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A lot has changed in the world of banking over the last 25 years. Gone are the days of checkbooks and passport savings accounts and here to stay are the apps, apps and more apps. And yet, when you have a look at the largets banks in the world, they’re all members of the old-school relationship banking way of doing business. Fintech still has a long way to go.
Below are the world’s ten largest banks, determined by the amount of assets and a description of each. (This data is based on the S&P Global Market Intelligence Report of 2023).
10 Largest Banks in the World
| Bank Name | Assets Under Deposit | 2022 Revenue |
| Industrial and Commerican Bank of China | $5.74T | $143B |
| China Construction Bank Corporation | $5.02T | $127B |
| Agricultural Bank of China | $4.92T | $103B |
| Bank of China | $4.19T | $120B |
| J.P. Morgan Chase | $3.67T | $123B |
| Bank of America | $3.05T | $92B |
| Mitsubishi UFJ Financial Group | $2.97T | $45B |
| HSBC Holdings PLC | $2.86T | $56B |
| BNP Paribas SA | $2.84T | $70B |
| Credit Agricole Group | $2.54T | $25B |
1. Industrial and Commercial Bank of China
Established in 1984, the Industrial and Commercial Bank of China has quickly grown to become the largest bank in the world based on assets. Its current asset tally is a whopping $5.74 trillion. ICBC focuses most of its efforts in industry (the name kind of gives it away). They offer the majority of their loans in manufacturing, transportation, power, and retail. This bank shows no signs of slowing down either, recording a massive profi of $143B in 2022.
- Headquartered in Beijing, China
- Employs 428,000
2. China Construction Bank Corporation
The second-largest bank in China also happens to be the second-largest in the world. The China Construction Bank Corporation currently holds $5.02 trillion in assets. One of the older banks in China, CCB was founded in 1954.
In 2005, Bank of America wanted to expand its business into China. So it purchased a 9% stake in CCB. That didn’t work out so well, however. And BOA needed to sell most of its stake in 2009 during the US financial crisis. In 2013, Bank of America sold its remaining position in CCB and has focused its Asian operations in Hong Kong.
- Headquartered in Beijing, China
- Employs 346,000
3. Agricultural Bank of China
If you’re sensing a trend here, you’re not alone. Yet another Chinese bank, the Agricultural Bank of China ranks third largest in the world with $4.92 trillion in assets. Known as Ag Bank and founded in 1951, the Agricultural Bank of China has branch locations in Seoul, Singapore, Sydney, London, New York, and many other of the world’s largest cities. Fun fact: In 2007, Ag Bank was the victim of the largest Chinese bank robbery ever. Thieves stole $7.5 million.
- Headquartered in Beijing, China
- Employs 468,000
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4. Bank of China
Yet another Asian bank rounds out the top five. Bank of China controls $4.19 trillion in assets and was founded in 1912. While this bank is no longer 100% government-owned, the largest shareholder of the Bank of China is still the investment arm of the People’s Republic of China. The Bank of China is the second-largest lender in the country. It currently has two locations in the state of New York.
- Headquartered in Beijing China
- Employs 306,000
5. J.P. Morgan Chase
One of the two so-called too big to fail banks, along with Bank of America, J.P. Morgan Chase is the sixth-largest bank in the world with $3.67 trillion in assets. The company provides products and services to its clients in 100 countries, It offers asset management, investment banking, private banking, treasury and securities services, and commercial banking. J.P. Morgan Chase is traded on the NYSE under the ticker symbol JPM. Of all the banks on our list, Chase is the second newest, having only been founded in 2000.
- Headquartered in New York City, New York
- Employs 250,000
6. Bank of America
BAC is the largest bank holding company in the United States, by assets, with $3.05 trillion. The company serves clients all over the world and has a relationship with 99% of the U.S. Fortune 500 companies. In 2008, BAC acquired Merrill Lynch, making it the world’s largest wealth manager. It is listed on the New York Stock Exchange and is part of the S&P 500 Index and the Dow Jones Industrial Average.
- Headquartered in Charlotte, North Carolina
- Employs 217,000
7. Mitsubishi UFJ Financial Group (Mitsubishi)
With $2.97 trillion in assets, Mitsubishi is Japan’s largest bank holding/financial services group. Part of the Mitsubishi Corporation, the company provides a wide variety of financial and investment services including commercial banking, trust banking, international finance, and assets management services. With all of the accolades MUFG has garnered, it’s surprising to learn they were only founded in 2005.
- Headquartered in Tokyo, Japan
- Employs 169,000
8. HSBC Holdings PLC
HSBC Bank has more than 460 bank branches throughout the United States, with the majority (380) in New York State. This one comes in at number seven on our list of the biggest banks with $2.86 trillion in assets. HSBC offers its 4 million customers access to global markets through its personal financial services, private banking, retail banking, commercial banking, and global banking and market segments. HSBC was initially founded in British Hong Kong in 1865.
- Headquartered in London, UK
- Employs 233,000
9. BNP Paribas SA
This French bank comes in at number eight with $2.84 trillion in assets. BNP is one of the largest global banking networks in the world with operations in 75 countries. BNP has four domestic retail banking markets located in France, Italy, Belgium, and Luxembourg.
In April 2009, as a result of BNPs 75% purchase of Fortis Bank, the Belgian bank is now the largest Eurozone deposit holder. BNP Paribas was founded all the way back in 1848. Its core profitability comes from retail banking. More than three-quarters of its revenue comes from everyday client accounts.
- Headquartered in Paris, France
- Employs 190,000
10. Credit Agricole Group
Opening up shop all the way back in 1894, Credit Agricole was created as a way to support small family farms. The bank currently holds $2.54 trillion in assets and is the second-largest bank in France.
The first international branch opened up in Chicago Illinois in 1979 and Credit Agricole is now located in 49 countries. The bank serves more than 52 million worldwide customers and raked in a modest profit of $25 billion in 2022.
- Headquartered in Montrouge, France
- Employs 145,000
2023 Update Removed Wells Fargo
When we first wrote this post way back in 2014, our list of 10 banks included nine of the banks you see today. The only bank to fall out was Wells Fargo and they only fell to 12th place. The asset amounts have changed, the profits have changed, but the largest 10 banks in the world have been remarkably steady over the last decade.
So that is our list of the 10 largest banks in the world. But of course, bigger is not always better.