What Is the Current State of the Financial Services Industry?
The top 10 largest banks in the world are contributing to a very fast-growing financial services industry in 2020. BizVibe’s analysis shows that the financial services industry is expected to reach $26.5 trillion, growing at a rate of 6% in the next few years. China currently operates the four largest banks in the world and is expected to keep growing at a stellar rate leading the industry in the growth of total assets and. US banks remain near the top among the largest banks in the world by revenue.+
This fact sheet is to assist business professionals, investors, and people in general that are interested in gaining insights into the global financial industry including:
- Discover who the top 10 largest banks in the world by assets and revenue are in 2020?
- Complete list of largest banks in the world?
- What are the financial services industry statistics to leverage in 2020?
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Financial Services Industry Statistics
- By 2022, the financial services industry is expected to reach $26.5 trillion, growing at a rate of 6%.
- Asia-Pacific is the largest financial sector globally, followed by North America.
- Fintech funding grew from 82% from 2017 to 2018.
- Market capitalization globally in 2019 reached $90 trillion.
- Return on capital as of 2018 was 13.7 percent in the banking industry alone, higher than the 13.5 percent figure at the end of 2017.
- Canadian banks grew total assets by an impressive 11.2 percent year over year to US$4.7 trillion, mainly driven by mortgages, and loans to both individuals and businesses.
- The top four largest banks in the world remain Chinese banks.
- The top four largest banks in the world by revenue are Chinese and American banks.
Top 10 Largest Banks in the World by 2020
Who are the top 10 largest banks in the world? The following is a list of largest banks in the world ranked by factoring both total assets and annual revenue.
1. Industrial & Commercial Bank of China
What is the largest bank in the world? Number 1 on BizVibe’s list of the top 10 largest banks in the world in 2020 is Industrial & Commercial Bank of China, a multinational Chinese banking company. Abbreviated as ICBC, the company is a state-owned enterprise founded 36 years ago in Beijing. ICBC specializes in 3 main types of services: banking, financial services, and investment services.
Industrial & Commercial Bank of China is the largest bank in the world by assets with USD 3.62 trillion in total assets. ICBC is the fourth largest bank in the world going by total revenue at USD 134.8 billion.
- Founded: 1984
- ICBC Headquarters: Beijing, China
- ICBC Total Asset Value: USD 3.62 trillion
- ICBC Revenue: USD 134.8 billion
- ICBC Number of Employees: 453,048
2. China Construction Bank Corporation
2nd on BizVibe’s list of the largest banks in the world is also from China. China Construction Bank Corporation — abbreviated as CCB — the company is one of the “big four” banks in China. CCB was founded 66 years ago in Beijing and currently operates branches in Barcelona, Frankfurt, Luxembourg, Hong Kong, Johannesburg, New York City, Seoul, Singapore, Tokyo, Melbourne, Kuala Lumpur, Sydney and Auckland, and has a wholly-owned subsidiary in London.
China Construction Bank is the 2nd largest bank in the world ranked by total by assets at USD 2.94 trillion.
China Construction Bank Corporation Products
- Finance and insurance
- Consumer Banking
- Corporate Banking
- Investment banking
- Investment management
- Global Wealth Management
- Private equity
- Mortgages
- Credit cards
- Founded: 1954
- CCB Headquarters: Beijing, China
- CCB Total Asset Value: USD 2.94 trillion
- CCB Revenue: USD 92.1 billion
- CCB Number of Employees: 345,971
3. Agricultural Bank of China
Coming in 3rd on the list of the largest banks in the world is also from China and another one of the big four banks in China. Agricultural Bank of China is 3rd on BizVibe’s list of the largest banks in the world in 2020. ABC has a total asset value of USD 2.82 trillion, making it the 3rd largest bank in the world by assets. Agricultural Bank of China was founded 69 years ago back in 1951 and is primarily owned by Central Huijin and the Ministry of Finance.
In terms of revenue, ABC brought in $87.6 billion in 2018 and continues stellar annual revenues. In 2010, the Agricultural Bank of China went public and its IPO was the largest on record at the time, surpassed since by Alibaba.
Agricultural Bank of China Products
- Finance and insurance
- Consumer Banking
- Corporate Banking
- Investment banking
- Investment management
- Global Wealth Management
- Private equity
- Mortgages
- Credit cards
- Founded: 1951
- ABC Headquarters: Beijing, China
- ABC Total Asset Value: USD 2.82 trillion
- ABC Revenue: USD 87.6 billion
- ABC Number of Employees: 473,691
4. Bank of China
Bank of China is ranked 4th on BizVibe’s list of the top 10 largest banks in the world in 2020. Bank of China was founded back in 1912 and is known for dealing with small farmers and large wholesale agricultural companies.
Bank of China is also one of the big four state-owned commercial banks in China and ranks 4th in the world in asset value with a total value of assets worth USD 2.82 trillion.
Bank of China Products
- Credit cards
- Consumer banking
- Corporate banking
- Finance and insurance
- Investment banking
- Mortgage loans
- Private banking
- Private equity
- Savings, Securities
- Asset management
- Wealth management
- Founded: 1912
- Bank of China Headquarters: Beijing, China
- Bank of China Total Asset Value: USD 2.82 trillion
- Bank of China Revenue: USD 73.23 billion
- Bank of China Number of Employees: 311,000
5. HSBC Holdings (HSBC)
HSBC Holdings plc is the largest bank in Europe. HSBC is a multinational investment bank and a financial services holding company operating in over 80 countries with over1800 locations in the UK alone. HSBC is the first non-China based bank in this list.
HSBC Products
- Retail banking
- Corporate banking
- Investment banking
- Mortgage loans
- Private banking
- Wealth management
- Credit cards
- Finance
- Insurance
- Founded: 1865
- HSBC Headquarters: London, United Kingdom
- HSBC Total Asset Value: USD 2.57 trillion
- HSBC Revenue: USD 56.1 billion
- HSBC Number of Employees: 235,351
6. JPMorgan Chase & Co. (JPM)
JPMorgan Chase is an American multinational investment banking company and 6th on BizVibe’s list of the top 10 largest banks in the world. Headquartered in New York City and founded back in 1799 initially as Bank of the Manhattan Company, the company has the third largest hedge fund ion the world. In terms of market cap, the company has the largest market cap in the world.
JPMorgan Chase has total assets of USD 2.45 trillion and their annual revenue last year was 115.627 billion. JPMorgan Chase is one of the big four banks in America, along with Bank of America, Citigroup, and Wells Fargo.
- Founded: 2000
- JPM Headquarters: New York City, New York, United States
- JPM Total Asset Value: USD 2.45 trillion
- JPM Revenue: USD 115.627 billion
- JPM Number of Employees: 256,981
7. BNP Paribas
BNP Paribas is an international banking group based out of France. By total assets and revenue, BNP ranks 7th on this list. BNP Paribas was founded 172 years ago with its current headquarters in Boulevard des Italiens, Paris, France. The bank’s current presence is on 5 different continents and serves more than 30 million customers worldwide. Following the 2008 financial crisis, BNP Paribas was considered one of the five largest banks in the world.
BNB Paribas’ annual revenue last year was USD 48.9 billion and total assets are USD 2.4 trillion.
BNP Paribas Products
- Asset management
- consumer banking
- corporate banking
- credit cards
- investment banking
- mortgage loans
- private banking
- wealth management
- Founded: 1848
- BNP Paribas Headquarters: Boulevard des Italiens, Paris, France
- BNP Paribas Total Asset Value: USD 2.4 trillion
- BNP Paribas Revenue: USD 48.9 billion
- BNP Paribas Number of Employees: 202,624
8. Mitsubishi UFJ Financial Group (MUFG)
Mitsubishi UFJ Financial Group, abbreviated as MUFG, is a Japanese holding company in the financial services sector. MUFG was founded in 2005 with its current headquarters in Yurakucho, Chiyoda, Tokyo, Japan. MUFG’s total assets are USD 2.8 trillion — making the MUFG of the largest banks in the world by assets.
Mitsubishi UFJ Financial Group Products
- Personal Banking
- Corporate banking
- Investment banking
- Investment management
- Wealth Management
- Mortgage
- Credit cards
Mitsubishi UFJ Financial Group Subsidiaries
- Morgan Stanley
- MUFG Bank
- Mitsubishi UFJ Trust and Banking Corporation
- Mitsubishi UFJ Securities
- Mitsubishi UFJ NICOS
- Mitsubishi UFJ Lease & Finance
- UnionBanCal Corporation
- Founded: 2005
- MUFG Headquarters: Yurakucho, Chiyoda, Tokyo, Japan
- MUFG Total Asset Value: USD 2.8 trillion
- MUFG Revenue: USD 41.7 billion
- MUFG Number of Employees: 106,800
9. Bank of America (BofA)
With headquarters in Charlotte, North Carolina, U.S., Bank of America is one of the largest banks in the world by assets and revenue. Founded in 1998, Bank of America operates central hubs in New York City, London, Hong Kong, Minneapolis, and Toronto, but was founded in San Francisco. Bank of America specializes in a multitude of services and has total assets of USD 2.15 trillion and total revenue of USD 91.24 billion.
Bank of America Products
- Consumer banking
- corporate banking
- insurance
- investment banking
- mortgage loans
- private banking
- private equity
- wealth management
- credit cards
- Founded: 1998
- Bank of America Headquarters: Charlotte, U.S
- Bank of America Total Asset Value: USD 2.15 trillion
- Bank of America Revenue: USD 91.24 billion
- Bank of America Number of Employees: 204,489
10. Crédit Agricole Group
Crédit Agricole Group is the world’s largest cooperative financial institution. The company was founded 125 years ago and has current headquarters in Montrouge, France. Crédit Agricole Group has total assets of USD 1.91 trillion and total revenues of USD 33.5 billion making it one of the largest banks in the world by assets and revenue.
Crédit Agricole Group Products
- Retail banking
- Corporate banking
- Investment banking
- Private banking
- Wealth management
- Asset management
- Founded: 1894
- Crédit Agricole Group Headquarters: Montrouge, France
- Crédit Agricole Group Total Asset Value: USD 1.91 trillion
- Crédit Agricole Group Revenue: USD 33.5 billion
- Crédit Agricole Group Number of Employees: 150,000
This is BizVibe’s list of the top 10 largest banks in the world by assets and revenue in 2020. These companies are changing the way businesses are innovating in the financial services industry.
Top 10 Largest Banks in the World by Assets
Rank | Bank | Assets |
| 1 | Industrial & Commercial Bank of China | $3.62 trillion |
| 2 | China Construction Bank Corporation | $2.94 trillion |
| 3 | Agricultural Bank of China | $2.82 trillion |
| 4 | Bank of China | $2.82 trillion |
| 5 | Mitsubishi UFJ Financial Group | $2.8 trillion |
| 6 | HSBC Holdings | $2.57 trillion |
| 7 | JPMorgan Chase | $2.45 trillion |
| 8 | BNP Paribas | $2.4 trillion |
| 9 | Bank of America | $2.15 trillion |
| 10 | Crédit Agricole Group | $1.91 trillion |
The top 10 largest banks in the world by assets in 2020 is led by the big four banks in China Industrial & Commercial Bank of China, China Construction Bank Corporation, Agricultural Bank of China, and Bank of China.
Top 10 Largest Banks in the World by Revenue
Rank | Bank | Revenue |
| 1 | Industrial & Commercial Bank of China | $134.8 billion |
| 2 | JPMorgan Chase | $115.627 billion |
| 3 | China Construction Bank Corporation | $92.1 billion |
| 4 | Bank of America | $91.24 billion |
| 5 | Agricultural Bank of China | $87.6 billion |
| 6 | Bank of China | $73.23 billion |
| 7 | HSBC Holdings | $56.1 billion |
| 8 | BNP Paribas | $48.9 billion |
| 9 | Mitsubishi UFJ Financial Group | $41.7 billion |
| 10 | Crédit Agricole Group | $33.5 billion |
The top 10 largest banks in the world by revenue in 2020 is led by Industrial & Commercial Bank of China, JPMorgan Chase, China Construction Bank Corporation, and China Construction Bank Corporation. Americans perform at a stellar rate in annual revenues.
The Future of the Financial Services Industry
2020 and, the future of the services industry looks promising as the top 10 largest banks in the world continue to grow their total assets and annual revenue. Expect the industry to keep growing and the key players to play a vital role in its growth.
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As an expert in the financial services industry, I bring a wealth of knowledge and experience to provide insights into the current state of the sector. My expertise is demonstrated by a deep understanding of key concepts, industry trends, and data analysis related to the top banks globally. Now, let's delve into the information presented in the article.
Financial Services Industry Overview:
1. Industry Growth and Size:
- The financial services industry is experiencing rapid growth, with an expected value of $26.5 trillion by 2022, growing at a rate of 6%.
- Asia-Pacific holds the position of the largest financial sector globally, followed by North America.
2. Top Banks Worldwide:
- China dominates the list of the four largest banks globally.
- The top four largest banks by revenue are Chinese and American.
3. Key Financial Statistics:
- Fintech funding witnessed an 82% growth from 2017 to 2018.
- Global market capitalization reached $90 trillion in 2019.
- Return on capital in the banking industry was 13.7% as of 2018.
4. Regional Insights:
- Canadian banks experienced significant growth, with total assets increasing by 11.2% year over year to US$4.7 trillion.
- China remains a powerhouse, operating the four largest banks globally and leading in the growth of total assets.
5. Top 10 Largest Banks in the World:
- The top four banks are Industrial & Commercial Bank of China, China Construction Bank Corporation, Agricultural Bank of China, and Bank of China.
Detailed Information on Top 5 Banks:
1. Industrial & Commercial Bank of China (ICBC):
- Founded: 1984
- Headquarters: Beijing, China
- Total Asset Value: USD 3.62 trillion
- Revenue: USD 134.8 billion
- Employees: 453,048
2. China Construction Bank Corporation (CCB):
- Founded: 1954
- Headquarters: Beijing, China
- Total Asset Value: USD 2.94 trillion
- Revenue: USD 92.1 billion
- Employees: 345,971
3. Agricultural Bank of China (ABC):
- Founded: 1951
- Headquarters: Beijing, China
- Total Asset Value: USD 2.82 trillion
- Revenue: USD 87.6 billion
- Employees: 473,691
4. Bank of China:
- Founded: 1912
- Headquarters: Beijing, China
- Total Asset Value: USD 2.82 trillion
- Revenue: USD 73.23 billion
- Employees: 311,000
5. HSBC Holdings:
- Founded: 1865
- Headquarters: London, United Kingdom
- Total Asset Value: USD 2.57 trillion
- Revenue: USD 56.1 billion
- Employees: 235,351
Future Outlook:
- The future of the financial services industry appears promising, with the top 10 banks poised to continue growing their total assets and annual revenue.
- Key players, particularly those in China and the United States, are expected to play a vital role in shaping the industry's growth.
In conclusion, my expertise in the financial services industry allows me to provide valuable insights into the current landscape, trends, and the future outlook of the sector. For professionals, investors, and individuals interested in the global financial industry, staying informed about the top banks and industry statistics is crucial for making informed decisions.
