Top 10 Largest Banks in the World

Financial institutions are accessible for a range of banking operations. These institutions take deposits from individuals and other organizations and use those monies to lend money, make investments, and create a profit.

Banks can be divided into several categories according to the type of business they conduct. Commercial banks provide their services to both private individuals and businesses. Retail banking provides credit, deposits, and money management services to individuals and families. Among the many responsibilities that banks do are currency exchange, wealth management, deposits, cash withdrawals, and forex trading. They also serve as a conduit between depositors and borrowers by providing credit facilities to individuals who want to borrow money from their clients.

Banks make money by charging interest on loans; they profit from this practice by charging higher interest rates than they do on customer deposits. However, they have to follow the guidelines set forth by the central bank or the national government.

The most typical kinds of largest banks are listed below:

Commercial Banks

The most common type of bank is a commercial bank. They provide several services, including business loans, deposit acceptance, and basic investment products, to both individuals and private businesses. Commercial banks also offer retirement products, insurance plans, merchant services, treasury services, international trade services, and other financial services. They make money by charging service fees and by making business loans available to both public and private borrowers, from whom they also collect interest.

Credit Union

A Credit Union is a type of bank that only takes applications for membership from specific individuals. It is member-owned and operated on the idea that people should help others. Credit unions used to provide services to individuals who belonged to the local community, attended church, worked for a certain company or organization, etc.

Because of their ownership structure, credit unions can offer more personalized and cost-effective banking services to their members. Due to their smaller operations, credit unions may provide higher interest rates than banks, and customers may form closer relationships with bank staff members. Credit union operations are restricted, and consumer deposits are harder to come by.

Investment Bank

Investment banks give their corporate clients access to capital markets so they can raise funds for expansion. They help companies raise capital to finance expansion, acquisitions, and other financial goals by helping them raise money on the stock and bond markets. They can facilitate mergers and acquisitions by helping buyers find potential target companies that meet their needs.

Investment banks make money by offering corporate clients advice, engaging in financial market trading, and representing clients in mergers and acquisitions. A few of the major American investment banks are J.P. Morgan, Merrill Lynch, Goldman Sachs, and Bank of America.

The top 10 largest banks in the world are shown here, arranged by market capitalization (as of January 02, 2024).

1. JPMorgan Chase & Co.

Largest Banks

Total Market Capital: $491.76 Billion

Founded in 2000, JPMorgan Chase & Company is an investment bank with its headquarters located in New York City. The company provides asset management, commercial largest banking, asset processing, and other services for individuals and small businesses. JPMorgan Chase & Co. provides other financial services in addition to retail banking.

Asset management, investment banking, commercial banking, private largest banking, card member services, and home finance are just a few of the services provided by the organization. JP Morgan Chase serves institutions, corporations, and individual customers.

There is a corporate division along with four operating segments. The company’s segments are Commercial Banking, Consumer & Community Banking, Corporate & Investment Banking, and Asset Management. The section of Consumer & Community Banking offers services to businesses and individuals via phone, online, mobile, and ATM banking as well as bank locations.

Businesses, financial institutions, governments, and municipalities can obtain investment banking, prime brokerage, market-making, investors, treasury, and security services from the Banking and Markets and Investment Services divisions of the Corporate & Investment Bank sector. The commercial banking section provides financial services such as asset management, investment banking, treasury services, and loans. The asset management department covers investing and wealth management.

2. Bank of America Corp.

Largest Banks

Total Market Capital: $266.45 Billion

The Bank of America Corporation was formed in 1998 by the merger of Bank America Corporation and Nations Bank Corporation. It is the fourth largest bank in the US, with over 4,200 retail banking locations spread throughout 21 states and the District of Columbia. The company leads Georgia, Florida, Texas, California, North Carolina, and Washington in terms of market share for deposits. The four main business divisions of Bank of America are asset management, investment and worldwide corporate banking, consumer banking, and commercial banking.

Through these industries, the corporation provides financial goods, services, and solutions to customers in 48 states and 38 countries worldwide. Bank of America wants to build enduring relationships with its clients by delivering a greater choice of banking, investing, and insurance products and services.

By offering clients financial solutions that consider their whole banking relationship and financial situation, it also hopes to enhance these ties. The company’s relationship-based approach also benefits middle-market and large corporate clients, with client managers coordinating the delivery of a wide range of products and services, including (but not limited to) treasury management, commercial lending, acquisitions, and mergers advisory services, risk management, debt, and equity capital raising.

3. Industrial and Commercial Bank of China Ltd.

Largest Banks

Total Market Capital: $219.45 Billion

Beijing is home to the main office of the Chinese state-owned commercial bank, Industrial and Commercial Bank of China. It was founded in 1984. Global bank ICBC provides commercial and financial largest banking services. ICBC Ltd., a Chinese company, focuses on providing banking and related financial services.

The bank’s three main business segments are Treasury, Personal Banking, and Corporate Banking. The Corporate Banking sector provides loans, trade finance, deposits, corporate finance, custody, and other pertinent financial goods and services to corporations, governments, and financial institutions.

The Personal Banking area provides individual customers with access to loans, deposits, bank cards, personal finance, and other related financial goods and services. The Treasury area includes money markets, securities investment, dealer and self-service foreign currency trading, and derivative financial products. The business is active in both domestic and foreign markets.

4. Wells Fargo

Total Market Capital: $178.74 Billion

One company that offers financial services is Wells Fargo. The Company provides a wide range of largest banking, investment, and mortgage products & services, as well as commercial and consumer finance, to individuals, businesses, and institutions in the states, the District of Columbia, and other countries through banking locations and workplaces, the Internet (, and other distribution channels.

Apart from providing consumer financial services like checking and savings accounts, credit and debit cards, auto loans, mortgages, and home equity loans, the corporation also provides funding for small businesses. In addition, the company offers fiduciary services, financial planning, private banking, and investment management. Additionally, the company provides financial solutions to businesses via a range of products and services, such as trade finance, asset-based lending, letters of credit, standard commercial loans and lines of credit, investment banking services, and treasury management.

With around 4,800 retail bank locations and a presence in about 25 of the top 30 US regions, it provides consumer banking and lending services to approximately 64 million people. Following its founding in 1852, Wells Fargo had rapid success in the stagecoach sector. Wells Fargo (NYSE) is one of the largest financial services providers in the world, holding assets of around $1.9 trillion. With pride, it serves one in three American households and over 10% of middle-class enterprises.

5. Agricultural Bank of China Ltd.

Total Market Capital: $175.69 Billion

China-based Agricultural Bank of China Ltd. is a commercial bank. Since the People’s Republic of China was established in 1949, ABC has seen multiple stages of formation and dissolution. The Agricultural Cooperation Bank, which ABC regards as its parent, was formed in 1951 by the combination of the Farmers Bank of China and Cooperation Bank, two banks in the Republic of China.

However, the bank merged with the People’s Bank of China, which was the country’s central bank, in 1952. Investment banking, trade financing, cash management, and settlement, financing for small and micro businesses, and deposit and loan enterprises are all included in the corporate finance sector.

The credit card, private banking, and personal loan and deposit industries are all served by the personal finance category. The Treasury division deals with the money market and portfolio management. Financial services, precious metals, pensions, and asset custody are all within the operation of the asset management division. The corporation was founded on July 10th, 1951, and its headquarters are located in Beijing, China.

6. HDFC Bank

Largest Banks

Total Market Capital: $169.84 Billion

With effect from July 2023, HDFC Bank and HDFC Ltd., a well-known home finance company, have effectively combined to establish a single organization. The purpose of this strategic combination is to improve client service capabilities and meet changing industry demands. Since the merger, HDFC Bank has grown to become the biggest bank in India and the sixth-largest lender in the world.

7. HSBC Holdings PLC

Total Market Capital: $156.13 Billion

HSBC is a major player in the global financial sector, with $156.13 billion in total capital. With its global headquarters located in the UK, this well-known banking and financial services company serves millions of clients across the globe.

8. Morgan Stanley

Total Market Capital: $153.05 Billion

Morgan Stanley is an American financial services company and investment bank with $153.05 billion in total capital. In a noteworthy move, Morgan Stanley and Mitsubishi UFJ Financial recently revealed plans to strengthen their 15-year partnership. Their collaborative endeavors will encompass foreign exchange trading, in addition to Japanese research and equities enterprises, serving an international clientele.

9. China Construction Bank Corp.

Total Market Capital: $151.97 Billion

China Construction Bank (CCB) is one of the world’s largest banks and one of the “big four” banks in China. It was founded in 1954 and has offices all across China, with Beijing serving as the home base. It is also located in New York, Sydney, London, Seoul, Frankfurt, Luxembourg, and Seoul.

The Bank operates in two divisions: its personal banking division, which offers services like personal loans, personal deposits, personal bank cards, private bank facilities, foreign exchange trading, and gold trading, and its corporate banking division, which includes, among other things, corporate deposits, corporate credit loans, asset custody, enterprise annuities, trade financing, foreign settlement, international financing, and value-added services.

Business is also conducted by the capital business division. The bank conducts business in both local and foreign markets. As of 2016, Forbes ranked the CCB as the world’s second-largest public company.

After changing its name in 1996, the CCB—formerly the People’s Construction Bank of China—now operates about 14,000 branches across the globe and provides corporate and retail banking services. In recent times, CCB has progressed its “Three Main Strategies,” endorsing equitable lending for small enterprises, financial technology, and rental housing companies. With 14,510 domestic locations and more than 200 worldwide affiliates spread across 31 different countries and regions, it is the sixth-largest bank in the world by market value.

10. Bank of China Ltd.

Total Market Capital: $150.39 Billion

One of China’s Big Four joint-stock commercial banks, the Bank of China was founded in 1912. The bank with the biggest focus on the world is China’s. 64.04 percent of the bank’s shares are owned by the Chinese government.

Bank of China Ltd. (BOC), a branch of Central Huijin Investment Ltd., provides investment banking, treasury, insurance, private banking and wealth management, and other financial solutions for individuals and businesses. Its portfolio of offers includes accounts and deposits, such as current accounts, fixed deposits, and gift deposits; loans for homes and abroad education; syndicated lending; export supplier and buyer; card products, such as debit and credit cards; and life and non-life insurance.

BOC provides both domestic and international remittance, agency bill payment, trade services, telephone banking, RMB settlement, cash management, and annuities in addition to its basic financial services. The bank has operations throughout Europe, Asia Pacific, Africa, and the Middle East in addition to the Americas. BOC’s main office is located in Beijing, China.

In Conclusion

To sum up, banking is an essential aspect of our everyday existence. All law-abiding individuals are required to adhere to the banking system. The nation’s financial system and general economic structure both rely heavily on the banking system. It provides a foundation for both the market and the enterprises.

To put it simply, it is how the people of the country allocate their financial resources. A vital component of the modern economy is the banking system. Banks collect the money from individuals and lend it to manufacturers and company owners. The economy benefits from bank lending.

Frequently Asked Questions

The ranking of the largest banks is typically based on total assets, which include loans, investments, and other financial holdings.

As rankings may change, it’s essential to refer to the latest financial reports. As of the last available data, JPMorgan Chase & Co. holds the position of the world’s largest bank.

Major financial hubs like China, the United States, and Japan often host banks that secure top positions in the global ranking.

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