The biggest banks in the world in 2024 are huge banks with enormous market caps and total assets. In this article, you will get to know that and other detailed points to show they are immense banks such as the number of employees.
The top 13 world's biggest banks 2024 (by market cap & total assets):
- JP Morgan Chase Bank
- Bank of America Corporation
- Industrial and Commercial Bank of China Limited
- Wells Fargo
- China Construction Bank Corporation
- HSBC Holdings plc
- Agricultural Bank of China (ABC)
- China Merchants Bank
- Royal Bank of Canada
- Bank of China
- HDFC Bank Limited
- Toronto-Dominion Bank
- Commonwealth Bank of Australia
Check them out with lots of interesting facts. Keep reading!
1. JP Morgan Chase Bank - Largest Bank in the World
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| Image credit: Insider Intelligence |
Market Cap: $408.03 Billion
Total asset: $2.6 trillion
Headquarters: 383 Madison Avenue, New York City, United States
Year Founded: 1st of December, 2000
Area served: Worldwide
Number of employees: 293,723
It is the leading global financial services firm. It is definitely the number one largest bank in the world as seen from its market cap.
The bank is the combination of some large USA banking companies like Chase Manhattan Bank, Washington Mutual, Bear Stearns, Bank One, and J.P Morgan &Co. It is a universal bank that operates both commercial and investment banks.
JP Morgan Chas is a bank run by the best bankers. It is known that they give priority to their employees and they pay them well too.
The management of the bank ensures the implementation of the newest technology and trains their employee properly. This bank also earns the title of being the strongest bank in the world in 2024.
2. Bank of America Corporation (BoA or BofA)
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| Image credit: Wikimedia |
Market Cap: $272.77 Billion
Total asset: US$3.051 trillion
Headquarters: Charlotte, North Carolina, United States of America
Year Founded: September 30, 1998
Area served: Worldwide
Number of employees: 217,000
This bank has three main financial services, it offers investment banking, wealth management, and commercial banking. This bank actually started as the Bank of Italy in San Francisco, if you traced it back to the year 1904.
However, it was eventually developed into Bank of America and for some time, it was owned by Giannini’s holding company, Transamerica Corporation.
In 2024, it is the second among the top biggest banks in the world and it was named the number one online banking and mobile banking functionality. BoA has more consumer deposits compared to other banks.
3. Industrial and Commercial Bank of China Limited (ICBC)
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| Image credit: RudolfSimon |
Market Cap: $213.33 Billion
Total assets: $5.550 Trillion
Headquarters: Xicheng District, Beijing, China
Year Founded: January 1, 1984
Area served: China and 9 European countries (Germany, Spain, Belgium, Netherlands, France, Russia, UK, Luxembourg, and Italy).
Number of employees: 217,000
It was previously known as the Union Bank of Hong Kong. It provides financial and commercial banking services.
Treasury Operations, Personal Banking, Corporate Banking, and other business segment makes up its operational structures.
To businesses, governmental organizations, and financial institutions, the corporate banking segment of the bank offers trade finance, deposit-taking activities, loans, custody services, corporate wealth management services, and a variety of other corporate intermediary services.
See also:
4. Wells Fargo
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| Image credit: Justin Sullivan / Getty Images |
Market Cap: $174.28 Billion
Total assets: $1.875 trillion
Headquarters: San Francisco, California, USA.
Year Founded: November 2, 1998
Area served: Worldwide
Number of employees: 268,531 (2020)
On January 24, 1929, this bank was founded as Northwest Bancorporation in Minneapolis, Minnesota, U.S., and as Norwest Corporation in April 1983. And eventually to Wells Fargo in 1988.
This bank has over 70 million customers in the U.S. Almost half of USA residents live within two miles of an ATM or retail establishment of this bank. Self-service transactions account for more than 80 percent of the bank's interactions with depositors.
One out of ten small businesses uses this bank and it is the United States of America's biggest car lender. Undoubtedly, from the statistics, it will be one of the top 10 biggest cars in the world and the United States in 2024.
5. China Construction Bank Corporation (CCB)
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| Image credit: 高晶 at Chinese Wikipedia |
Market Cap: $159.05 Billion
Total assets: $4.814 Trillion
Headquarters: Xicheng District, Beijing, China
Year Founded: October 1, 1954
Area served: China and 30 other countries around the world
Number of Employees: 351,252 (2021)
Founder: Ministry of Finance of the People's Republic of China
Owner: Government of China
In the beginning, it was known as the People's Construction Bank of China.
At that time the bank's main function was to serve as a centralized clearing house for government funding of the nation's significant industrial and infrastructure development projects, which were executed in line with succeeding five-year plans.
However, the bank later transitioned into commercial bank services and also into the real estate market and became a significant player in the commercialization of the country's housing park.
In 2005, the bank steps out of its mainland country and since that time, this bank has been overcoming the challenges of becoming one of the world's most competitive banking markets and of course one of the biggest banks in the world in 2024.
6. HSBC Holdings plc
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| Image credit: Michael Pead |
Market Cap: $154.10 Billion
Total asset: $2.96 Trillion
Headquarters: The Canada Square Canary Wharf London, United Kingdom.
Year Founded: March 25, 1991
Area served: Worldwide
Number of employees: 219,199
The bank got its name from the acronym of Hongkong and Shanghai Banking Corporation, Ltd. The bank was founded during the period when trade was actually growing between Europe, India, and China.
It is the biggest bank in the United Kingdom, and Europe and among the top 10 largest banks in the world in 2024. The bank originate from Hong Kong in 1865 in British Hong Kong as Shanghai and the Hong Kong Bank.
The three main business divisions of HSBC are Wealth & Personal Banking, Global Banking and Markets, and Commercial Banking.
The bank declared in 2020 that it would merge Wealth & Personal Banking, which consists of Global Private Banking and Retail Banking & Wealth Management, into one division.
HSBC is a primary listed company on both the Hong Kong and London stock exchanges, and it is a part of both the FTSE 100 indices and Hang Seng. Besides the Bermuda Stock Exchange, it also has secondary listings on the New York Stock Exchange.
See also:
7. Agricultural Bank of China (ABC)
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| Image credit: 維基小霸王 / Wikimedia |
Market Cap: $147.16 Billion
Total assets: $4.747 Trillion
Headquarters: No.69, Jianguomen NeiAvenue, Dongcheng District, Beijing, China
Year Founded: July 10, 1951
Area served: Mainland China, Singapore, Seoul, Sydney, Frankfurt, New York, Tokyo, London, and Hong Kong
Number of employees: 467,631 (2020)
It is also referred to as AgBank and it offers international commercial banking and financial services. It has three main segments namely; Treasury Operations, Personal Banking, and Corporate Banking.
And there are Others & Unallocated segments too. The treasury part of the bank is about holding derivative positions, debt instrument investments, repurchase transactions, or money markets.
On the other side, personal banking provides services to each customer and offers financial products.
The Corporate banking section gives services and financial products to financial institutions, governmental agencies, and corporations. Then the Others and Unallocated part of ABC helps primarily equity investments.
8. China Merchants Bank (CMB)
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| Image credit: Charlie fong |
Market Cap: $141.22 Billion
Total assets: $1.45 Trillion
Headquarters: Futian District, Shenzhen, Guangdong, China
Year Founded: 1987
Area: served: Worldwide
Number of employees: 103,669
The bank provides services for both personal and corporate banking. CMB supports corporate and individual businesses, medium and small enterprises as well as a credit card.
Finance for wholesale, retail, and other businesses make up its three business segments.
9. Royal Bank of Canada (RBC)
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| Image credit: Francisco Diez |
Market Cap: $138.76 Billion
Total assets: $1.917 Trillion
Headquarters: Montreal, Quebec, Canada
Year Founded: 1864
Area served: North America, Europe & Asia
Number of employees: 91,420
It is Canada's biggest bank and the 9th largest bank in the world in 2024 by market cap. It has five major segments. First, Investor and Treasury Services provide multinational clients with fund management and custody services.
Secondly, the Royal Bank of Canada offers insurance for both private and public sector clients. The third segment is that International investment banking services are provided by RBC Capital Markets.
Through the fourth division, retail investors can access investing products and services through RBC Wealth Management.
And lastly, Banking activities for personal and business purposes are available in 36 different nations from the three continents mentioned above.
10. Bank of China (BOC)
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| Image credit: Max12Max |
Market Cap: $130.47 Billion
Total assets: $4.019T
Headquarters: 1 Fuxingmen Nei Dajie Xicheng D, Beijing, China.
Year Founded: 1912
Founder: Chen Jintao
Area served: Worldwide
Number of employees: 306,322 (2021)
This bank comes from the country where it is the first to introduce paper currency. It is China's oldest bank and the nation's most international bank.
In the beginning, it was named Bank of the Board of Revenue because it was held by governments and private sectors. They remain under the control of the Chinese government.
It is a bank that offers various traditional banking services such as assets management and insurance services, foreign currency deposit and exchange services, and commercial, private, and investment banking. In Macau and Hong Kong, this bank offers note-issuing privileges.
See also:
11. HDFC Bank Limited
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| Image credit: Shailesh Andrade/ Reuters |
Market Cap: $125.69 Billion
Total assets: $278.44 Billion
Headquarters: Mumbai, Maharashtra, India
Year Founded: August 1994
Area served: India
Number of employees: 141,579
HDFC stands for Housing Development Finance Corporation and it is also called HDB. It belongs to the list of the biggest banks in the world in 2024.
It is the fifteenth company with a large number of employees mentioned above.
This bank offers many financial products and services such as credit cards, lifestyle loans, consumer durable loans, loans against property, personal loans, two-wheeler loans, auto loans, treasury, retail banking, and wholesale banking.
12. Toronto-Dominion Bank (TD)
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| Image credit: PiggyBank / Unsplash |
Market Cap: $121.54 Billion
Total assets: $1.409 Trillion
Headquarters: Toronto-Dominion Centre, Toronto, Ontario, Canada.
Year Founded: February 1, 1955
Area covered: North America, Europe, and South East Asia
Number of employees: Over 90,000
Its trade name is TD Bank Group and in 1871, the first branch was opened. Dominion Bank and Bank of Toronto merge to form Toronto Dominion bank in 1955.
It is Canada's largest domestic bank and is the twelve among the largest banks in the world right now. Worldwide, it has more than 26 million clients and 11 million customers.
13. Commonwealth Bank of Australia (CBA or CommBank)
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| Image credit: Commbank |
Market Cap: $115.99 Billion
Total assets: $836.15 Billion
Headquarters: Sussex Street, Sydney, New South Wales, Australia.
Year Founded: December 22, 1911, as a governmental bank & September 12, 1991, as a public financial company.
Area served: Australia, Asia, New Zealand, the United Kingdom, and the United States.
Number of employees: 48,900
This huge bank has different divisions of financial and banking services. Its services offer International Financial Services, Wealth Management, Institutional Banking, and Markets, private and business banking, Retail Banking Services, and others.
The wealth management division of the bank includes public insurance businesses of the Australian operations, financial advice, platform administration, and global asset management.
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Big banks. Weldone the writer
ReplyDeleteThanks for reading the list of the biggest banks in the world.
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