $254.9 Billion dollar
  • 1-Year Trailing Total Return: -26.0 percent
  • Exchange: NYSE
  • Revenue (TTM): $92.48 Billion dollars
  • Net Income (TTM): $27.41 Billion dollars

Bank of America (BAC) is the biggest bank holding company in the United States, with total assets of $2.19 trillion. A full 99% of the Fortune 500 companies in the US are patrons of the company. With the 2008 acquisition of Merrill Lynch, Bank of America became the largest wealth manager in the world.

This stock is included in major market indices such as the Standard & Poor’s 500, the Dow Jones Industrial Average, and the New York Stock Exchange. Its headquarters and approximately 208,000 employees are located in Charlotte, North Carolina.

5. Wells Fargo & Co. (WFC)

  • Market Cap: 157.6 Billion dollars
  • Net Income (TTM): 16.07 Billion dollars
  • 1-Year Trailing Total Return: -13.5 percent
  • Exchange: NYSE
  • Revenue (TTM): 74.98 Billion dollars

Although the company would rather forget the scandals that plagued it, Wells Fargo has put a lot of effort to return to the top 10. Even so, the bank is a major player in the United States retail banking sector, with assets of $1.93 trillion.

Having started out in 1852 as a single storefront, Wells Fargo has since expanded to over 9,000 locations across the United States. I switched to them as my primary bank after their 2009 acquisition of Wachovia. An unexpected change was made to my login, and I saw a number of shopping carts appear in the background. 

6. BNP Paribas (BNPQY)

  • Market Cap: 67.7 Billion dollars
  • Net Income (TTM): 11.17 Billion dollars
  • Exchange: OTC
  • 1-Year Trailing Total Return: -7.1 percent
  • Revenue (TTM): 70.33 Billion dollars

This French financial institution ranks third globally in terms of asset size, at $2.19 trillion. BNP is one of the biggest banking conglomerates in the world thanks to its presence in 75 different countries. The four domestic retail banking markets where BNP operates are France, Italy, Belgium, and Luxembourg. 

In April 2009, after purchasing 75 percent of Fortis Bank, BNP surpassed Fortis Bank as the biggest depositor in the Eurozone. Since its founding in 1848, BNP Paribas is a mainstay in the financial industry.

The company derives the bulk of its revenue from its retail banking operations. The majority (over 75%) of the company’s revenue comes from standard customer accounts. 

Its headquarters can be found in France. Over one hundred and ninety thousand people find employment there.

7. Citigroup Inc. (C)

  • Market Cap: 91.9 Billion dollars
  • Exchange: New York Stock Exchange
  • Net Income (TTM): 19.4 Billion dollars
  • Revenue (TTM): 74.3 Billion dollars
  • 1-Year Trailing Total Return: -25.9 percent

Citigroup, headquartered in New York City, is a global investment bank and provider of a wide variety of financial services to customers around the world through its various divisions (including global retail banking, securities services, and institutional financial services). 

Read also: A guide to financial instruments: what they are and which are the most common today

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