Banks are financial institutions that offer customers a range of financial products and services, including checking and savings accounts, certificates of deposit, loans, wealth management, currency exchange, and investment banking.
The top 10 largest banks in the world by market cap in 2024
Here’s a table enlisting the world’s top ten largest banks in 2024, ranked by their market caps 2024. The largest banks in the world play a crucial role in the global economy. They facilitate international trade, provide business loans, and offer financial services to millions of customers worldwide.
| Rank & Bank | Headquarters | Market Cap |
|---|---|---|
| #1 JPMorgan Chase | New York, USA | $604.48 billion |
| #2 Bank of America | North Carolina, USA | $300.76 billion |
| #3 Industrial and Commercial Bank of China Limited (ICBC) | Beijing, China | $258.00 billion |
| #4 Agricultural Bank of China | Beijing, China | $217.33 billion |
| #5 Wells Fargo | California, USA | $183.80 billion |
| #6 Bank of China | Beijing, China | $176.51 billion |
| #7 China Construction Bank | Beijing, China | $173.72 billion |
| #8 Royal Bank Of Canada | Toronto, Canada | $171.88 billion |
| #9 Commonwealth Bank | Sydney, Australia | $159.36 billion |
| #10 HSBC | London, UK | $159.35 billion |
1. JPMorgan Chase
Total Assets: $4.143 Trillion
JPMorgan Chase is the largest US-based bank and the fifth-largest bank in the world in terms of total assets. It is a leading player in investment banking and financial services. As the Federal Reserve introduces its new instant payment service dubbed the FedNow system, JP Morgan is among the prominent financial institutions having already adopted the system.
2. Bank of America
Total Assets: $3.258 Trillion
With a substantial investment banking, wealth management, and trading presence, Bank of America serves more than 68 million consumers and over 3 million small business clients. In terms of assets, Bank of America is the second-largest bank in the world and the sixth-largest bank in the world. With $288.96 billion in market cap, Bank of America is one of the most valuable companies, ranking 33rd on the list.
3. Industrial and Commercial Bank of China (ICBC)
Total Assets: $6.592 Trillion
The Industrial and Commercial Bank of China Limited is the largest bank in both the People's Republic of China and the world when considering total assets. Among the biggest lenders in the world, ICBC continues to steadily remain near the top, along with the likes of the Bank of America.
4. The Agricultural Bank of China
Total Assets: $5.838 Trillion
The Agricultural Bank of China is the second-largest bank in the world in terms of total assets. It was founded in 1979. The latest financial reports state that the company’s current earnings are $43.41 billion. The bank plays a crucial role in supporting China's agricultural sector and also operates in other parts of the globe, such as Asia Pacific, the Middle East, Europe, and the Americas.
5. Wells Fargo
Total Assets: $1.940 Trillion
The American Wells Fargo & Company offers financial services such as mortgage banking, equipment leasing, insurance agency, and more in about 35 countries. Along with 33 other banks and credit unions, Wells Fargo joined JPMorgan in integrating the FedNow system. Wells Fargo serves more than 70 million customers and is one of the top five banks in the United States.
6. Bank of China
Total Assets: $4.661 Trillion
The Bank of China is the fourth largest bank globally by total assets. It is one of the oldest banks in China and has a significant international presence. The Bank of China began its operations in Hong Kong and now operates the financial market business through five major trading centres: Beijing, Shanghai, Hong Kong, New York, and London. One of the Bank of China's aims is to maintain the stability of the currency's value and promote economic growth in the country.
7. China Construction Bank (CCB)
Total Assets: $5.502 Trillion
CCB is the third largest bank globally in terms of total assets. It has a significant influence on China's construction and infrastructure projects and is one of the leading commercial banks in China. With 3.48 million corporate customers, Chinese Construction Bank is the second largest bank, next to ICBC. CCB’s various subsidiaries also cover various industries, including leisure, software, energy, retail, and many more.
8. Royal Bank of Canda
Total Assets: $1.476 Trillion
Royal Bank of Canada is the biggest bank in Canada in terms of market capitalisation. Headquartered in Torranatto, it has a presence in 27 countries and serves approximately 17 million clients worldwide. The bank offers services ranging from personal commercial banking to wealth management and insurance investor services.
9. Commonwealth Bank
Total Assets: $839.35 Billion
10. HSBC
Total Assets: $2.975 Trillion
Started in Hong Kong and Shanghai and now headquartered in the United Kingdom, this British banking group ranks as the 8th largest bank in the world. Being a prominent banking and financial services organisation that caters to millions of customers worldwide. HSBC serves around 42 million customers across the world and has a network covering 62 countries. HSBC also has its branches in India providing its products and services and is also becoming a personal banking customer base.
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