Banks or banking institutions are indispensable to any nation’s economy and financial setup. The economic functions of a bank include money creation by processing loans, settlement of payments, and credit quality improvement, to name a few.
US banks have dominated the global financial system for years, but today, Chinese banks are in the driving seat.
Six of the top 19 largest banks are headquartered in China and four in Japan. Only four banks are US-based, and the rest are European.
The most prevalent way to determine the size of a bank is by looking at its total assets. In simple terms, assets are the items that a bank owns. This includes loans, cash reserves, and securities.
With $5.7 trillion in assets, the Industrial and Commercial Bank of China is by far the largest in the world by total assets. JPMorgan is the largest bank in America and the 5th largest globally, with $3.89 trillion in total assets.
Below is a detailed list of the largest banks in the world with their total assets in U.S. dollars.
Note: The data on banks are gathered from their annual reports and reputable sources
Top five largest banks in the world by total assets
| Bank (Country) | Total Assets (in US$ trillions) |
| 1. Industrial and Commercial Bank of China Ltd. (China) | $5.7 trillion |
| 2. China Construction Bank Corp. (China) | $5 trillion |
| 3. Agricultural Bank of China Ltd. (China) | $4.9 trillion |
| 4. Bank of China Ltd. (China) | $4.1 trillion |
| 5. JPMorgan Chase & Co. (the United States) | $3.6 trillion |
Table of Contents
16. Sumitomo Mitsui Financial Group – $1.5 trillion
SMBC Logo since 2018
Total Assets: $1.506 trillion
Headquarters: Tokyo, Japan
Sumitomo Mitsui Financial Group, or SMFG, is Japan’s second-largest financial holding company by total assets and market cap.
The group conducts its business operations under a subsidiary entity called Sumitomo Mitsui Banking Corporation Group or SMBC Group. The SMBC Group has multiple subsidiaries of its own, with its banking unit (SMBC) being the largest among them.
Sumitomo Mitsui Banking Corporation was established in 2001 after the mega-merger of two prominent Japanese banks: Sakura Bank and the Sumitomo Bank.
However, even after the merger, the new entity continued to suffer from asset quality problems (bad loans or non-performing loans) caused by the Japanese asset price bubble collapse in 1991.
The entire banking industry of Japan suffered from bad debt and stagnant credit growth throughout the 1990s.
However, by leveraging its size and several corporate actions, SMBC Group was able to expand its assets significantly by the end of 2019.
Today, the bank has offices and branches in over 40 countries worldwide and offers a wide range of financial services to individuals, small and medium-sized enterprises, large corporations, financial institutions, and public sector entities.
In recent years, SMBC has increased its efforts to offer digital asset services to its clients. In 2022, it entered a partnership with HashPort, a blockchain startup, to work on NFT and other blockchain services.
15. Wells Fargo – $1.87 trillion
A Wells Fargo branch in North Carolina | Image Courtesy: Ildar Sagdejev
Total Assets: $1.875 trillion
Corporate Headquarters: San Francisco, California
Wells Fargo is currently the fourth-largest financial services company in the United States and the sixteenth-largest in the world by total assets.
In 2015, Wells Fargo was the most valuable bank in the U.S., with the highest market cap and third most assets. However, a major banking scandal in 2016 caused the bank to lose its reputation among investors, ultimately affecting its market cap.
In 2018, the U.S. Federal Reserve instructed Wells Fargo it couldn’t increase its assets beyond $1.95 trillion until it makes needed changes to how it operates. This hampered the bank’s ability to expand into various profitable businesses.
Although the bank is still suffering from the repercussions of its earlier misconduct, it has managed to maintain its position as one of the largest banks in the world.
Today, Wells Fargo actively engages in retail and corporate banking, wealth management, and investment banking services. It operates over 8,000 branches and 13,000 ATMs across the country.
In 2022, Wells Fargo was the fourth largest mortgage lender in the country by the total number of loans and the third largest lender by the value of loans (at $79 billion).
14. Bank of Communications – $1.8 trillion
A sub-branch of the bank in Hong Kong
Total Assets: $1.883 trillion
Headquarters: Shanghai, China
The Bank of Communications (BoComm) is the sixth-largest commercial bank in China. It’s one of the country’s most important financial institutions, offering services such as insurance, fund management, securities, and offshore financial services.
The bank was originally established in 1908 by the government to buy out an important railway line connecting Beijing. In 1986, BoComm underwent a restructuring and was relaunched as a modern bank the following year.
Today, the Bank of Communications operates in over 80 countries through subsidiaries and representative offices.
According to The Banker, a British banking and finance journal, the Bank of Communications is among the top 50 best-performing banks in the world. The bank is ranked 155th on the Forbes Global 500 list.
13. Mizuho Financial Group – $1.9 trillion
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— Mizuho Americas (@MizuhoAmericas) September 7, 2023
Total Assets: $1.909 trillion
Headquarters: Tokyo, Japan
Mizuho Financial Group, or simply Mizuho, is one of the three private megabanks in Japan alongside Mitsubishi UFJ and Sumitomo Mitsui Financial Group.
Mizuho was initially established as Mizuho Holdings in 2000 following the merger of three major Japanese banks. Until 2005, it remained the largest megabank in Japan and was surpassed only by other banking mergers in the country.
Today, Mizuho engages in a wide range of financial services, from banking and wealth management to private equity.
The group operates in three business divisions: Retail Group, which consists of its retail bank and venture capital firm; Mizuho Securities (investment bank); and Global Wealth and Asset Management.
During the subprime mortgage crisis of 2007, Mizuho’s New York operations lost close to US$ 7 billion. It was the largest of any Asian bank during the crisis.
According to the Financial Stability Board, Mizuho Financial is a systemically important bank for the global financial system.
12. Postal Savings Bank of China – $2 trillion
Headquarters of PSBC in Beijing
Total Assets: $2.039 trillion
Headquarters: Xicheng District, Beijing, China
Postal Savings Bank of China, or PSBC, was established in 2007 by the People’s Republic of China government to provide basic banking facilities to people who otherwise do not have access to these services.
Its products are mostly geared towards the financial needs of rural, low-income customers and various SMSE businesses (micro-financing). However, the bank also offers wealth management services to wealthy clients, including corporates.
PSBC was initially backed by the State Post Bureau (the postal service agency of China), but in 2015, the bank received investments from a pool of national and foreign financial institutions, including the International Finance Corporation, Morgan Stanley, Temasek Holdings, Tencent, China Life (China’s largest life insurer) and Ant Financial Services Group.
In 2022, the bank reported to have 11.3 trillion RMB in total retail deposits and operating over 8,100 offices.
It includes the headquarters in Beijing, 36 tier-1 branches, 324 tier-2 branches, 2,083 tier-1 sub-branches, and almost 5,700 tier-2 subbranches across the country.
Due to its extensive reach in rural areas, PSBC allows the government to implement its various microcredit schemes and economic stimulus more efficiently than any other bank in the country.
11. Citigroup Inc. – $2.4 trillion
Citigroup Center, London | Image Courtesy: Matt Buck
Total Assets: $2.416 trillion
Headquarters: New York, United States
Citigroup is the third largest banking institution in the U.S. after JPMorgan Chase and Bank of America.
These three banks, along with Wells Fargo, are recognized as the “big four” banks that hold about 45 percent of all customer deposits in the country.
It is also one of the nine bulge bracket banks – a group of the world’s largest investment banks.
Citigroup has five core interconnected business divisions;
- Retail banking and branded cards,
- Commercial banking and advisory,
- Global wealth management,
- Investment banking, and
- Treasury and Securities Services
Citigroup operates its retail banking and card service through Citibank, which has a global network of more than 4,600 branches. It offers credit card services in over 90 countries.
The company also owns and operates banking subsidiaries in other countries, including Citibanamex (the second largest bank in Mexico) and Citi Handlowy in Poland.
Through its services like Citigold and Citi Private Bank, Citigroup offers exclusive financial services to wealthy and high-net-worth clients. It competes with firms like Goldman Sachs and UBS in the wealth management industry.
Moreover, Citigroup is the fourth-largest M&A advisory by total deal value and the fifth-largest custodian bank in the world, with about $13 trillion in assets under custody.
10. Crédit Agricole Group – $2.5 trillion
Crédit Agricole SA. headquarters in Montrouge, France | Image Courtesy: Luc Bernard
Total Assets: $2.542 trillion
Headquarters: Paris, France
With total assets exceding US$2.5 trillion, Crédit Agricole is the largest cooperative bank in the world. It is the second-largest banking institution in France and the third-largest in Europe by total assets.
The group consists of a network of local and regional banks that provide various financial services to individual customers and corporate entities.
These local and regional banks are controlled by Crédit Agricole S.A., which acts as a centralized body for the company.
Crédit Agricole has a long and illustrious history and played a key role in the economic growth of France. The bank was established in the late 1880s by the government to provide necessary financial services to farmers and support agricultural activities throughout the country.
In 1988, Crédit Agricole underwent major institutional changes, after which it became a fully privately owned company. Since then, it has made several acquisitions to diversify into other businesses and expand internationally.
Besides consumer banking services, Crédit Agricole currently provides wealth and asset management, private banking, and investment banking services directly or through a subsidiary.
Crédit Agricole is the majority owner of Amundi, one of the world’s largest asset management companies.
9. BNP Paribas – $2.8 trillion
A BNP Paribas banner during the 2011 Davis Cup in Zagreb | Image Courtesy: Roberta F.
Total Assets: $2,849 trillion
Headquarters: Paris, France
BNP Paribas is the second-largest financial institution in Europe in terms of both assets under management and market cap. It is the largest bank in France.
BNP Paribas offers a wide variety of financial services, including insurance, in about 64 countries worldwide, either directly or through a subsidiary.
The bank has three core divisions;
- Commercial, Personal Banking & Services (CPBS)
- Investment & Protection Services (IPS), and
- Corporate & Institutional Banking (CIB)
The company owns and operates several banking subsidiaries in other countries. Including Bank of the West in the U.S., Banca Nazionale del Lavoro (BNL) in Italy, and a digital-only bank called Hello Bank!
Like many large banking groups, BNP Paribas was established following a merger between Banque Nationale de Paris (BNP) and Paribas in 2000.
In August 2007, BNP Paribas became the first major banking institution to raise the alarm on the subprime crisis as it closed two of its funds exposed to subprime-backed securities.
This timely action not only helped the bank avoid a lot of damage but also turned out to be a blessing for its investment banking business.
The earnings for BNP Paribas CIB (investment banking arm) have doubled since 2009, mainly because its M&A advisory and derivatives businesses are growing rapidly.
8. HSBC Holdings – $2.8 trillion
HSBC Headquarters in London | Image Courtesy: Wikimedia Commons
Total Assets: $2.864 trillion
Headquarters: Canary Wharf, London, United Kingdom
The British banking behemoth HSBC is perhaps one of the most recognizable names in the financial industry. It is currently the largest financial institution in Europe and the eighth largest globally.
HSBC has a unique business connection with Asia, unlike any other large Western bank. The bank was actually founded in Hong Kong as The Hong Kong and Shanghai Banking Corporation in 1865 by British banker Thomas Sutherland.
The primary objective of this bank was to finance the trading activities of British merchants in China and India.
It was not until 1993 that the bank relocated its global headquarters from Hong Kong to London. One of the biggest reasons behind this relocation was the impending handover of Hong Kong to China in 1997.
Today, about fifty percent of the bank’s annual revenue comes from its operations in the Asia Pacific region.
HSBC has three core business divisions –
- Wealth and personal banking (retail banking)
- Commercial banking
- Global banking and markets
HSBC operates branches and offices in 64 countries across the globe and serves around 40 million customers.
7. Mitsubishi UFJ Financial Group – $2.9 trillion
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— MUFG Americas (@MUFGAmericas) October 20, 2023
Total Assets: $2.967 trillion
Headquarters: Chiyoda, Tokyo, Japan
With total assets close to $3 trillion dollars, the Mitsubishi UFJ Financial Group (MUFG) is the seventh-largest financial services company in the world and the largest in Japan.
MUFG is part of the Mitsubishi Group, the second-largest conglomerate in Japan. Like the other two Japanese mega banks, MUFG was created in 2005 following the merger of the Bank of Tokyo-Mitsubishi and UFJ Bank, a subsidiary of UFJ Holdings.
The Mitsubishi UFJ Financial Group conducts most of its banking operations in Japan and other countries through its main subsidiary, MUFG Bank (formerly known as BTMU).
MUFG is the largest shareholder of US-based Morgan Stanley, one of the biggest investment banks in the world.
In 2008, amidst the financial crisis, MUFG acquired a 21 percent stake in Morgan Stanley for about $9 billion in an all-cash deal. The investment was critical for the survival of the American investment bank.
6. Bank of America – $3 trillion
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— Bank of America (@BankofAmerica) November 3, 2023
Total Assets: $3.051 trillion
Headquarters: Charlotte, North Carolina, United States
Bank of America (BOFA) is the second-largest bank in the United States after JP Morgan. Out of the top six U.S. banks, BOFA and Wells Fargo are the only two banking institutions with headquarters outside of New York.
The bank was originally founded in 1923 in Los Angeles but was acquired by the Bank of Italy five years later in 1928. However, the new entity changed its name back to Bank of America to get wider recognition.
The Bank of America of today is a result of numerous acquisitions and mergers of financial institutions by the company.
Some of the most prominent acquisitions by the Bank of America include Security Pacific Corporation in 1992, Continental Illinois National Bank in 1994, and Merrill Lynch & Co. in 2008.
BofA’s consumer banking arm, which provides loans, credit cards, and other banking services to individual customers, is accountable for about one-third of its total revenue.
It also has a substantial presence in the wealth and investment banking industry. Bank of America’s Global Wealth and Investment Management division, which includes Merrill Lynch and Bank of America Private Bank, is the third-largest in the world in terms of AUM.
Did you know?
Bank of America was one of the major banks that issued a significant amount of mortgage-backed securities before 2008, which eventually led to financial calamity.
5. JPMorgan Chase – $3.6 trillion
$JPM reports 4Q23 net income of $9.3B and EPS of $3.04, or net income of $12.1B and EPS of $3.97 excluding significant items. Record FY23 net income of $49.6B and FY23 ROTCE of 21%.
— J.P. Morgan (@jpmorgan) January 12, 2024
Total Assets: US$ 3,665 billion
Market Capitalization: US$ 410.5 billion
Headquarters: New York, United States
JPMorgan Chase remains one of the most recognized and valuable banking brands in the world. It is the largest bank in the world by market cap and the fifth-largest in the world by total assets. JP Morgan Chase is the largest of the Big Four banks in the U.S.
The firm, as we know it today, is the result of a series of mergers between leading banking companies in the U.S. It includes J.P. Morgan & Co., Chase Manhattan Bank, and Bank One Corporation.
Its earliest origin of the bank can be traced back to the establishment of the Bank of Manhatten Company in 1799. It was merged with Chase National Bank in 1955 to create Chase Manhattan Bank.
Then, in 2000, Chase merged with JP Mogan & Co. (founded in 1871) to form JPMorgan Chase.
Today, JPMorgan Chase provides its retail banking and credit card services under the brand name ‘Chase’.
Meanwhile, corporate banking services like asset management, private wealth management, and security services are carried under the brand name of J.P. Morgan.
JPMorgan Chase recently came under the spotlight after it acquired most assets and deposits of First Republic Bank after its collapse on 1 May 2023.
First Republic Bank was the 19th largest bank in the United States (by total assets) before it failed.
4. Bank of China – $4.1 trillion
Bank of China New York Branch | Image Courtesy: David Shankbone
Total Assets: $4,192 trillion
Headquarters: Beijing, China
The Bank of China (BOC) is the fourth-largest financial institution in the world by total assets. It is the biggest loan provider for individual customers and the second biggest lender overall.
The bank was established in 1905 as Daqing Hubu Bank (later Daqing Bank).
After the Chinese Civil War ended in 1949, the Daqing Habu was split into two: Taiwan operations, which later became the Mega International Commercial Bank, and Mainland China operations, which became known as the Bank of China.
BOC provides a wide range of financial services, from savings, credit cards, mortgages, and insurance to wealth management and investment banking. It is almost entirely owned by the Government of China.
The Bank of China has a massive presence internationally, with branches in about 27 countries, including Zambia and South Africa.
BOC has two major subsidiaries: one that operates in Hong Kong (BOC Hong Kong) and one Bank of China in Canada. The Bank of China Hong Kong is currently the second-largest commercial bank in Hong Kong.
3. Agricultural Bank of China – $4.9 trillion
Agricultural Bank of China headquarters in Beijing, China
Total Assets: $4.919 trillion
Headquarters: Beijing, China
Agricultural Bank of China, or AgBank, is the third-largest bank in the world and China after BOC.
Although the bank was established in 1951 following the merger between Farmers Bank of China and Cooperation Bank, the AgBank underwent multiple restructurings before it took its current form in 1979.
The bank has about 24 thousand branches nationwide, over 320 million general customers, and 2.7 million institutional clients. In 2010, the Agricultural Bank of China recorded the biggest IPO in the world at that time but was overtaken shortly after by Alibaba.
Apart from retail and investment banking, the Agricultural Bank of China is engaged in global wealth management and private equity.
In 2007, the bank was subject to massive embezzlement worth ¥51 million or US$ 6.7 million, perpetrated by the vault managers of one of its branches. It remains the largest bank robbery in Chinese history to date.
2. China Construction Bank Corporation – $5 trillion
China Construction Bank, a prominent player in China’s banking sector, has successfully listed a $600-million green bond on Nasdaq Dubai through its Dubai International Financial Centre branch.
Read More: https://t.co/B2Uh5BROpY#ChinaConstructionBank #Nasdaq #Dubai #GreenBonds pic.twitter.com/fsC1Za7rVF
— Karobar TV (@Karobartvpk) January 17, 2024
Total Assets: $5,016 trillion
Headquarters: Beijing, China
China Construction Bank Corporation, or CCB, is the second-largest banking institution in China and the world. It is also one of the ten biggest public companies in the world. The bank is ranked 3rd on the Forbes Global 2000 list.
Headquartered in Beijing, CCB has approximately 13,600 domestic branches and more than a dozen international ones, including a wholly-owned subsidiary in London.
Like any other global bank, it offers retail banking services like mortgages, credit cards, and personal loans to the general public and investment banking solutions to big corporations.
CCB is also engaged in private equity and wealth management business.
To take advantage of China’s growing banking sector, Bank of America bought a 9% stake in China Construction Bank Corporation for $3 billion back in 2005 and a further 1.75% in 2008.
However, BofA sold its entire stake in the Chinese bank for a whopping $9.8 billion over three years from 2011 to 2013.
1. Industrial and Commercial Bank of China – $5.7 trillion
Total Assets: $5.742 trillion
Headquarters: Beijing, China
With over $5.7 trillion in total assets, the Industrial and Commercial Bank of China (ICBC) is by far the largest bank in the world.
ICBC operates a massive network of 17,000 domestic and 400 international branches, the most of any bank in the world. It serves about 443 million individual customers and 5 million corporate clients.
Due to its size, ICBC has a massive impact on China’s economy.
In 2022, the Industrial and Commercial Bank of China was the seventh most profitable company and the most profitable bank globally. Furthermore, it was ranked 2nd on the Forbes Global 2000 list of largest public companies.
The bank offers a wide range of financial services, including consumer and corporate banking, investment management, private equity, and credit cards.
Like the other big three banks in China, ICBC is mostly owned by the government.
Other Large Banks In the World
17. Banco Santander SA – $1.85 trillion
Banco Santander SA is Spain’s largest financial services company and the fourth-largest in Europe.
The bank has over 9,000 branches across Europe and the Americas. In Asia, the bank operates a total of four branches: two in China, one in Hong Kong, and one in Singapore. It serves more than 160 million customers.
18. Barclays PLC – $1.82 trillion
Barclays is one of the oldest continuously operating banks in the world. Its origin can be traced back to 1690. It is currently the second-largest banking institution in the U.K. after HSBC.
Barclays has two core business divisions – Barclays U.K. and Barclays International.
In 2008, Barclays acquired most of the investment banking and trading operations of Lehmann Brothers in North America after the American firm filed for bankruptcy. The total value of the acquisition was US$1.7 billion.
19. Japan Post Bank Co. – $1.7 trillion
In terms of total assets, Japan Post Bank is the fourth-largest Japanese bank in the world.
The bank offers a variety of financial products, including deposit accounts, credit cards, loans, investment products, time deposits, and pension accounts.
According to its annual report, it has close to 120 million accounts, 30,000 ATMs, and 24,000 branches all around Japan.
It is only the second bank in Japan to operate branches in each of the 47 prefectures, the other being Mizuho Bank.
More to Know
What criteria are used to determine the total assets of a bank?
The total assets are a crucial measure for evaluating a bank’s size and financial health. It encompasses various financial elements, including cash, loans, accrued interest, investments in government and corporate bonds, physical assets like land and buildings, and reserves and deposits held with other banks.
Common risks Large banks face
Large financial institutions, due to their size and systemic importance, face multiple risks that can significantly impact their financial stability and operational efficiency. The major risks include:
- Systemic risk: arises when the failure of one large bank triggers a domino effect, impacting other financial institutions
- Credit risk: arises when borrowers fail to repay their loan
- Market risk: arises from fluctuations in interest rates, commodity prices, currency exchange rates, and equity markets
- Liquidity risk: arises when a bank cannot easily convert its assets into cash to cover liabilities
- Cybersecurity threats like data breaches or ransomware attacks lead to financial losses and reputational damage
- Geopolitical and macroeconomic risk: arises due to major changes in government policies, trade agreements, or economic downturns in key regions.
Trends shaping the future of the banking industry
The banking industry is going through major changes powered by digitalization, integrating fintech, using AI and machine learning to automate tasks, and adopting blockchain and distributed ledger technology for better transparency and security.
Biometric authentication techniques like facial and voice recognition are also becoming more prevalent in enhancing security for online and mobile banking.
Plus, there is a growing emphasis on sustainable and socially responsible banking practices. Big financial institutions are incorporating ESG (environmental, social, and governance) criteria into their decision-making processes.
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The total assets listed for Wells Fargo bank is incorrectly written as US$ 1.951 billion. I think, it should be corrected to US$1,951 billion.