Banks are the most crucial component to making the economy more efficient. They also play an important part in the financial system since they allot funds from savers to borrowers efficiently. You can find thousands of banks situated worldwide, ensuring they take care of their clients’ money as best as they can.
Banks can also do more than just keep your money safe such as managing deposits, wealth management, lending, investment banking, and currency exchange. But have you ever thought about which bank is taking charge in the banking industry? You can find many big bank names that are currently leading the industry.
1. J.P. Morgan Chase & Co.
The first bank on the list is an American financial services holding company and a multinational investment bank, J.P. Morgan Chase & Co. The bank is also considered the world’s most valuable bank by market capitalization. They are currently involved in asset management, corporate lending, wealth management, and consumer and investment banking, to name a few. During the pandemic, they have recently reported that they have plans to seek up to $10 billion in funds from pension funds and several clients for other investments such as certain types of real estate and leveraged loans. As of 2019, they have USD 2.687 trillion in total assets.
2. Japan Post Holdings Co., Ltd
The second spot goes to Japan Post Holdings, which is a unique bank out of the others on the list because of their operations that include logistics, life insurance, and other businesses aside from banking. The Japanese-owned company is also famous for its Japan Post branch, which involves post office management and mail delivery in Japan, and the Japan Post Bank, its banking division. As of 2020, Japan Post Holdings Co., Ltd has a total asset of 2.64 trillion USD.
3. Bank of America Corp.
Another company that is American-owned is the Bank of America Corp. and is on the fourth spot in the list because it has USD 2.434 trillion in total assets as of 2019. The U.S. bank provides services for small to large-scale businesses and individual clients. They offer checking and deposit accounts through its Consumer Banking branch. They also provide a wide range of commercial and wealth management services through its Global branches.
Commercial Bank of China (ICBC)
4. Industrial and Commercial Bank of China
One of the biggest banking establishments worldwide on the number four spot is the Industrial and Commercial Bank of China (ICBC). You should know that it is the biggest bank globally in terms of total Assets Under Management (AUM). It was first established as a limited company on January 1st, 1984, and they are a state-owned commercial bank. The ICBC has a total asset of USD 4027.44 billion as of 2018.
The list showcased the top 4 largest banks in the world, which you now know about.
