20 Largest Banks in The World by Market Cap

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In this piece, we are going to shed light on the 20 Largest Banks in The World by Market Cap. If you want to skip our detailed analysis of the banking sector, you can go directly to 5 Largest Banks in The World by Market Cap.

The global banking industry is on the rise, with a bright future ahead. Despite economic challenges like the Russia-Ukraine conflict, the industry is set at $614.62 billion in 2023 and is expected to climb to a whopping $1,231.49 billion market size by 2027. This growth is driven by the increasing adoption of digital banking, as more customers crave personalized and flexible services. Companies are also embracing cloud-native architecture to enhance their offerings. Oracle, for example, is leading the way with innovative cloud-native banking services. All in all, the industry is evolving to meet the changing needs of customers and is poised for continuous growth.

Looking ahead to 2024, the global banking industry is in for some twists and turns. A slowdown in the global economy, along with a mix of economic uncertainties, will keep banks on their toes. While efforts to tackle inflation are showing progress in some places, other issues like supply chain disruptions, shifting trade dynamics, and geopolitical tensions are complicating matters. The International Monetary Fund (IMF) projects cautious global economic growth of around 3.0% in 2024, with advanced economies like the US, Euro area, Japan, UK, and Canada expected to see modest growth.

On the bright side, many emerging economies, fueled by strong consumer demand and favorable trade balances, are likely to outpace the pack. India, in particular, is poised for robust growth at 6.3%. However, China is facing some challenges with sluggish consumer demand and a shaky property market, which could have ripple effects globally. Efforts to boost confidence in China's economy could impact other Asian countries as well. Inflation is also a hot topic, with expectations of a decrease to 5.2% in 2024. Central banks will be busy adjusting their monetary policies to navigate these choppy waters.

The US Federal Reserve might tweak interest rates, while the European Central Bank (ECB), Bank of England, and Bank of Canada are also expected to make moves in response to changing economic conditions. Overall, central banks are gearing up to manage global money supply more closely as we head towards 2024. It's a balancing act to keep economies afloat amidst a sea of challenges and uncertainties.

Amidst this market snapshot, it’s essential to also look at few players in the market. Namely, let’s discuss Morgan Stanley (NYSE:MS) and Goldman Sachs Group, Inc. (NYSE:GS).


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