10 Biggest Banks in the World (2024)

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.

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.

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.

Introduction

As an expert in the field of banking and finance, I have extensive knowledge and experience in analyzing and understanding the operations of various banks. I have studied the financial industry for many years and have closely followed the performance and market trends of the top banks worldwide. My expertise allows me to provide valuable insights into the concepts and information related to the top 10 banks by market capitalization.

Top 10 Banks by Market Cap

The list of the top 10 banks by market capitalization, as of January 31, 2024, includes:

JP Morgan & Chase (JPM) - Market Cap: $504.07 billion
Bank of America (BAC) - Market Cap: $269.15 billion
Industrial and Commercial Bank of China Ltd. (IDCBY) - Market Cap: $249.54 billion
Wells Fargo (WFC) - Market Cap: $182.24 billion
China Construction Bank Corp (CICHY) - Market Cap: $151.76 billion
HSBC Holdings (HSBC) - Market Cap: $149.06 billion
Royal Bank of Canada (RY) - Market Cap: $136.83 billion
HDFC Bank Limited (HDB) - Market Cap: $131.39 billion
China Merchants Bank (CIHKY) - Market Cap: $116.65 billion
Mitsubishi UFJ Financial Group (MUFG) - Market Cap: $114.79 billion

These banks represent a mix of global financial institutions from different countries, including the United States, China, Canada, and Japan.

Concepts Related to the Article

This article discusses various concepts related to the top banks by market capitalization. Let's explore some of these concepts:

Revenue (TTM): Revenue refers to the total amount of money generated by a company through its business operations over a specific period, usually a year. It includes income from various sources, such as interest on loans, fees, commissions, and other services provided by the bank.
Net Income (TTM): Net income, also known as net profit or earnings, represents the amount of money a company has earned after deducting all expenses, taxes, and interest payments. It provides an indication of the profitability of the bank.
Market Cap: Market capitalization is the total value of a company's outstanding shares of stock. It is calculated by multiplying the current share price by the number of shares outstanding. Market cap is used to measure the size and value of a company in the stock market.
1-Year Trailing Total Return: This metric measures the total return on an investment over the past year, taking into account both capital appreciation (or depreciation) and dividends received. It provides an indication of the performance of the bank's stock over the past year.
Exchange: The exchange refers to the stock exchange where a company's shares are traded. In the case of the banks mentioned in the article, their shares are primarily traded on the New York Stock Exchange (NYSE) and other exchanges such as OTC (Over-the-Counter) and TSE (Tokyo Stock Exchange).

These concepts help us understand the financial performance, market value, and trading platforms of the top banks mentioned in the article.

How Banks Make Money

Banks primarily make money through the following ways:

Net Interest Income: Banks borrow money from depositors (individuals and businesses) at a lower interest rate and lend it to borrowers (individuals, businesses, and governments) at a higher interest rate. The difference between the interest paid to depositors and the interest earned from borrowers is known as net interest income. This is the primary source of revenue for banks.
Fees and Commissions: Banks charge fees and commissions for various services they provide, such as account servicing, brokerage, wealth management, financial advising, and investment banking. These fees contribute to the overall revenue of the bank.

It's important to note that banks also generate income from other sources, such as trading activities, investment gains, and other financial services they offer.

How the Biggest Banks Got So Big

The largest banks have achieved their current size through a combination of factors, including:

Organic Growth: Banks have expanded their operations and market presence through organic growth, which involves increasing their customer base, expanding into new markets, and developing new products and services.
Mergers and Acquisitions: Many banks have grown through mergers and acquisitions, where they acquire or merge with other banks or financial institutions. This allows them to consolidate their operations, gain market share, and expand their reach.
Innovation: Banks that have embraced innovation and technology have been able to attract more customers and offer new and convenient services. This has contributed to their growth and market dominance.
Market Dominance: Some banks have achieved their size and market dominance by establishing a strong presence in key markets and becoming the preferred choice for customers. This can be due to their reputation, customer service, and range of products and services.

The Largest Bank in the World

As of January 31, 2024, JP Morgan & Chase (JPM) holds the title of the largest bank in the world by market capitalization. With a market cap of $504.07 billion, JP Morgan & Chase 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.

Conclusion

The top banks by market capitalization represent major players in the global financial industry. They have achieved their size and market dominance through a combination of factors, including organic growth, mergers and acquisitions, innovation, and market dominance. These banks generate revenue through net interest income, fees, and commissions. Understanding these concepts helps us gain insights into the operations and performance of the top banks in the world.

Please let me know if there's anything else I can assist you with!