JPM, BAC, and IDCBY lead the 10 biggest banks list

Banks are financial institutions that offer customers a range of financial products and services, including checking and savings accounts, certificates of deposit, loans, wealth management, currency exchange, and investment banking.

Bank customers include individual consumers, businesses, and many other types of institutional clients. The definition of a commercial bank has evolved dramatically in the past several decades. Investment banks serve corporate and other institutional clients by underwriting stock offers, providing brokerage services, and advising on mergers and acquisitions (M&A).

Below are the 10 biggest banks as measured by market capitalization. This list is limited to publicly traded companies in the United States or Canada, either directly or through ADRs.

Some companies outside of the U.S. report profits semi-annually instead of quarterly, so the data related to 12-month trailing revenue, net income, and total return may be older than it is for companies that report quarterly.

All data are as of Jan. 31, 2024, and are sourced from Google Finance and TradingView.12

KEY TAKEAWAYS

• The five largest banks by market capitalization are JPMorgan Chase, Bank of America, Industrial and Commercial Bank of China, Wells Fargo, and China Construction Bank.
• A commercial bank offers basic banking services, creates capital, and provides liquidity to the financial system.
• An investment bank underwrites stock offers, provides brokerage services, and advises on M&A activity.

The 10 Biggest Banks by Market Cap (as of Jan. 31, 2024)
Name	Ticker	Market Cap
JP Morgan Chase	JPM	$504.07 billion
Bank of America	BAC	$269.15 billion
Industrial and Commercial Bank of China Ltd.	IDCBY	$249.54 billion
Wells Fargo	WFC	$182.24 billion
China Construction Bank Corp	CICHY	$151.76 billion
HSBC Holdings	HSBC	$149.06 billion
Royal Bank of Canada	RY	$136.83 billion
HDFC Bank Limited	HDB	$131.39 billion
China Merchants Bank	CIHKY	$116.65 billion
Mitsubishi UFJ Financial Group	MUFG	$114.79 billion

1. JPMorgan Chase & Co. (JPM)

• Revenue (TTM): $239.43B
• Net Income (TTM): $498.26B
• Market Cap: $504.07B
• 1-Year Trailing Total Return: 24.65%
• Exchange: New York Stock Exchange (NYSE)

JPMorgan Chase & Co. is a multinational bank and financial services holding company involved in corporate lending, asset management, wealth management, and investment and consumer banking, among other offerings.3

2. Bank of America Corp. (BAC)

• Revenue (TTM): $171.91B
• Net Income (TTM): $26.52B
• Market Cap: $269.15B
• 1-Year Trailing Total Return: -3.30%
• Exchange: NYSE

Bank of America is a U.S. bank that offers services for individual clients and businesses of all sizes. Besides deposit accounts available through its Consumer Banking branch, Bank of America also provides various commercial and wealth management services through its global branches.4

3. Industrial and Commercial Bank Of China Ltd. (IDCBY)

• Revenue (TTM): $221.49B
• Net Income (TTM): $53.53B
• Market Cap: $249.54B
• 1-Year Trailing Total Return: -8.57%
• Exchange: OTC

One of the largest banks in the world in terms of total assets under management (AUM) and gross revenues is the Industrial and Commercial Bank Of China Ltd. This institution provides credit cards and loans, business financing, and money management services for companies and high net worth individuals. Though this is a commercial bank, it is state-owned.5

4. Wells Fargo & Co. (WFC)

• Revenue (TTM): $115.34B
• Net Income (TTM): $19.14B
• Market Cap: $182.24B
• 1-Year Trailing Total Return: 8.33%
• Exchange: NYSE

Wells Fargo has a proud history of serving customers since 1852. It is a prominent U.S. financial institution that offers diverse banking services, including personal and commercial banking, wealth management, and investment banking. It caters to the needs of individuals, businesses, and institutional clients.67

5. China Construction Bank Corp. (CICHY)

• Revenue (TTM): $202.54B
• Net Income (TTM): $48.10B
• Market Cap: $151.76B
• 1-Year Trailing Total Return: -8.77%
• Exchange: OTC

The China Construction Bank is a leading commercial bank that provides corporate banking services such as e-banking, credit lines, and commercial loans. It also offers personal banking (through a separate segment), personal loans, deposit accounts, wealth management, and credit cards.8

Market capitalization is the value of a publicly traded company as measured by the number of its outstanding shares multiplied by the share price. As share price changes, so does market capitalization.

6. HSBC Holdings (HSBC)

• Revenue (TTM): $93.56B
• Net Income (TTM): $14.82B
• Market Cap: $149.067B
• 1-Year Trailing Total Return: 6.96%
• Exchange: NYSE

The Hong Kong and Shanghai Banking Corporation (HSBC) is a multinational bank and financial services company headquartered in London, United Kingdom. It is one of the largest banks in the world by total assets and has operations in more than 62 countries and territories.9

Considered a high street bank in the U.K., HSBC offers a wide range of financial products and services, including retail and commercial banking, wealth management, and investment banking. The bank serves a variety of customers, including individuals, small and medium-sized enterprises, and large corporations. In addition to its core banking business, HSBC has a significant presence in insurance, asset management, and other financial services.9

7. Royal Bank of Canada (RY)

• Revenue (TTM): $116.92B
• Net Income (TTM): $14.86B
• Market Cap: $136.83B
• 1-Year Trailing Total Return: -3.09%
• Exchange: NYSE/TSE

The Royal Bank of Canada is headquartered in Toronto, Canada, and provides banking and financial services in Canada, the U.S., the U.K., Europe, and the Caribbean.10

The Royal Bank offers all of the services you’d expect from one of the largest banks in the world, such as investing, wealth management, retirement planning, lending, auto loans, and payment solutions. The bank has more than 94,000 employees in 29 countries and claims to serve 17+ million clients.10

8. HDFC Bank Ltd (HBC)

• Revenue (TTM): $25.52B
• Net Income (TTM): $5.72B
• Market Cap: $131.39B
• 1-Year Trailing Total Return: -15.77%
• Exchange: NYSE

HDFC Bank, headquartered in Mumbai, India, provides banking and financial services to businesses and people in Dubai, Hong Kong, India, and Bahrain. Its vast range of services includes loans, pensions, banking, auto financing, remittances, investing, credit services, and much more.11

9. China Merchants Bank (CIHKY)

• Revenue (TTM): $72.62B
• Net Income (TTM): $19.97B
• Market Cap: $116.65B
• 1-Year Trailing Total Return: -43.93%
• Exchange: NYSE/TSE

China Merchants Bank (CMB) is a state-owned bank headquartered in Shenzhen, China which has branches and outlets throughout the country and operations in Hong Kong, Europe, and the U.S.

CMB is one of the largest banks in China and is known for its strong focus on retail banking. It has a large network of branches and ATMs and a variety of products and services tailored to the needs of individuals. The bank also has a significant presence in corporate banking and serves a diverse range of customers, including small and medium-sized enterprises and large corporations, with corporate and investment banking services.12

10. Mitsubishi UFJ Financial Group Inc. (MUFG)

• Revenue (TTM): $63.90B
• Net Income (TTM): $8.24B
• Market Cap: $114.79B
• 1-Year Trailing Total Return: 27.38%
• Exchange: NYSE

Mitsubishi UFJ traces its origin to the opening of the Konoike Exchange Bureau in Osaka in 1656. Through the centuries, it transitioned through many names and existences, finally arriving at its current form, MUFG. The bank operates in more than 50 countries and employs about 160,000 people.13

How Do Banks Make Money?

Banks make money by borrowing from depositors and lending to borrowers. The difference between the interest rate that they pay depositors and the rate that they charge borrowers for new loans is known as the spread or net interest income—and this is the primary source of banks’ revenues. Banks also make money from charging fees or commissions for various services, such as account servicing, brokerage, wealth management, financial advising, and investment banking.

How Did the Biggest Banks Get So Big?

The largest banks have grown to their current size through a combination of factors, including organic growth, mergers and acquisitions, innovation, and market dominance.

What Is the Largest Bank in the World?

As of Jan. 31, 2024, JP Morgan & Chase held the title of the largest bank in the world as measured by market capitalization.

The Bottom Line

The world’s 10 biggest banks offer a wide range of financial products and services to individuals, businesses, and institutional clients. They have grown over time due to ongoing business success and mergers and acquisitions.

The top banks by both revenue and market cap are concentrated in the U.S. and China, a trend that has seen major European banks lose their global dominance over the past decades.

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