10 Biggest Banks in the World

Banks are financial institutions providing a breadth of products and services, including managing deposits, lending, wealth management, currency exchange, and investment banking. These banks' customers include individual consumers, businesses, and many other types of institutional clients. The definition of a commercial bank has evolved dramatically in the past several decades.

Today, large banks cater to their traditional clients—which includes individual customers and both large and small companies—by offering savings and checking accounts, certificates of deposit, loans and similar services. Many also have businesses that operate as investment banks and work with corporate and institutional clients by underwriting stock offers, brokerage, and M&A advisory.

Below are the 10 biggest banks as measured by market capitalization. This list is limited to publicly traded companies in the U.S. or Canada, either directly or through ADRs. Some companies outside the U.S. report profits semi-annually instead of quarterly, so the 12-month trailing data may be older than it is for companies that report quarterly. All data are as of Jan. 31, 2024, taken from Google Finance and TradingView.

The Top 10 Biggest Banks by Market Cap

Top 10 Banks By Market Cap (as of 1/31/24)
Name	Ticker	Market Cap
JP Morgan & Chase	JPM	$504.07 billion
Bank of America	BAC	$269.15 billion
Industrial and Commercial Bank of China Ltd.	IDCBY	$249.54 billion
Wells Fargo	WFC	$182.24 billion
China Construction Bank Corp	CICHY	$151.76 billion
HSBC Holdings	HSBC	$149.06 billion
Royal Bank of Canada	RY	$136.83 billion
HDFC Bank Limited	HDB	$131.39 billion
China Merchants Bank	CIHKY	$116.65 billion
Mitsubishi UFJ Financial Group	MUFG	$114.79 billion

JPMorgan Chase & Co. (JPM)

• 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)

JPMorgan Chase & Co. is a multinational bank and financial services holding company involved in corporate lending, asset management, wealth management, and investment and consumer banking, among other offerings.

Bank of America Corp. (BAC)

• Revenue (TTM): $171.91B
• Net Income (TTM): $26.52B
• Market Cap: $269.15B
• 1-Year Trailing Total Return: -3.30%
• Exchange: NYSE

Bank of America is a U.S. bank that offers services for individual clients and businesses of all sizes. Besides deposit and checking accounts through its Consumer Banking branch, Bank of America also provides various commercial and wealth management services through its global branches.

Industrial and Commercial Bank Of China Ltd. (IDCBY)

• Revenue (TTM): $221.49B
• Net Income (TTM): $53.53B
  
• Market Cap: $249.54B
• 1-Year Trailing Total Return: -8.57%
• Exchange: OTC

One of the largest banks in the world in terms of total assets under management (AUM) and gross revenues is the Industrial and Commercial Bank Of China Ltd. This institution provides credit cards and loans, business financing, and money management services for companies and high net worth individuals. Though this is a commercial bank, it is state-owned.

Wells Fargo & Co. (WFC)

• Revenue (TTM): $115.34B
• Net Income (TTM): $19.14B
• Market Cap: $182.24B
• 1-Year Trailing Total Return: 8.33%
• Exchange: NYSE

Wells Fargo is recognized as a prominent financial institution that offers diverse banking services, including personal and commercial banking, wealth management, and investment banking, catering to the needs of individuals, businesses, and institutional clients.

China Construction Bank Corp. (CICHY)

• Revenue (TTM): $202.54B
• Net Income (TTM): $48.10B
• Market Cap: $151.76B
• 1-Year Trailing Total Return: -8.77%
• Exchange: OTC

The second Chinese bank on this 10 biggest list is China Construction Bank Corp. It is the fifth-largest worldwide and provides corporate banking services such as e-banking, credit lines, and commercial loans. China Construction Bank also offers personal banking through a separate segment, personal loans, deposits, wealth management, and credit cards.

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

The Hong Kong and Shanghai Banking Corporation (HSBC) is a multinational bank and financial services company headquartered in London, United Kingdom. It is one of the largest banks in the world by total assets and has operations in more than 60 countries.

Considered a high street bank in the U.K., HSBC offers a wide range of financial products and services, including retail and commercial banking, wealth management, and investment banking. The bank serves customers in various sectors, including individuals, small and medium-sized enterprises, and large corporations. In addition to its core banking business, HSBC has a significant presence in insurance, asset management, and other financial services.

Royal Bank of Canada (RY)

• Revenue (TTM): $116.92B
• Net Income (TTM): $14.86B
• Market Cap: $136.83B
• 1-Year Trailing Total Return: -3.09%
• Exchange: NYSE/TSE

The Royal Bank of Canada is headquartered in Toronto, Canada, and provides banking and financial services in Canada, the U.S., the U.K., Europe, and the Caribbean. The Royal Bank offers all of the services you'd expect from one of the largest banks in the world, such as investing, wealth management, retirement planning, lending, auto loans, and payment solutions, to name a few. The bank has more than 94,000 employees in 29 countries and claims to serve 17+ million clients.

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

HDFC Bank, headquartered in Mumbai, India, provides banking and financial services to businesses and people in Dubai, Hong Kong, India, and Bahrain. Its vast range of services includes loans, pensions, banking, auto financing, remittances, investing, credit services, and much more.

China Merchants Bank (CIHKY)

• Revenue (TTM): $72.62B
• Net Income (TTM): $19.97B
• Market Cap: $116.65B
• 1-Year Trailing Total Return: -43.93%
• Exchange: NYSE/TSE

China Merchants Bank (CMB) is a state-owned bank in China that provides a range of financial products and services, including retail and corporate banking, investment banking, and asset management. It is headquartered in Shenzhen, China, and has branches and outlets throughout the country and operations in Hong Kong, Europe, and the United States.

CMB is one of the largest banks in China and is known for its strong focus on retail banking, with a large network of branches and ATMs and a range of products and services tailored to the needs of individual customers. The bank also has a significant presence in corporate banking and serves a diverse range of customers, including small and medium-sized enterprises and large corporations.

Mitsubishi UFJ Financial Group Inc. (MUFG)

• Revenue (TTM): $63.90B
• Net Income (TTM): $8.24B
• Market Cap: $114.79B
• 1-Year Trailing Total Return: 27.38%
• Exchange: NYSE

Mitsubishi UFJ claims its beginnings go back to the opening of the Konoike Exchange Bureau in Osaka in 1656. Through the centuries, it transitioned through many names and existences, finally arriving at its current form, MUFG. The bank operates in more than 50 countries and employs about 160,000 people.

The Bottom Line

The world's biggest banks have grown substantially over time through a combination of organic growth, mergers and acquisitions, innovation, and market dominance. They offer a wide range of financial products and services to individual consumers, businesses, and institutional clients.

The top banks by both revenue and market cap are concentrated in the U.S. and China, a trend that has seen major European banks lose their global dominance over the past decades.