Not too long ago, all a bank had to do to gain customers’ trust was add the word “trust” to its name. After the pandemic, fluctuating interest rates, and the failure of big institutions like Silicon Valley Bank, these banks are learning that trust is the most important thing they can bank on (maybe after great rates). However, in this article, we will discuss the best banks in the world, including the largest, worst, and most popular banks in the world.
Best Banks in the World
Banks are financial companies that offer a wide range of goods and services, such as keeping track of deposits, lending money, managing wealth, exchanging currencies, and investment banking. Here we will examine the best banks in the world.
#1. DBS
Even though the pandemic was still going on in 2021, DBS saw growth in the markets it served, the technology it used, and the products it offered. This made it the world’s best bank among other banks for the third time.
The bank spent most of last year moving away from the strong Singapore and Hong Kong markets to grow in China and Taiwan. The bank started DBS Securities (China) with four large investors in China. In June 2021, the bank got permission to do business in securities. DBS also bought a 13% stake in Shenzhen Rural Commercial Bank (SRCB), making it the biggest single shareholder in SRCB. On the other side of the Taiwan Strait, DBS bought Citi’s Citi Consumer Taiwan business in a deal that involved the transfer of assets and liabilities worth about $683 million. Officials at the bank say that the deal strengthens the bank’s position in the area, which began in 1983 and has grown on its own for at least 10 years.
#2. J.P. Morgan
After a good year in 2021, the World’s Best Corporate Bank award goes to the big bank J.P. Morgan. It’s Corporate and Investment Banking (CIB) business brought in about $1.5 trillion and worked with clients all over the world. Because of that, it made $52 billion in money.
The bank’s investment bank, treasury and securities services business, and corporate bank all merged into the CIB business ten years ago. The CIB business operates in more than 100 countries and works with 90% of the Fortune 500 companies
#3. CaixaBank
CaixaBank has grown to become one of the largest consumer banks in the world, with 20 million clients worldwide, after completing its 4.3 billion euro (approximately $4.3 billion) acquisition of state lender Bankia in May 2021. It is the World’s Best Consumer Bank for 2022 because of how much it cares about its customers more than other banks and the areas it serves.
The bank’s network of more than 6,000 offices and 15,000 ATMs in Spain, as well as its CaixaBankNow web and mobile apps, are all designed to work together. About 3 million customers use the Now app every day, and 42% of digital users only use mobile banking.
#4. HSBC
HSBC won our award for World’s Best Emerging Markets Bank. In 2021, it made a big change to focus on its core markets and made $18.9 billion in profit, which was an 87% rise from the year before.
Part of the reason for the rise is that the bank has spent $6 billion on digitalization, which is almost a fifth of its operating spending. HSBC has now automated close to 97% of its deals. About half of the bank’s retail customers use HSBC’s mobile banking app, which is offered in 24 markets. Corporate clients used HSBCnet to make more than 9 million payments, which is a 58% increase from 2020. Commercial banking clients in 18 Asian markets raised their rate of digital transactions to 94%, which is a 9% increase from 2020.
Largest Banks in the World
The Industrial and Commercial Bank of China Ltd. is the largest financial institution in the world in terms of both total assets under management (AUM) and gross income. This bank offers credit cards, loans, business financing, and money management services to businesses and people with a lot of money. Even though this is a business bank, the government owns it. The following are the largest banks in the world.
#1. China Construction Bank Corp. (CICHY)
- Revenue (TTM): $126.79B
- Net Income (TTM): $48.49B
- Market Cap: $148.5B
- 1-Year Trailing Total Return: -4.5%
- Exchange: OTC
China Construction Bank Corp is the second largest bank in China and the second largest bank in the world. It offers services like e-banking, credit lines, and industrial loans to businesses. In a different part of its business, China Construction Bank also does personal banking. It offers personal loans, deposits, wealth management, and credit cards.
#2. Bank of America Corp. (BAC)
- Revenue (TTM): $92.48B
- Net Income (TTM): $27.41B
- Market Cap: $254.9
- 1-Year Trailing Total Return: -26.0%
- Exchange: NYSE
Bank of America is an American bank that works with both small and large businesses and people. Bank of America’s Consumer Banking branch offers deposit and checking accounts. Its global offices, on the other hand, offer a range of business and wealth management services.
#3. Wells Fargo & Co. (WFC)
- Revenue (TTM): $74.98B
- Net Income (TTM): $16.07B
- Market Cap: $157.6B
- 1-Year Trailing Total Return: -13.5%
- Exchange: NYSE
Wells Fargo is a well-known financial institution that serves the needs of people, businesses, and institutions with a wide range of banking services, such as personal and business banking, wealth management, and investment banking. Considering other banks, Wells Fargo is one of the largest banks in the world.
#4. BNP Paribas (BNPQY)
- Revenue (TTM): $70.33B
- Net Income (TTM): $11.17B
- Market Cap: $67.7B
- 1-Year Trailing Total Return: -7.1%
- Exchange: OTC
The main office of the big foreign bank BNP Paribas is in Paris, France. It is one of the largest banks in the world, with operations across more than 60 countries and a strong foothold in Europe, the Middle East, and North Africa.
The bank offers a wide range of financial services, such as retail banking, corporate and investment banking, asset management, and private banking. It works with people, companies, and institutions. It is known for its expertise in areas like financing, investing, and risk management.
Worst Banks in the World
These are the worst banks in the world. They include banks that have a past of being dishonest and banks that have been sued for ripping off customers. Some are still doing well.
#1. Silicon Valley Bank (SVB)
To the extent of $200 billion in assets, Silicon Valley Bank (SVB) was a California-based regional bank that catered to the startup and tech communities until recently. It is now thought of as one of the worst banks in the world. The bank went out of business in March 2023, and the Federal Deposit Insurance Corporation (FDIC) took over. The bank failed mostly because of two things:
Bad picks for investments. Specifically, putting $80 billion into low-interest 10-year U.S. Treasury bonds As the Federal Reserve raised interest rates, the value of those Treasuries went down, and SVB had to sell them at a loss to cover withdrawals.
A big bank run. The bank’s customers kept billions of dollars there. As their losses grew, they tried to take out a total of $42 billion, which SVB could not pay.
#2. Credit One Bank
Credit One Bank is mostly about credit cards, especially for people with bad credit. Even though its assets are only $300 million, it takes in a lot of money—over $500 million in 2021 alone. A lot of this money comes from fees, which is bad for account users. It’s easy to see why this is one of the worst-rated banks in the world There are a lot of one-star reviews and complaints about the company. Most customer issues have to do with:
- How Credit One collects debts
- Hidden fees
- Charges that are wrong
- People say they never got their credit cards.
- Fees are high and credit amounts are low.
Credit One Bank does give out cards to people with bad credit. But their long list of hidden fees and complicated banking terms can make it hard for customers to actually improve their credit scores.
#3. U.S. Bank
- Wells Fargo and U.S. Bank share a few things.
- Its old U.S. Bank was started more than a century ago.
- It’s big: with $500 billion in assets, it’s the fifth-largest bank in the United States.
- It got into trouble because it made up a lot of fake customer names.
You’re right. In 2022, U.S. Bank was fined $37.5 million for using customer information to open fake accounts. But that’s just one part of what’s wrong. Since 2000, U.S. Bank has paid more than $1 trillion in fines, settlements, and fees. From the point of view of the customer, this is a very big problem.
#4. Fifth Third Bank
Fifth Third Bank has more than 200 billion dollars in assets and more than 1,000 stores in 11 states. Although it may be small in comparison to some big national banks, the CFPB has received over 1,200 formal complaints from customers, including 500 one-star reviews from Consumer Affairs.
Most of the complaints are about the following:
- Deceptive marketing practices
- Hidden fees
- Deposits take a long time to come in
- Bad service to customers
But there’s more. Fifth Third Bank, like Wells Fargo and U.S. Bank, was sued for opening accounts in customers’ names without their permission. As of 2023, penalties and settlement fees are still to be paid.
Most Popular Banks in the World
So far, the financial industry’s response to the pandemic has been amazing. It wasn’t easy to go entirely virtual in only a few weeks and use a new operating model. Today we will meet the most popular banks in the world.
#1. Industrial and Commercial Bank of China (ICBC)
- Headquarters: China
- Founded:1 January 1984
- Number of employees:4,53,048 (2018)
- Market cap: $246.5 billion
- Total assets: $4,614 billion
The Industrial and Commercial Bank of China Limited is one of the most popular banks in the world. It offers banking services. The company offers a wide range of services, such as deposits, loans, fund underwriting, foreign currency payments, and more. The Industrial and Commercial Bank of China works with people, companies, and other types of clients.
The Industrial and Commercial Bank of China has more money than any other bank in China. In 2020, the Industrial and Commercial Bank of China (ICBC) said its overall assets were 33.3 trillion yuan.
#2. China’s Agricultural Bank
- Headquarters: Beijing, China
- President: Zhao Huan
- 4,67,631 people work there
- Market cap: $203.2 billion
- $4,214 billion in total assets
The People’s Republic of China has the “Big Four” banks, one of which is the Agricultural Bank of China. It is also one of the most popular banks in the world. China’s Agricultural Bank began on July 10, 1951, and its main office is in the Dongcheng District of Beijing. It has offices in mainland China as well as Tokyo, New York, Frankfurt, Sydney, Seoul, Hong Kong, London, and Singapore. ABC has about 24,000 stores, and 320 million people buy things from them. It has 2.7 million business clients as well. It has the third most assets of any bank in China.
What Is the Top Bank in the World?
Industrial and Commercial Bank of China Limited is the biggest bank in the world based on its total assets, which are worth $5.5 trillion.
Which Is the Safest Bank in World?
Analyst says that UBS is now “the safest bank in the world” for investors because Switzerland has made it too big to fail.
Which Bank Account Hacked the Biggest?
In 2016, the Bangladesh Bank was broken into, and $81 million was stolen. Many people see this highly complex attack as the biggest bank heist in history. It was later found that nation-state hackers were behind it.
Which Bank Is International?
Global Banking’s Top 5 International Banks in 2023
- J.P. Morgan Chase & Co.
- American Bank.
- CitiGroup.
- HSBC.
- CapitalOne
What Country Has a Lot of Banks?
The United States has about 4,000 small banks. That is more than any other country and more than all of the tiny banks in the European Union combined. Here’s why the country has so many lenders and what that means for the US economy.
References
Related Articles
2. BEST FINANCIAL JOBS: Best Paying Jobs in Finance 2023
3. PAYMENT PROCESSING COMPANY: 11+ BEST COMPANIES IN 2023
4. 31 Best Places to Travel in December in the USA 2023
5. Best 47+ Places to Live in the US in 2023 (All You Need)
.
