Top 7 largest bank in the world 2024 : The banking sector is a major player in the world economy, with trillions of dollars’ worth of assets held by multiple financial institutions. We will examine the top 10 banks in the world in 2024 in this post, offering a thorough examination of their business practices, financial results, and overall influence on the world economy. We can gain a deeper understanding of the contemporary financial landscape and its impact on our world by delving into the specifics of these leading banks.
The hegemony of corporations that own banks:The global banking scene is significantly influenced by bank-holding companies. These companies may not be active bankers themselves, but they do control one or more banks. By combining a variety of financial services under one roof, they give their holding banks a strategic edge and raise the general stability of the institutions they control.
Top 7 biggest companies in the world by market cap in 2024:
The top ten banks in the world are shown in this table, which is sorted by market capitalization.<Top 7 largest bank in the world 2024>
This is a thorough examination of the biggest banks worldwide.
1. JPMorgan Chase:
- 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)
In terms of total assets, JPMorgan Chase ranks as the fifth-largest bank worldwide and the largest bank in the United States. It is a major force in financial services and investment banking. JP Morgan is one of the well-known financial institutions that has already embraced the FedNow system, which is the new instant payment service that the Federal Reserve is introducing.
2. Bank of America Corp.:
- Revenue (TTM): $171.91B
- Net Income (TTM): $26.52B
- Market Cap: $269.15B
- 1-Year Trailing Total Return: -3.30%
- Exchange: NYSE
A US bank called Bank of America provides services to both small and large businesses. Bank of America offers a range of commercial and wealth management services through its international branches, in addition to deposit and checking account services through its Consumer Banking branch.
3. Industrial and Commercial Bank of China (ICBC):
- Revenue (TTM): $221.49B
- Net Income (TTM): $53.53B
- Market Cap: $249.54B
- 1-Year Trailing Total Return: -8.57%
- Exchange: OTC
In terms of total assets, the Industrial and Commercial Bank of China Limited is the biggest bank in the People’s Republic of China and the entire globe. ICBC and other major lenders like Bank of America are still consistently in the top tier of the global lending market.
4. Wells Fargo & Co.:
- Revenue (TTM): $115.34B
- Net Income (TTM): $19.14B
- Market Cap: $182.24B
- 1-Year Trailing Total Return: 8.33%
- Exchange: NYSE
In roughly 35 countries, the American Wells Fargo & Company provides financial services like mortgage banking, equipment leasing, insurance agency, and more. Wells Fargo joined JPMorgan and thirty-three other banks and credit unions in integrating the FedNow system. Wells Fargo is one of the top five banks in the US, with over 70 million customers.
5. China Construction Bank Corp.:
- Revenue (TTM): $202.54B
- Net Income (TTM): $48.10B
- Market Cap: $151.76B
- 1-Year Trailing Total Return: -8.77%
- Exchange: OTC
By total assets, CCB is the third-biggest bank in the world. Being one of the top commercial banks in China, it has a big impact on infrastructure and construction projects there. After ICBC, Chinese Construction Bank is the second-largest bank with 3.48 million corporate clients. Numerous industries are covered by CCB’s subsidiaries, including retail, software, energy, leisure, and many more.
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6. 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
This British banking group, which was founded in Hong Kong and Shanghai and currently has its headquarters in the UK, is the eighth-largest bank globally. being a well-known provider of banking and financial services to millions of clients globally. HSBC has a global network that spans 62 countries and serves about 42 million customers. In addition to offering its goods and services, HSBC has branches in India where it is also growing its clientele for personal banking.
7. 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
As of July 2023,Leading home finance company HDFC Ltd. and HDFC Bank merged to form a single organization. The purpose of the merger is to better serve customer needs and adjust to the evolving demands of the industry as a whole. Following the merger, HDFC Bank emerged as the biggest bank in India and the tenth largest lender globally.
In addition to being the third-largest company in terms of market capitalization on the Indian Stock Exchange, HDFC Bank has shifted its emphasis to offering long-term corporate loans.
About the analysis:
For the most recent ranking, company assets were adjusted on a best-efforts basis to reflect pending mergers, acquisitions, and divestitures, as well as M&A transactions that closed after the period ended. Unless otherwise stated,
the amount of assets being transferred must be at least $1 billion in order to be included in pro forma adjustments. Assets reported by non-US filers were converted to dollars at period-end exchange rates. Total assets were taken on a “as-reported” basis, with no adjustments made to account for different accounting standards. The majority of banks were ranked based on total assets as of December 31, 2023.
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