10 Largest Banks In The World (2024) – By Market Cap

Banks are financial institutions that offer a wide range of services and products, including deposit management, lending, wealth management, and currency exchange. Individuals, businesses, and other institutional clients are all customers of these banks. In the last few decades, the definition of a commercial bank has changed dramatically. 

Large banks offer a variety of services to customers, including checking and savings accounts, certificates, deposits, loans, and other similar services. Many banks also own businesses that are investment banking.

They work with institutional and corporate clients to provide underwriting for stock offers, brokerage and financial advisory. Let’s take a look at the top 10 largest banks in the world by their market cap, assets, foundation year, etc.

Top 10 Largest Banks In The World (2024)

The world’s largest banks have grown over the years as economies expand and technology advances. With assets worth billions of dollars, these banks are some of the most influential financial institutions in the world. Here we present a list of the top 10 largest banks in the world in terms of total assets.

1. Industrial and Commercial Bank of China, ICBC:

1. 1 January 1984 – Founded
2. Headquarters: China, PRC.
3. Number of employees:4,53,048 (2018)
4. Market cap $246.5 billion
5. Total assets: $4.614 billion

The Industrial and Commercial Bank of China Limited, one of the top 10 banks in the world, provides banking services. The company offers a variety of services including loans, deposits, foreign currency settlement, fund underwriting, and loan processing. The Industrial and Commercial Bank of China handles individuals, businesses, and all other clients.

In terms of total assets, the Industrial and Commercial Bank of China (ICBC) is China’s largest bank. In 2020, the total assets of the Industrial and Commercial Bank of China (ICBC), were 33.3 trillion Yuan.

2. JPMorgan Chase & Co. (JPM):

1. Head: Jamie Dimon  
2. Headquarters: United States  
3. Year founded: 1 December 2000  
4. Market Cap: $488.4 Billion   
5. Total assets $3,684 Billion    

JPMorgan Chase & Co. is one of the top 10 banks worldwide and it is based in New York, USA. It is a US-based global investment bank and financial services holding company. JPMorgan Chase & Co. holds the title of the US’s largest bank by assets.

The company offers services to individuals, businesses, governments, and institutions around the globe, including consumer banking, investment banking and commercial banking.

3. Japan Post Holdings Co. Ltd:

1. Revenue: $112.3B
2. Net Income: $4.7B
3. Market Cap: $34.4B
4. 1-Year Trailing Total Rate of Return: -28.3%
5. OTC Exchange

Japan Post Holdings Co. Ltd. is unique among the many companies listed on this list. It has both operations in banking and in logistics, life insurance, and other businesses. It is well-known for its Japan Post branch which handles mail delivery and manages post offices in Japan.

4. China Construction Bank Corp [CICHY]:

1.  Revenue: $102.2B
2.  Net Income: $38.7B  
3.  Market Cap: $196.6B  
4.  1-Year Trailing Total Rate of Return: -3.7%  
5.  OTC Exchange  

China Construction Bank Corp is the second largest Chinese bank on the list of top 10 largest banks in the world. China Construction Bank Corp provides corporate banking services, including e-banking and credit lines and other types of personal loan shells.

China Construction Bank offers personal banking services through a separate entity. This includes personal loans, deposits, credit cards and financial services like wealth management.

5. Bank of America Corporation [BAC]:

1.  Headquarters: United States of America
2.  Revenue: 85.52 billion USD  
3.  Employees:2,13,000  
4.  Market Cap: 279.2 billion USD  
5.  Total assets: 2,820 billion USD  

The Bank of America Corporation, one of the top 10 banks worldwide, is a US-based global investment bank and financial services holding company. It is headquartered in Charlotte, North Carolina.

In 1998, the bank was established in San Francisco as a result from NationsBank’s purchase of BankAmerica. It is America’s second-largest banking institution, and the ninth-largest in the world. Bank of America is among the United States’ Four Big Financial Institutions.

6. Agricultural Bank of China Ltd. [ACGBY]:

1.  Revenue (TTM: $89.7B)  
2.  TTM: Net Income of $30.9B  
3.  Market Cap: $131.5B  
4.  1-Year Trailing Total Rate of Return: -14.1%  
5.  OTC Exchange  

The state-owned Agricultural Bank of China provides personal and corporate banking services. However, it also offers a unique suite of products for agricultural customers like small farmers and larger wholesalers.

7. Crédit Agricole SA [CRARY]:

1.  Headquarters: Montrouge, France  
2.  Head: Philippe Brassac  
3.  Founded on: 5 November 1894  
4.  Market Capitalization: $52.1 Billion    
5.  Total assets worth: $2,278 Billion    

Credit Agricole Group is one of the top 10 banks worldwide. It is the largest financial sponsor for the French economy. It is the tenth-largest bank in terms of total assets.

There are 48 countries that it covers, along with 142 000 employees, and 52 millions clients worldwide. Credit Agricole has grown to become an international full-fledged service bank since 1990.

8. Wells Fargo & Co. [WFC]:

Fortune magazine reported that the bank was France’s top-ranked bank with 28% industry share, number two in worldwide revenues and profits, and number 15 in global rankings according to Forbes.

1.  Revenue (TTM: $82.0B)  
2.  Net Income (TTM: $19.6B)  
3.  Market Capital: $123.8B  
4.  1-Year Trailing Total Rate of Return: -35.4%  
5.  Exchange enlisted: New York, NYSE

Wells Fargo provides a variety of financial services to individuals and corporations. The company has been involved in a scandal involving fake accounts that have affected a greater number of customers. In fact, the U.S. government recently fined Wells Fargo $ 3 billion as part of ongoing proceedings.

9. Bank Of China Ltd. [BACHF]:

1.  Headquarters: China 
2.  Founded by: Chen Jintao  
3.  Founded on: 5 February 1912  
4.  3,11,000 employees in service
5.  Market capitalization: $181.4 billion  
6.  Total asset worth: $4.073 billion  

The Bank of China, one of China’s top 10 commercial banks and state-owned banks, is one of China’s largest. While Bank of China and Bank of China are technically separate entities, they share strong management and administration links and collaborate in many sectors, including the reselling of BOC’s securities and insurance services.

China’s oldest and largest financial institution, the Bank of China, is a reliable one. It was established in 1912 and is still the leader of the national banking industry of China.

10. Citigroup Incorporated:

1.  Revenue (TTM: $74.3B)  
2.  Net Income (TTM: $19.4B)  
3.  Market Capitalization: $91.9B  
4.  1-Year Trailing Total Rate of Return: -25.9%  
5.  New York, NYSE: Enlisted Exchange  

Citigroup is a global financial service corporation. The headquarters of Citibank, its retail banking division is in Sioux Falls (South Dakota). Citibank has approximately 700 branches in the United States and over 1,800 branches abroad. Customers from the United States can access over 65,000 ATMs for no fees.

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Conclusion:

Above were the top 10 largest banks in the world by asset value and market capitalization. Most of the banks are public sector undertakings and offer a wide range of financial products including private accounts, wealth management and credit lines as well as credit cards. These banks are quite safe to make investments and offer a good return in the long term.