S&P Global Intelligence on Friday released its annual ranking of the biggest global banks in the world by assets, with Chinese banks dominating the top 4 of the list, followed by Mitsubishi UFJ Financial of Japan, US lender JPMorgan Chase and then European banks.
In total, S&P Global included 23 banks across the world with over $1 trillion in assets across Asia, North America, and Europe.
“China’s largest banks kept growing in 2016, but the currency turmoil unleashed by Brexit battered European companies in S&P Global Market Intelligence’s latest global bank rankings,” the S&P Global’s report statedd.
Banks with big retail operations dominate the list, meaning investment banking giants including Goldman Sachs and Morgan Stanley miss out on the top 23, ranking 32nd and 37th overall.
European banks had a tough year on S&P’s list in 2016, thanks largely to depreciations in both the euro and the pound, which decreased the relative size of their total assets piles.
However, nine still remained with total assets of more than $1 trillion, including four French banks, three based in the UK, one in Spain, and one in Germany. That compared to six in China, four in the US and four in Japan.
List of the world’s 23 biggest global banks in the world by assets :
1. Industrial & Commercial Bank of China, China – $3.47 trillion
2. China Construction Bank, China – $3.02 trillion
3. Agricultural Bank of China, China – $2.82 trillion
4. Bank of China, China – $2.60 trillion
5. Mitsubishi UFJ Financial, Japan – $2.59 trillion
6. JPMorgan Chase, USA – $2.49 trillion
7. HSBC, UK – $2.37 trillion
8. BNP Paribas, France – $2.19 trillion
9. Bank of America, USA – $2.19 trillion
10. Wells Fargo, USA – $1.93 trillion
11. Credit Agricole, France – $1.82 trillion
12. Japan Post Bank, Japan – $1.80 trillion
13. Citigroup, USA – $1.79 trillion
14. Mizuho Financial Group, Japan – $1.75 trillion
15. Deutsche Bank, Germany – $1.68 trillion
16. Sumitomo Mitsui Financial Group, Japan – $1.65 trillion
17. Barclays, UK – $1.50 trillion
18. Societe Generale, France – $1.45 trillion
19. Banco Santander, Spain – $1.41 trillion
20. Groupe BPCE, France – $1.30 trillion
21. Bank of Communications, China – $1.21 trillion
22. Postal Savings Bank of China, China – $1.19 trillion
23. Lloyds Banking Group, UK – $1.01 trillion
Source: S&P Global Intelligence
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