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December 10, 2024 | 01:42 pm
TEMPO.CO, Jakarta - Banks are the backbone of the global economy. Some of these large financial institutions are part of bank holding companies.
The term refers to a corporate controlling interest of a bank, as defined by Investopedia. By being under the control of a bank holding company, banks have the privilege to offer a multitude of financial services.
This article will present you with an outlook of the largest banks in the world in the year 2024, according to findings by Forbes India and Companies Market Cap. Keep reading to learn more.
List of the Largest Banks in the World as of 2024
This article lists the top 10 of the world’s largest banks by market cap in 2024. The figure below is accurate as of December 8, 2024.
1. JPMorgan Chase (US$696.40 billion)
JPMorgan Chase is currently number one when it comes to the largest bank in the world. As of 2024, the institution’s market cap reveals a mind-blowing US$696.4 billion.
As the largest bank in the United States and one of the most influential globally, JPMorgan Chase continues to dominate the banking world with its investment banking and financial services.
2. Bank of America (US$358.70 billion)
Founded in 1998, this is yet another U.S. heavyweight boasting a staggering value of over US$350 billion. The Bank of America is particularly renowned for its investment banking, trading presence, and robust wealth management.
3. ICBC (US$287.72 billion)
Aside from being the largest in Mainland China, the ICBC is also significant for being one of the biggest lenders in the world. The financial titan currently holds a market cap surpassing US$280 billion.
4. Wells Fargo (US$247.48 billion)
Wells Fargo is among the banks in America integrating the FedNow system, just like JPMorgan. The institution has been serving over 70 million customers with its extensive services, including mortgage banking, equipment leasing, and insurance agency, since its foundation in 1998.
5. Agricultural Bank of China (US$233.63 billion)
The Agricultural Bank of China has cemented its significance in global finance with its impressive amount of assets equivalent to approximately US$6.2 trillion. As the name suggests, the bank plays a major role in supporting the country’s agriculture.
6. Morgan Stanley (US$209.37 billion)
Headquartered in New York, Morgan Stanley is known for its expertise in investment banking and financial services. The institution is currently valued at US$209.37 billion.
7. China Construction Bank (CCB) (US$200.99 billion)
Securing seventh position is the China Construction Bank (CCB), with a market cap clocking around US$200 billion. Whereas the Agricultural Bank of China is crucial in agriculture, the CCB, just like its name, is influential in China's construction and infrastructure projects.
8. Goldman Sachs (US$188.24 billion)
Goldman Sachs has been around since 1869. The institution is reputable for its financial solutions in asset management, mergers and acquisitions, and underwriting of securities.
9. Bank of China (US$187.79 billion)
As one of the oldest banks in China, the Bank of China is particularly instrumental in ensuring Yuan’s stability, as well as facilitating economic growth within the country. Valued at more than US$185 billion, the bank stands firm in the finance industry, with its immense assets revealing a figure of approximately US$4.86 trillion.
10. Royal Bank of Canada (US$178.29 billion)
Rounding out the list is the Royal Bank of Canada, the largest in the country. With its comprehensive financial services, spanning from personal commercial banking to wealth management and insurance investor services, the bank has been serving around 17 million clients across the globe.
These banks continue to solidify their dominance in global finance with their formidable market cap. Want to know more about the banking industry? Familiarize yourself with our previous list of the oldest banks in the world.
Editor's Choice: Top 10 Largest Israeli Companies by Market Cap in 2024
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