Largest Banks in the World 2023
A lot of people say that the biggest banks in the world have too much power. They argue that they can manipulate international markets and create economic disasters. But is this true? The answer is, unfortunately, yes.
The 10 largest banks in the world control assets totaling $30 trillion dollars which is more than half of global GDP ($68 trillion). So it’s no wonder why governments are worried about these huge companies.
The world’s 10 largest banks control assets worth over $6 trillion, with the majority of that sum coming from the U.S., China and Japan. Japanese banking giant Mitsubishi UFJ Financial Group is the largest bank in the world by total assets at nearly $2 trillion.
Coming in second place is JPMorgan Chase & Co (with a little less than half of MUFG’s total). The next three spots are all held by American banks: Bank of America, Wells Fargo and Citigroup respectively.
It is estimated that the world’s 10 largest banks by assets are worth a combined $10.6 trillion, which equals approximately one-quarter of the entire U.S. economy and 2/3rds of China’s GDP. Banks have been in operation for much longer than most people might think – with some dating back to Roman times! The first bank ever was established in 1656 when two Italian entrepreneurs started Monte dei Paschi di Siena, Italy’s oldest surviving bank.
Top 10 Biggest Banks in the World 2023 by Assets
Here are the Biggest Banks in the World 2023 by Assets:
- Wells Fargo – $1.93 trillion
- Bank of America (BAC) – $2.19 trillion
- BNP Paribas – $2.19 trillion in assets
- HSBC Holdings PLC – $2.37 trillion
- P. Morgan Chase – $2.50 trillion in assets
- Bank of China – $2.61 trillion in assets
- Mitsubishi UFJ Financial Group (Mitsubishi) – $2.63 trillion
- Agricultural Bank of China – $2.82 trillion
- China Construction Bank Corporation – $3.02 trillion
- Industrial and Commercial Bank of China – $3.47 trillion
10. Wells Fargo – $1.93 trillion
Wells fargo is an American bank. They are best known for its stagecoach depiction that has been used in the company logo since 1898, and is one of the largest financial institutions. It is one of the Biggest Banks in the World 2023.
in the United States. The Wells Fargo Bank offers banking services to individual customers, small-to-medium size businesses, as well as large corporations and government entities with more than. ,500 bank branches and 13,000 ATMs. the company also has approximately 270,000 employees.
9. Bank of America (BAC) – $2.19 trillion
Bank of America is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina. The bank operates over 16000 retail branches and more than 550000 ATMs across 31 countries worldwide. Bank of America offers a wide range of products including: mortgages, credit cards, auto loans and debit cards. BAC was ranked #29 on the 2018 Fortune 500 list.
Bank of America is the largest bank holding company in the United States, by assets, with $2.19 trillion. Headquartered in Charlotte, North Carolina, BAC employs 208,000 people and operates more than 5,100 banking centers across 22 countries. It is one of the Top 10 Biggest Banks in the World 2023.
In 2018 Bank of America’s earnings were $21 billion and it was ranked #1 on Fortune’s list for best companies to work for—the 16th consecutive year that it has been named a winner on this prestigious list. The company strives to be a leader on environmental sustainability efforts including renewable energy projects like wind farms or solar arrays as well as reducing its carbon footprint through green initiatives such as biodiesel fuel made from waste products or electric car charging stations at many retail locations.
8. BNP Paribas – $2.19 trillion in assets
The eighth-largest bank in the world is BNP Paribas, headquartered in Paris and operating exclusively in Europe. The firm employs 191,000 people with many of them working at a network of more than 38 countries
In 2018 the company reported that its assets were worth $202 billion which was up from 2017’s total of $198 billion. BNP Paribas is one of the largest banks in Europe with $216 billion in assets
The company operates predominantly as an investment bank but also has department focused on retail banking and wealth management products. In 2018 they reported that their net revenues were up by 20% to €74 billion ($86 billion).
7. HSBC Holdings PLC – $2.37 trillion
Hong Kong-Shanghai Bank Corp popularly known as HSBC Holdings PLC is also a very big financial institution. It is one of the Biggest Banks in the World 2023.
The seventh-largest bank in the world is HSBC Holdings PLC, headquartered in London and operating exclusively in Europe. The firm employs 257,000 people with many of them working at a network of more than 75 countries. In 2018 they reported that their assets were worth $250 billion which was up from 2017’s total of $210 billion.
This company is a global bank with both retail banking and investment banking operations, such as trade finance, commercial lending and funding for corporate clients. The firm also has branches in Bahrain, China, India, Indonesia and the United Arab Emirates (UAE) that offer personal administrations to people living there.
6. J.P. Morgan Chase – $2.50 trillion in assets
J.P. Morgan Chase is the sixth-largest bank in the world with $2.5 trillion in assets and over 245,000 employees around the globe. Headquartered in New York City, J.P. Morgan Chase provides products and services to its clients through a variety of channels including branches, ATMs, phone banking as well as through their website and mobile app. The company offers deposits for individuals or businesses; investment products such as mutual funds, stocks and bonds; mortgage loans for home purchase or refinancing purposes; credit cards that offer travel rewards programs among other benefits
The company strives to be one of America’s leading banks by providing excellent service to all customers while maintaining sound financials along with a strong capital base. It is one of the Biggest Banks in the World 2023.
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5. Bank of China – $2.61 trillion in assets
Bank of China is the oldest bank in China and has been providing financial services for over 100 years. This bank, which was founded by the central government of the Republic of China, now operates as a joint-stock company with limited liability under Chinese law.
Bank of China has always been committed to serving its clients well and maintains a close relationship with them through customer service that offers convenience and peace of mind at every step. It also strives to be an environmentaly-friendly enterprise by using natural energy sources such as solar power, wind power and biomass fuel.
The company’s vision is “to be one of the world’s top 10 banks ranked on sustainable economic performance.” The Bank aims to become more digitalized. Bank of China is one of Asia’s most influential international banking institutions with branches across 17 countries including Hong Kong, Taiwan, Singapore and South Korea to name just a few.
4. Mitsubishi UFJ Financial Group (Mitsubishi) – $2.63 trillion
Mitsubishi is a Japanese-based financial services company. Headquartered in Tokyo, Japan, the company employs over 106,000 people globally and has $2.63 trillion in assets under management. Mitsubishi was founded as the Bank of Tokyo in 1873 by a group of businessmen led by Yataro Iwasaki and is now one of the largest banks in Japan with branches across Asia, Europe and North America.
The bank’s name was changed to Mitsubishi Bank from 1934 onwards following its merger with the Yokohama Specie Bank (established 1902). From 1999 onward it became known as UFJ Financial Group after merging with United Financial Holdings Co., Ltd. It is one of the Biggest Banks in the World 2023.
3. Agricultural Bank of China – $2.82 trillion
Agricultural Bank of China (ABAOC) is the third-largest bank in the world by assets. ABAOC provides a diverse range of financial products and services to meet customer needs for personal, commercial, rural and agricultural banking; wealth management, securities brokerage; leasing and financing; insurance brokerage as well as consumer finance. Headquartered in Beijing with over 444,000 employees working at more than 2200 branches across 27 countries on five continents.
Mission statement: To be a leading financial institution that creates superior value for its customers by providing innovative solutions based on global standards while committing itself to sustainable development. It is one of the Top 10 Biggest Banks in the World 2023.
Vision statement: To become an international high-quality bank with strong market competitiveness and sound risk control capability through modernization.
2. China Construction Bank Corporation – $3.02 trillion
China Construction Bank Corporation is the largest bank in China. Founded in 1954, CCB currently has assets of $3.02 trillion and 330,000 employees across its banking network. Headquartered in Beijing, it ranks among the top 10 banks globally by asset size and is on track to be one of the world’s leading banks by 2020.
With a vision to build “a first-class commercial bank with Chinese characteristics”, CCB continues to expand its business abroad while strengthening its domestic presence through strategic acquisitions and organic growth initiatives; expanding into new markets such as wealth management for high net worth individuals; building up expertise at home through mergers & acquisitions that have led to significant technology upgrades; increasing transparency through an enhanced compliance. It is one of the Biggest Banks in the World 2023.
1. Industrial and Commercial Bank of China – $3.47 trillion
Industrial and Commercial Bank of China, or ICBC, is the largest bank in the world 2023 by asset of $3.47 trillion. It has a presence in more than 40 countries and regions around the world with 460,000 employees. The bank was established on January 1st, 1984 at Beijing .
ICBC’s goal is to provide customers with superior services for individuals and businesses across all financial sectors – from retail banking to investment banking. They offer a variety of products including personal loans, mortgages, credit cards as well as insurance policies such as car insurance and life insurance.
You might be surprised to find out that the world’s largest banks are not only in America or Europe. In fact, there are also a number of large banks in Asia and Africa. As you can see from our list below, these 10 banking giants have assets worth trillions of dollars! which is your best bank in the world?. We hope this article helps you make an informed decision when choosing where to place your money!
What are the 4 top banks?
Based on factors such as assets, market capitalization, and global presence, are:
Industrial and Commercial Bank of China (ICBC): ICBC is the largest bank in the world by total assets. It is a state-owned bank headquartered in China and operates both domestically and internationally.
JPMorgan Chase & Co.: JPMorgan Chase & Co. is an American multinational investment bank and financial services company. It is one of the largest banks in the United States and has a significant global presence.
Bank of America: Bank of America is another major American multinational investment bank and financial services company. It is one of the largest banks in the United States and offers a wide range of services to individual consumers, small businesses, and large corporations.
Wells Fargo & Company: Wells Fargo is a prominent American multinational financial services company. It operates as a bank holding company and offers various banking and financial services, including retail banking, investment management, and wealth management.
Please note that the rankings and positions of banks can change over time, so it’s essential to refer to the latest financial reports and data for the most up-to-date information.