Have you ever wondered who has the biggest? The biggest banks in the world
We covered this question and found interesting statistics, news, and general information about the world's ten most prominent banks. You will be surprised about some of the names of this top-down list.
How did we define the size of a bank?
That's a fair question. There are many factors that you could use for this ranking of the biggest banks in the world. However, this article's information is based upon Tier 1 Capital - a yardstick used by regulators to assess a bank's financial health.
What might be surprising to you is that only four of the biggest banks in the world are based in America, the United Kingdom had one in the top 10 list, as well as Japan, and the rest were based in China.
How do the biggest banks in the world operate?
The number one country in this race - China - might have the biggest banks. But American Banks are more efficient in their use of assets. And regarding Brexit, British Banks were mainly focused on increasing their profit margins lately.
Let's take a look at the world's biggest banks and why they got to their size and what they can offer, and where they get their profits.
1. ICBC, China - $338 Billion
The ICBC (Industrial and Commercial Bank of China) claims, "Integrity Leads To Prosperity." With over 17.200 branches all over the world that provide for 5.8 Mio. Businesses, and 530 Mio. Private individuals, the ICBC is an extensive organization, and it's 412 branches outside Asia proves that the company is active internationally on a big scale.
2. China Construction Bank, China - $287 Billion
The second-biggest bank on this list is the China Construction Bank, originally named People's Construction Bank of China when founded in 1954. Only on the 26th of March 2005, the bank was given it's current name, China Construction Bank. The bank is part of the Big Four Banks of China, and with over 14.000 branches, 12.500 cash machines, and more than 310.000 workers in China, you can tell why that is.
3. Agricultural Bank of China, China - $243 Billion
Founded in 1949, the Agricultural Bank of China is partly run by the Chinese Government. It is based in China, and its headquarters can be found in Beijing. Branches are available all over China and Singapore. The Agricultural Bank of China is also part of the Big Four Banks of China, and with 496.000 employees, it definitely is packed well for that position.
4. Bank of China, China - $230 Billion
The Bank of China has its origin in 1912 when it was founded. It's headquarters can also be found in Beijing, as well as the headquarters of the Agricultural Bank of China headquarters. As the world's 4th largest bank, the Bank of China - of course - is also part of the Big Four Banks of China. It employs over 300.000 people and provides them with jobs in China's financial sector.
5. JP Morgan Chase, US - $209 Billion
JP Morgan Chase - I guess this big investment bank will be most familiar to most of you - was founded only in the year 2000 and has grown rapidly ever since. Today it is accountable for the jobs of over 256.000 people and is led by James Dimon. It's headquarters can be found in the center of London in an impressive skyscraper with the name - JP Morgan Chase - on it.
6. Bank of America, US - $189 Billion
Next in the list and at rank number six is the Bank of America with it’s headquarters in Charlotte, USA. It was founded in 1923 and now employs over 208.000 people all over the world. Over 5.700 branches are keeping the bank running and up on top of the game. The Bank of America offers stocks, so you can become an investor of one of the largest banks in the world by acquiring shares of the Bank of America.
7. Wells Fargo, US - $168 Billion
Founded in 1852, Wells Fargo truly is an old ship in the sea of banks and financial institutions. It's over 259.000 employees managed mainly from their headquarters in San Francisco, United States of America. It is a universal bank, and big investment firms like Warren Buffett's Berkshire Hathaway was one of their biggest shareholders, which speaks for itself and the quality of the bank.
8. Citigroup, US - $158 Billion
Citigroup is a Financial Institution located in New York, in the US. It was created by the merging of Citicorp and the Travelers Group. The merger happened in 1998. During the financial crisis in 2007, the bank got into trouble but survived until this point — the Incorporated employes 200.000 people all over the world.
9. HSBC Holdings, UK - $147 Billion
The HSBC (Hongkong & Shanghai Banking Corporation Holdings) is ranked number 9 in the list of the biggest banks in the world. Founded in 1865, it is also one of the oldest on this list. Over the years, the company has grown to roundabout 235.000 employees.
10. Mitsubishi UFJ, Japan - $146 Billion
And the last place in this ranking of the biggest banks in the world goes to Mitsubishi UFJ! The Mitsubishi UFJ Financial Group was created on the 1st of October 2005 by the merge of the Mitsubishi Tokyo Financial Group and the UFJ Holdings and currently employs an estimated 102.000 employees.
These were the biggest banks in the world. We hope you enjoyed reading this article and now know the biggest players that control the financial world.