What is the largest bank in the world by market cap? In 2024, the global banking landscape will continue to be dominated by financial giants with substantial market capitalisation, reflecting their important role in the global economy. Also, the top 10 largest banks by market cap include names such as JPMorgan Chase, Industrial and Commercial Bank of China (ICBC) and Bank of America.
Furthermore, the dominance of these banks is further strengthened by their ability to adapt to changing economic conditions, invest in technology and expand into emerging markets. This ensures that they maintain their competitive edge in an increasingly digital and interconnected world.
The composition of the top 10 list also highlights the geographical diversity of the leading banks, with representation from Asia, North America and Europe. Let’s take a closer look at this list of the top 10 largest banks in the world by market capitalisation in 2024.
10. HDFC Bank – $157 billion
Market cap: $157 billion
- Revenue: $20 billion
- Country: India
HDFC Bank, with a market capitalization of $157 billion, is India’s largest private sector bank, headquartered in Mumbai. Founded in 1994, the bank offers a variety of financial services, including personal banking, corporate banking, and loan services.
It is projected to be India’s largest private sector bank by assets by 2024 and one of the largest banks by market cap worldwide. Furthermore, HDFC Bank is known for its high service quality and commitment to customers, making it a reputable and trusted financial institution in India.
HDFC Bank has a market capitalization of $157 billion, making it the third-largest company on the Indian stock exchanges. It is also the sixteenth-largest employer in India with over 173,000 employees after its acquisition of parent company HDFC.
In addition, HDFC Bank has made significant progress in technological innovation and digital banking. HDFC Bank’s extensive network of branches and ATMs sets it apart from other banks. The bank provides its services with more than 5,500 branches and more than 14,000 ATMs all over India.
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09. Morgan Stanley – $161 billion
Market cap: $161 billion
- Revenue: $51 billion
- Country: USA
Morgan Stanley is one of the world’s most prestigious and influential financial institutions, headquartered at 1585 Broadway in Midtown Manhattan, New York City. The bank offers a wide range of comprehensive financial services, including investment banking, wealth management, and institutional securities.
Moreover, with offices in 41 countries and more than 75,000 employees, the firm’s clients include corporations, governments, institutions, and individuals. With $161 billion market capitalization, Morgan Stanley is one of the top 10 largest banks by market cap worldwide in 2024
The original Morgan Stanley, formed by J.P. Morgan & Co. partners Henry Sturgis Morgan, Harold Stanley, and others, came into being on September 16, 1935, in response to the Glass-Steagall Act.
Morgan Stanley has made significant investments in digital platforms and fintech solutions, allowing customers to get better services and a more convenient banking experience. Also, the bank offers its services in the US, Europe, Asia, and other key markets, strengthening its global reach and business relationships.
08. HSBC Holdings – $163 billion
Market cap: $163 billion
- Revenue: $66 billion
- Country: UK
HSBC is one of the world’s largest and most prestigious banks, headquartered in London, England. The bank has historical and business ties to East Asia and has a multinational presence. It is Europe’s largest bank by total assets, ahead of BNP Paribas with US$3 trillion.
Founded in Hong Kong and Shanghai in 1865, HSBC’s name is derived from “Hongkong and Shanghai Banking Corporation”. The bank offers a wide range of financial services globally, including personal and corporate banking, asset management, investment banking, and insurance services.
HSBC has offices, branches, and subsidiaries in 62 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving approximately 39 million customers. It is the eighth largest bank in the world by market cap in 2024.
In addition, HSBC is also a leader in technological innovation and digital banking. The Bank has developed advanced digital platforms and mobile banking services for its customers, making the banking experience even more convenient and secure.
07. Bank of China – $174 billion
Market cap: $174 billion
- Revenue: $85 billion
- Country: China
The market cap of the Bank of China (BOC) is $174 billion, making it the 72nd most valuable company in the world by market cap. It is also one of the largest and most prominent banks in the world by market cap. Founded in 1912, the bank is China’s oldest bank, headquartered in Beijing.
In addition, the Bank of China offers a wide range of financial services, including personal banking, corporate banking, and investment banking. With its long history and wide portfolio of services, the Bank of China has built a strong presence in the global financial sector.
BOC’s global reach and international expansion sets it apart from other Chinese banks. The bank offers its services in Asia, Europe, America, and Africa, making its global presence even stronger. Also, the Bank of China has made significant progress in technological innovation and digital banking.
The bank has developed advanced digital platforms and mobile banking services for its customers, making the banking experience even more convenient and secure. Its digital strategy and technological investments have given it a competitive edge, keeping it at the forefront of a rapidly changing financial landscape.
06. China Construction Bank – $177 billion
Market cap: $177 billion
- Revenue: $106 billion
- Country: China
China Construction Bank (CCB) is the sixth largest bank in the world by market cap in 2024. It is one of China’s “big four” banks. Founded in 1954 and headquartered in Beijing, CCB plays a key role in China’s banking sector.
In addition, the bank has approximately 13,629 domestic branches. Also, it maintains overseas branches in London, Barcelona, Frankfurt, Luxembourg, Hong Kong, Johannesburg, New York City, Seoul, Singapore, Tokyo, Melbourne, Kuala Lumpur, Santiago de Chile, Brisbane, Sydney, and Auckland.
In recent years, the bank has invested heavily in fintech solutions to improve customer experience and operational efficiency. Also, initiatives such as mobile banking apps, online financial services, and blockchain technology integration are part of CCB’s strategy to remain competitive in the digital age.
In addition, CCB is committed to sustainable development and corporate social responsibility, and is actively participating in green finance. Also, it is supporting initiatives aimed at environmental protection and social welfare. This far-sighted approach ensures that CCB continues to play a leading role in the evolving global financial landscape.
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05. Wells Fargo – $207 billion
Market cap: $207 billion
- Revenue: $82 billion
- Country: USA
Wells Fargo is one of the top 10 leading and largest banks by market cap worldwide in 2024. Headquartered in San Francisco, the bank is known for its comprehensive financial services, including personal and corporate banking, investment services, and wealth management.
The bank operates in 35 countries and serves more than 70 million customers worldwide. Wells Fargo’s comprehensive services and customer base have established it as an important financial institution in the US and international markets.
Wells Fargo has developed advanced digital platforms and mobile banking services for its customers to make the banking experience even more convenient and secure. Also, Wells Fargo’s digital strategy and technological investments have given it a competitive edge, keeping it at the forefront of the rapidly changing financial landscape.
Wells Fargo’s impressive financial performance and innovation have kept it in a prominent position in the global financial sector. It is the fourth largest bank in the United States by total assets and is also one of the largest banks in the world by bank deposits and market capitalization.
04. Agricultural Bank of China – $209 billion
Market cap: $209 billion
- Revenue: $96 billion
- Country: China
Agricultural Bank of China (ABC) is one of the world’s most prominent banks, with a market capitalization of $209 billion. ABC is one of China’s “Big Four” banks, founded on July 10, 1951 and headquartered in Dongcheng District, Beijing.
ABC has 320 million retail customers, 2.7 million corporate customers and approximately 24,000 branches. It is the second largest in China and the fourth largest bank in the world by market cap in 2024.
The bank is particularly known for its financial services for the agricultural sector, providing not only financial support to farmers and agricultural businesses, but also personal and corporate banking services. It has branches in mainland China, Hong Kong, London, New York, Tokyo, Frankfurt, Sydney, Singapore and Seoul.
The bank has developed advanced digital platforms and mobile banking services for its customers, making the banking experience even more convenient and secure. Its overseas branches and subsidiaries have strengthened its position in the international markets, giving the bank a strong foothold at the global level as well.
03. Industrial and Commercial Bank of China (ICBC) – $247 billion
Market cap: $247 billion
- Revenue: $115 billion
- Country: China
The Industrial and Commercial Bank of China (ICBC) is the largest bank in China and the world by total assets. Also, with a market capitalization of $247 billion, it is one of the largest and most influential banks in the world in 2024.
ICBC was established on January 1, 1984 from the then commercial banking operations of the People’s Bank of China. Headquartered in Beijing, the bank mainly offers a wide range of financial services such as personal and corporate banking, investment services, and wealth management.
ICBC has a global expansion and impressive presence in overseas markets. The bank also offers its services in Asia, Europe, America, and Africa, further strengthening its global reach and business relationships. Also, it is famous for its technological innovation and digital banking solutions.
02. Bank of America – $316 billion
Market cap: $316 billion
- Revenue: $98 billion
- Country: USA
With a market capitalization of $316 billion, Bank of America is one of the top 10 largest banks by market cap worldwide in 2024. It is headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, and has investment banking and subsidiary headquarters in Manhattan. Its primary financial services revolve around commercial banking, wealth management, and investment banking.
The bank was founded in 1998 by the merger of NationsBank and Bank of America, and since then it has grown to become the second-largest banking institution in the US. Bank of America is known for its comprehensive financial services portfolio, which includes personal banking, corporate banking, and investment services.
Furthermore, its global expansion and diversified services make it a symbol of financial stability and customer trust. Bank of America’s strong financial position and extensive service network have made it a trusted and influential financial institution.
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01. JPMorgan Chase – $588 billion
Market cap: $588 billion
- Revenue: $158 billion
- Country: USA
With a market capitalization of $588 billion, JPMorgan Chase is the largest bank in the world by market cap in 2024. Headquartered in New York City and incorporated in Delaware. The bank offers a range of financial services such as investment banking, asset management, wealth management, and retail banking.
The high market capitalization of JPMorgan Chase reflects its strong financial position, broad global reach, and the trust it enjoys from investors and clients. As the largest of the Big Four banks, JPMorgan Chase is considered systemically important by the Financial Stability Board.
In addition, it also has a strong presence in asset management, managing trillions of dollars in assets for individuals ranging from individual investors to large institutions. Also, with total assets of US$3.9 trillion, JPMorgan Chase is the fifth largest bank in the world by assets.
