Top 10 largest banks in the worlds in 2024
Interested in learning about the leading banks globally in 2024? Explore this detailed overview of the top 10 largest banks in the world.
The banking sector commands a significant and far-reaching influence globally, with many institutions managing assets worth trillions. This article will explore the world’s top 10 banks in 2024, offering an in-depth look at their operations, financial health, and overall impact on the global economy. By scrutinizing these leading banks, we gain insight into the contemporary financial landscape and its role in shaping our world.
The leading position of bank-holding companies
Bank-holding companies are crucial players in the global banking scene. These entities oversee one or more banks without directly participating in banking activities. Their structure offers a strategic benefit by encompassing a diverse array of financial services, enhancing the stability of the banks they own. Numerous top global banks are subsidiaries of these holding companies. This organizational model enables them to provide a broad spectrum of financial services, bolstering their resilience and competitiveness in the international market.
Top 10 largest banks in the worlds in 2024
Below is a table highlighting the world’s ten largest banks, ranked by their market capitalization as of July 5, 2024.
| Rank & Bank | Headquarters | Market Cap |
| 1 JPMorgan Chase | New York, USA | $551.03 B |
| 2 Bank of America | North Carolina, USA | $288.96 B |
| 3 Industrial and Commercial Bank of China Limited | Beijing, China | $249.28 B |
| 4 Wells Fargo | California, USA | $208.41 B |
| 5 Agricultural Bank of China | Beijing, China | $208.41 B |
| 6 Bank of China | Beijing, China | $171.35 B |
| 7 China Construction Bank | Beijing, China | $166.19 B |
| 8 HSBC London | London, UK | $164.48 B |
| 9 Morgan Stanley | New York, USA | $164.48 B |
| 10 HDFC Bank | Mumbai, India | $147.31 B |
Top 10 largest banks in the worlds in 2024 : A deeper insight
Here’s an in-depth exploration of the world’s largest banks.
1. JPMorgan Chase
With total assets amounting to $3.875 trillion, JPMorgan Chase holds the title of the largest bank in the United States and ranks fifth globally. It is a dominant force in investment banking and financial services. Notably, as the Federal Reserve launches its new instant payment service, the FedNow system, JPMorgan is among the key financial institutions that have already embraced this innovation.
2. Bank of America
Bank of America boasts total assets amounting to $3.180 trillion. It has a strong footprint in investment banking, wealth management, and trading, serving over 68 million consumers and more than 3 million small business clients. As the second-largest bank in the U.S. and the sixth-largest globally by assets, Bank of America also holds a significant market capitalization of $288.96 billion, placing it 33rd among the world’s most valuable companies.
3. Industrial and Commercial Bank of China Limited
Total Assets: $6.323 Trillion
The Industrial and Commercial Bank of China Limited (ICBC) ranks as the largest bank in China and globally based on total assets. ICBC is consistently among the world’s leading lenders, maintaining a top position alongside institutions like Bank of America.
4. Wells Fargo
Total Assets: $1.886 Trillion
Wells Fargo & Company, an American financial services provider, operates in approximately 35 countries, offering services like mortgage banking, equipment leasing, and insurance. It has collaborated with 33 other banks and credit unions, alongside JPMorgan, to integrate the FedNow system. Serving over 70 million customers, Wells Fargo is among the top five banks in the United States.
5. Agricultural Bank of China
Total Assets: $5.64 Trillion
The Agricultural Bank of China ranks as the world’s second-largest bank by total assets. Established in 1979, its recent financial reports reveal earnings of $43.41 billion. The bank significantly supports China’s agricultural sector and has a global presence, with operations spanning the Asia Pacific, Middle East, Europe, and the Americas.
6. Bank of China
Total Assets: $5.64 Trillion
The Agricultural Bank of China ranks as the world’s second-largest bank by total assets. Established in 1979, its recent financial reports reveal earnings of $43.41 billion. The bank significantly supports China’s agricultural sector and has a global presence, with operations spanning the Asia Pacific, Middle East, Europe, and the Americas.
7. China Construction Bank
Total Assets: $5.421 Trillion
Ranked as the third largest bank globally by total assets, CCB holds a pivotal role in China’s construction and infrastructure sectors. As one of China’s foremost commercial banks, it serves a substantial client base of 3.48 million corporate customers, making it the second largest bank after ICBC. CCB’s subsidiaries span multiple industries, including leisure, software, energy, retail, and more, highlighting its diverse business operations.
8. HSBC London
Total Assets: $2.308 Trillion
Originally founded in Hong Kong and Shanghai, and now headquartered in the United Kingdom, this British banking conglomerate stands as the 8th largest bank globally. HSBC, a leading financial services organization, serves approximately 42 million customers worldwide with a presence in 62 countries. It also operates in India, offering a wide range of products and services while expanding its personal banking customer base.
9. Morgan Stanley
Total Assets: $1.193 Trillion
Morgan Stanley, an American investment bank and financial services firm, has recently announced an expansion of its 15-year partnership with Mitsubishi UFJ Financial. The collaboration will now include ventures into foreign exchange trading, as well as Japanese research and equities, aiming to serve a global clientele.
10. HDFC
Here’s a rephrased version:
“HDFC Bank, following its merger with HDFC Ltd., now stands as a unified entity. This strategic consolidation, effective from July 2023, positions HDFC Bank as the 10th largest global lender and the largest bank in India. With total assets amounting to $466.29 billion, HDFC Bank also ranks as the third largest company by market capitalization on the Indian Stock Exchange. The merger aims to enhance client service capabilities and align with evolving industry demands, emphasizing a renewed focus on long-term corporate lending.”
Which is the No 1 bank in the world?
JPMorgan Chase & Co, headquartered in the United States, holds the top position globally in terms of market capitalization among banks.
What is the most successful bank?
JPMorgan Chase Bank, headquartered in New York, leads the Federal Reserve’s ranking of the largest banks based on total consolidated assets, amounting to $3.50 trillion, with $2.68 trillion of these assets held domestically.
Which is the richest bank in India?
HDFC Bank stands as India’s foremost in market capitalization and ranks fourth globally by this measure. Renowned among India’s top private banks, it occupies a pivotal role in the financial sector.
- Tech Giants Race to Lead in AI as Demand for Next-Gen Tools Soars
- Budget of India 2024 latest update
- What Is VPS Hosting ?
- Is Hostinger the Best Web Hosting Company in India?
- Microsoft CrowdStrike Outage. The Impact of a Software Glitch on Global Businesses
