In this article, we will take a look at 25 of the largest banks based on their assets. If you want to see more of the biggest banks in the world, go directly to 5 Largest Banks in the World by Assets.
Banking Crisis
It’s been a dramatic year for the banking industry following the bank run and the subsequent crash of the Silicon Valley Bank (SVB) earlier in March, which was followed shortly by the failure of the Signature Bank. Market panic quickly spilled over to Europe, leading to the downfall of Switzerland's Credit Suisse Group AG (NYSE:CS), an institution included on the list of Global Systemically Important Banks (G-SIBs), and its subsequent acquisition by UBS Group AG (NYSE:UBS) for three billion Swiss francs ($3.25 billion). In just mere moments, Switzerland came close to facing a full-scale bank run. Several other eurozone banks, among which Deutsche Bank Aktiengesellschaft (NYSE:DB), another G-SIB, came under pressure as investors dumped their shares en masse.
While the focus has been on the banking sector these past few weeks, the International Monetary Fund has come out and issued a warning regarding a potential global financial crisis emerging in the rapidly expanding alternative finance industry, commonly known as "shadow banking." This sector comprises various entities, including insurers, pension funds, mutual funds, and high-risk hedge funds. In such an environment, traditional banks are being increasingly bombarded by these so-called “nonbank financial institutions” alongside disruptive fintech players. Following the bank failures of a few months ago, several policymakers have been calling for even stricter regulation of traditional banks. Peaking on this issue during his 2022 shareholder report, JPMorgan CEO Jamie Dimon said:
“The growing competition to banks from each other, as well as shadow banks, fintechs and large technology companies, is intense and clearly contributing to the diminishing role of banks and public companies in the United States and the global financial system. The pace of change and the size of the competition are extraordinary, and activity is accelerating. Large tech companies, already 100% digital, have hundreds of millions of customers, as well as enormous resources, in data and proprietary systems — all of which give them an extraordinary competitive advantage,”
Megabanks
Megabanks, the largest financial institutions globally, are colossal enterprises with significant assets reflected on their balance sheets. These entities provide a wide array of financial services, encompassing commercial banking, corporate banking, capital markets, asset management, and beyond. The United States serves as the home for numerous megabanks primarily due to its position as the world's largest economy. As of 2021, the U.S. boasted a GDP of $23 trillion, surpassing China's $17.73 trillion in second place and Japan's $4.94 trillion in third place.
For decades, banks have been merging, partnering, and expanding—so much so that the four largest banks in the United States accounted for 50% of all US banking assets last year. In an effort to cater to the rising demand for streamlined mobile banking applications and to stay competitive against neobanks and other fintech companies, JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C), Wells Fargo & Company (NYSE:WFC), and Bank of America Corporation (NYSE:BAC), while having more than a trillion dollars in consolidated domestic assets, increased their tech spending. Thus, proving that digital payments options in the age of modern banking are nothing less than crucial.
On the other side of the world, Japan's GDP grew at an annualized 2.7% in the January-March quarter from the previous three months, beating the of 1.6% and the 1.9% expansion forecast by economists. According to Bloomberg, the three largest banks in Japan, Mizuho Financial Group, Inc. (NYSE:MFG), Sumitomo Mitsui Financial Grp, Inc. (NYSE:SMFG), and Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG), are expected to forecast their highest profits in years, fueled by an upswing in client engagements and controlled expenses related to bad loans. The banks are projected to experience profit growth despite not relying on any potential changes from the central Bank of Japan. While the immediate termination of the central bank's negative interest rate policy is not widely expected, the domestic lending sector is expected to maintain a lackluster performance, hence exerting pressure on the banks to expand their international operations.
For our list of the 25 largest banks in the world by assets, we scoured through information regarding the banking industry and came up with a list of banks who are global leaders simply based on their total assets. For each bank listed below, we have mentioned its total assets worth. If you want to read up on more of the largest banks in the world, you can check out our previous article on the 16 Biggest Banks in the World.
Deutsche Bank Aktiengesellschaft (NYSE:DB), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. The bank operates within several divisions: investment banking, private banking, corporate banking, and asset management. The largest segments are investment and private banking, as these generate most of the net revenue. In 2022, the German bank reported an annual net income of more than $6.08 billion, up from roughly $2.72 billion in 2021. This was the highest profit reported by Deutsche Bank since 2007.
Toronto-Dominion Bank (NYSE:TD), doing business as TD Bank Group, is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. The bank was created on February 1, 1955, through the merger of the Bank of Toronto and The Dominion Bank. On May 25, the bank reported a rise in quarterly profit, as the lender benefited from robust growth in its personal and commercial banking business. Additionally, the bank stated on May 30 that it will push ahead with its U.S. expansion with about $18 billion by focusing on organic growth, after its M&A-led strategy in the world's biggest banking market suffered a setback this month.
23. China Merchants Bank
Total Assets: $1.458 trillion
China Merchants Bank is a Chinese bank headquartered in Futian District, Shenzhen, Guangdong, China. Founded in 1987, it is the first share-holding commercial bank wholly owned by corporate legal entities in China. CMB has over five hundred branches in mainland China and one in Hong Kong. The bank engages in the provision of corporate and personal banking services. It focuses on individual and corporate businesses, credit card, and small and medium enterprises, and operates through the following business segments: Wholesale Finance, Retail Finance, and Other Businesses.
22. Société Générale S.A.
Total Assets: $1.586 trillion
Société Générale S.A., colloquially known in English speaking countries as SocGen, is a French-based multinational financial services company founded in 1864, registered in downtown Paris and headquartered nearby in La Défense. The bank has has over 117,000 staff members operating in 66 countries, and supports around 25 million individual clients, businesses and institutional investors around the world on a near daily basis.
UBS Group AG (NYSE:UBS) is a multinational investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial sphere's as the largest Swiss banking institution and one of the largest private banks in the world. On June 12, the Switzerland-based bank announced that it had finalized the acquisition of failing its rival, the Credit Suisse bank, following a deal agreed nearly three months ago. UBS Group AG (NYSE:UBS) also informed Credit Suisse shareholders that they will get one UBS share for every 22.48 Credit Suisse shares owned, as agreed in March.
20. Groupe BPCE
Total Assets: $1.7 trillion
Groupe BPCE is a major French banking group formed by the 2009 merger of two major retail banking groups, Groupe Caisse d'Épargne and Groupe Banque Populaire. The third-largest banking group in France which finances over 20% of the French economy, Groupe BPCE has a universal cooperative banking model that serves around 30 million customers, and 9 million cooperative shareholders.
19. Bank of Communications Limited
Total Assets: $1.868 trillion
Established in 1908, the Bank of Communications Limited claims a long history in China and is one of the banks to have issued banknotes in modern Chinese history. Following reorganization on April 1, 1987, it became the first nationwide state-owned joint-stock commercial bank in China, with Head Office located in Shanghai. The bank's business scope includes commercial banking, securities services, trust services, financial leasing, fund management, insurance and offshore financial services.
Wells Fargo & Company (NYSE:WFC) is an American multinational financial services company with a significant global presence. The company operates in 35 countries and serves over 70 million customers worldwide. Headquartered in San Francisco, California, and with operational headquarters in Manhattan, the financial services company provides consumer banking services, commercial banking products, investment banking, wealth management, and other financial services.
Banco Santander, S.A. (NYSE:SAN), doing business as Santander Group, is a Spanish multinational financial services company based in Madrid and Santander in Spain that offers retail and commercial banking, wealth management, and related financial solutions to individuals, small and medium-sized companies, and large enterprises worldwide. The bank also has a strong online presence with an easy-to-use website and mobile app. In 2022, Banco Santander, S.A. (NYSE:SAN) profits stood at roughly $10.51 billion, a sharp increase from the previous year.
Barclays PLC (NYSE:BCS) is a British multinational universal bank, headquartered in London, England that offers personal and business banking, wholesale and commercial banking, and private and investment banking solutions to individuals, SMEs, corporates, and high-net-worth clients. The range of services provided includes deposit and account management, payment cards, both personal and commercial loans, as well as investment solutions. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services.
Mizuho Financial Group, Inc. (NYSE:MFG), abbreviated as MHFG, or simply called Mizuho, is a a leading global bank with one of the largest customer bases in Japan, and an extensive international network covering financial and business centers around the world. One of the largest banking institutions in Japan, with total assets amounting to approximately $1.908 trillion, Mizuho Financial Group, Inc. (NYSE:MFG) serves over 20 million customers.
14. Japan Post Bank Co., Ltd.
Total Assets: $1.97 trillion
Japan Post Bank Co., Ltd., is a Japanese bank headquartered in Tokyo. It is a corporation held by Japan Post Holdings, with the government of Japan holding a majority stake. It is a major financial institution that started in 1875 as a postal savings system, and that still today continues to operate primarily out of post office branches. It manages over $1.97 trillion of assets and offers services in almost 24,000 branches across Japan.
13. Sumitomo Mitsui Financial Grp, Inc. (NYSE:SMFG)
Total Assets: $2.005 trillion
Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. One of the largest banks in Japan with total assets of over $2 trillion, the bank has a strong focus on commercial and corporate banking alongside an expansive retail operation.
12. Postal Savings Bank of China Co., Ltd.
Total Assets: $2.023 trillion
Postal Savings Bank of China Co., Ltd. also known as PSBC is a commercial retail bank founded in 2007 and headquartered in Beijing. It provides basic financial services, especially to small and medium enterprises, rural and low income customers. One of China's largest state-owned commercial lenders and one of the largest banks in the world, the Postal Savings Bank of China Co., Ltd. rose in Shanghai trading after China Mobile Ltd. agreed to buy a stake worth 45 billion yuan ($6.5 billion) in the company earlier in March.
11. Crédit Agricole Group
Total Assets: $2.313 trillion
Crédit Agricole Group, sometimes called La banque verte due to its historical ties to farming, is a French international banking group and the world's largest cooperative financial institution. It is France's second largest bank, after BNP Paribas, with around 147,000 employees, 53 million customers, and operations in 47 countries. The structure consists of a network of Crédit Agricole local banks, 39 Crédit Agricole regional banks, and a central institute, the Crédit Agricole S.A. The bank is listed through Crédit Agricole S.A., an intermediate holding company, on Euronext Paris' first market and is part of the CAC 40 stock market index.
Citigroup Inc. (NYSE:C) or Citi is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998. One of the largest banks in the world by assets, Citigroup, Inc. (NYSE:C) has a global operational presence, with operations across the Middle East, Europe, Asia, and Africa. While it is likely to face headwinds should a recession occur in 2023, as is the case with many big banks based in the U.S., Citigroup, Inc. (NYSE:C) has substantial quality earnings potential.
9. China Development Bank
Total Assets: $2.69 trillion
The China Development Bank (CDB) is a development bank in the People's Republic of China, led by a cabinet minister at the Governor level, under the direct jurisdiction of the State Council. One of the largest banks in the world, it operates as a government development bank, hence providing deposits, loans, financing, bond issuance, investment, treasury operation, and other services. As of 2021, the CDB had around 9,000 employees.
8. BNP Paribas
Total Assets: $2.845 trillion
BNP Paribas is a French multinational universal bank and financial services holding company. It was founded in 2000 from the merger of Banque Nationale de Paris and Paribas, formerly known as the Banque de Paris et des Pays-Bas. BNP Paribas organizes its businesses into three main operating divisions: Corporate & Institutional Banking (CIB), Commercial, Personal Banking & Services (CPBS) and Investment & Protection Services (IPS). The largest French bank, and one of the largest banks in the world with total assets amounting to $2.85 trillion, BNP Paribas has around 190,000 employees and operations in 65 countries.
7. Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG)
Total Assets: $2.96 trillion
Mitsubishi UFJ Financial Group, Inc. is a Japanese bank holding and financial services company headquartered in Chiyoda, Tokyo, Japan. It is Japan's largest financial group and one of the largest banks in the world holding approximately $2.96 trillion in total assets. It operates as the bank holding company for MUFG Bank, providing financial products and services in Japan, the United States, Europe, Asia/Oceania, and internationally.
The Bank of America Corporation (NYSE:BAC) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, with investment banking and auxiliary headquarters in Manhattan. Following JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corporation (NYSE:BAC) operates as the second largest American bank in terms of assets. According to Bank of America Corporation (NYSE:BAC)’s Q1 2023 Earnings Call Transcript, the corporation's revenue grew by 13%, which was led by a 25% improvement in net interest income, coupled with strong 9% growth in sales and trading results.
