Banks are places most people keep their money, including the world’s richest. Banks are richer than each other depending on the type of account they manage and the kind of businesses they run.
The profit generated by these banks also varies even when their assets differ. This comes into play in the ranking of the world’s largest banks.
As the business world battles impending inflation, here are the top 10 richest banks worldwide based on their assets estimated by Forbes;
10. Postal Savings Bank of China – $2 trillion
Postal Savings Bank of China Co., Ltd. engages in the provision of banking and related financial services.
It operates through the following segments: Personal Banking, Corporate Banking, Treasury, and Others.
Postal Savings Bank of China was founded in 1919 with headquarters in Beijing, China.
Its current workforce is estimated at 193,946.
Postal Savings Bank of China has assets worth $2 trillion.
9. Citigroup – $2.4 trillion
Citigroup, Inc. is a holding company, which engages in the provision of financial products and services.
It operates through the following segments: Global Consumer Banking; Institutional Clients Group; and Corporate and Other.
Citigroup was founded in 1812 with headquarters in New York, New York, United States.
Its current workforce is estimated at 223,400.
Citigroup has assets worth $2.4 trilloon.
8. China Merchants Bank – $1.4 trillion
China Merchants Bank Co., Ltd. engages in the provision of corporate and personal banking services.
It focuses on individual and corporate businesses, credit card, and small and medium enterprises.
China Merchants Bank was founded in 1987 with headquarters in Shenzhen, China.
Its current workforce is estimated at 103,669.
China Merchants Bank assets are worth $1.4 trillion.
7. Wells Fargo – $1.9 trillion
Wells Fargo & Co. is a diversified, community-based financial services company.
It is engaged in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance.
The bank was founded in 1852 with headquarters in San Francisco, California.
Its current workforce is estimated at 247,848.
Wells Fargo has assets worth $1.9 trillion.
6. Bank of China – $4.2 trillion
Bank of China Ltd. engages in the provision of banking and financial services.
It operates through the following business segments: Corporate Banking, Personal Banking, Treasury Operations, Investment Banking, Insurance, and Others.
Bank of China was founded in 1929 with headquarters in Beijing, China.
It currently has a staff strength of about 306,322.
Assets of the bank are worth $4.2 trillion.
5. Bank of America – $3.2 trillion
Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services.
It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other.
The Bank of America was founded in 1904 with headquarters in Charlotte, North Carolina, United States.
It currently has a staff strength of about 166,400.
Bank of America has an asset worth of $3.2 trillion.
4. Agricultural Bank of China – $4.6 trillion
Agricultural Bank of China engages in the provision of international commercial banking and financial services. It operates through the following segments: Corporate Banking, Personal Banking, Treasury Operations and Others & Unallocated.
It was founded in 1979 with headquarters in Beijing, China.
The bank currently has a staff strength of about 455,174.
Agricultural Bank of China has assets worth $4.6 trillion.
3. China Construction Bank – $4.7 trillion
China Construction Bank Corp. engages in the provision of a wide range of financial services to corporate and personal customers. It operates through the following business segments: Corporate Banking, Personal Banking, Treasury, and Others.
It was founded in 2014 with headquarters in Beijing, China.
Its current staff strength is about 349,671.
China Construction Bank Corp has an asset worth $4.7 trillion.
2. JPMorgan Chase – $4 trillion
JPMorgan Chase & Co. is a financial holding company. It provides financial and investment banking services.
The firm offers a range of investment banking products and services in all capital markets, including advising on corporate strategy and structure, capital raising in equity and debt markets, risk management, market making in cash securities and derivative instruments, and brokerage and research.
It was founded in 2000 with headquarters at New York, New York in the United States (US).
JPMorgan‘s staff strength is about 270,000.
It is currently worth $4 trillion.
1. Industrial and Commercial Bank of China – $5.5 trillion
Industrial & Commercial Bank of China Ltd. engages in the provision of commercial banking and financial services. It operates through the following business segments: Corporate Banking, Personal Banking, Treasury Operations, and Others.
It was founded in 1984 with headquarters in Beijing, China. The company’s employees strength is about 434,089.
ICBC is currently worth $5.5 trillion.
