TOP 50 Largest Financial Companies in the World 2020

The leading financial companies are involved in a wide array of operations along with cash flow and movement of capital in the market cycle. Given the number of products they supply as well as their financial services with a high added value which bring in large revenue, it is hardly a surprise that financial companies struggle with sharp competitors amongst both US and foreign financial entities.  The fight for market shares between different types of banks, insurance companies, financial companies and wider financial bodies creates a dynamic environment where companies have the opportunity to specialize themselves, diversify and acquire other companies in search of larger profits, better risk shield and safer investments.  Below we present you a ranking of the top 50 largest financial companies in the world:

1. Berkshire Hathaway, Inc. Berkshire Hathaway is a US-based multinational conglomerate led by the famed investor and business tycoon Warren Buffett. It is headquartered in Omaha, Nebraska and, as of 2020, is the largest financial services company by revenue in the world. It operates mainly by acquiring and managing several smaller companies, including airline companies, as well as having significant minority holdings in certain public companies such as Bank of America and Coca Cola. 
Market capitalization: $555,8B

2. JP Morgan Chase & Co

JP Morgan Chase & Co is a US multinational investment bank and financial services company headquartered in New York City. The company was founded in 2000 and except for being the largest bank in the United States, it also has the third largest hedge fund in the world. JP Morgan Chase & Co mainly deals with asset management, wealth management, investment and consumer banking.
Market capitalization: $433,5B 

3. Bank of America

Bank of America is a US multinational investment bank as well as one of the largest banks in the world. With headquarters in Charlotte, North Carolina, Bank of America provides services catering not only to businesses, but also individual clients. It is known for having branches in several cities around the world such as Hong Kong, London, Dallas, and Toronto.
Market capitalization: $306,7B

4. Industrial and Commercial Bank of China (ICBC)

The Industrial and Commercial Bank of China, the Chinese multinational banking company, is currently the largest operating bank in the entire world. The ICBC, which is a state-owned company, has its main headquarters in Beijing and provides a variety of services such as banking, money management and investment. 
Market capitalization: $290,9B

5. China Construction Bank

China Construction Bank is one of the major banks in China – a part of the so-called “Big Four.” Headquartered in Beijing, the CCB operates several international branches across the world in cities like Seoul, NYC, Johannesburg, Barcelona, Frankfurt, Luxembourg, Singapore, Tokyo, Melbourne, Auckland, Kuala Lumpur and Sydney. China Construction Bank is the second largest bank in the world, after the ICBC. It provides services such as commercial loans, e-banking, and wealth management, among many others. 
Market capitalization: $218,4B

6. Wells Fargo & Co

Wells Fargo & Co is a San Francisco-based US multinational financial services  company. It is as of now the world’s fourth largest bank, despite being implicated in quite a few scandals throughout the years. Wells Fargo operates about 9,000 offices all over the United States and offers financial services to both businesses and individual clients.
Market capitalization: $203,4 B

7. Agricultural Bank of China

The Agricultural Bank of China is a state-owned Chinese bank providing services not only to individual clients and businesses, but also – what is unique – to farmers and agricultural companies. Founded in 1951, it is headquartered in Beijing and constitutes a part of the “Big Four” of banks in China. 
Market capitalization: $178,8 B

8. Citigroup Inc.

Citigroup is a US-based holding company headquartered in New York City. It provides an array of services ranging from global retail banking (through Citibank), corporate and investment banking, security, financial advice and cash management. Citigroup was founded in 1812 and currently operates over 160 subsidiaries around the world. 
Market capitalization: $171,5 B

9. HSBC Holdings

HSBC Holdings is a British banking company headquartered in London, which provides financial services such as retail and private banking, wealth management, asset management, and insurance. It is the largest bank in Europe and the seventh largest bank in the world. HSBC manages over 3,900 branches across all continents and prides itself in having garnered nearly 40 million customers from over 65 countries. 
Market capitalization: $157,5 B

10. Bank of China

Bank of China is one of the fourth largest state-owned banking companies within China, and the fifth largest bank in the world. A unique feature of this particular bank is that it’s licensed to issue banknotes in Hong Kong and Macau. The bank’s predominant services are commercial banking, consumer banking, and asset management, among many others.
Market capitalization: $146,6 B

11. China Merchants Bank

China Merchants Bank is China’s first non state-owned bank belonging entirely to corporate legal entities. Headquartered in Shenzhen, it operates over 500 branches across mainland China and Hong Kong. It deals mostly with the provision of corporate and personal banking services. 
Market capitalization: $137,7 B

12. Royal Bank of Canada 

The Royal Bank of Canada is a multinational financial services company and the largest Canadian bank, with headquarters in both Montreal and Toronto. It offers an array of diverse services such as private banking, corporate banking, mortgage loans, wealth management and insurance. 
Market capitalization: $116,6 B

13. HDFC Bank Limited

The HDFC Bank is an Indian banking and financial services company headquartered in Mumbai. As of 2020, it is the largest bank in India by market capitalization. The HDFC provides a plethora of services such as retail banking, wholesale banking, auto loans, treasury and many more.
Market capitalization: $112,7 B 

14. American Express

American Express, also known as Amex, is a notable US financial services company partially owned by Berkshire Hathaway. Headquartered in New York City, American Express is primarily known for its credit cards. 
Market capitalization: $106,08 B

15. Toronto-Dominion Bank

The Toronto-Dominion Bank, known also as the TD Bank, is one of the largest Canadian banks with nearly 30 million customers. With branch offices in both Canada and the US, the TD Bank provides a broad spectrum of services ranging from retail banking, commercial banking to supporting small businesses. 
Market capitalization: $103,3 B

16. Commonwealth Bank of Australia 

The Commonwealth Bank, also known as the CBA, is an Australian multinational bank with headquarters in Sydney. It offers services such as retail and business banking, funds management, insurance and pensions. The CBA is not only the largest Australian company, but also the largest bank in the Southern Hemisphere.
Market capitalization: $101,6 B

17. Morgan Stanley

Morgan Stanley is a company providing financial services which, through its affiliated companies, advises, trades and distributes capital to institutions, governments and individual people. The company operates in three business segments: institutional securities, asset management and investment management.
Market capitalization: $93,09 B

18. Sberbank of Russia Sberbank is a state-owned Russian company providing banking and financial services based in Moscow. Sberbank has branches in several European and post-Soviet countries.
Market capitalization: $92,82 B

19. Goldman Sachs Group

Goldman Sachs is one of the largest investment banks in the world, established in 1869 and headquartered in New York City. Goldman Sachs serves as a financial advisor for the biggest companies, governments and the wealthiest families in the world. It works as the direct dealer in contacts with the US Federal Reserve. 
Market capitalization: $91,97 B

20. BlackRock

BlackRock is a US global corporation managing investments. Founded in 1988, in the beginning it served as an institutional asset manager dealing with risk and fixed income. BlackRock is the largest asset manager in the world. BlackRock operates globally with 70 offices in 30 countries and customers from over 100 countries. Thanks to its force, size, scope and activities, BlackRock was dubbed the world’s largest “shadow bank.”
Market capitalization: $86.3 B

21. US Bancorp  US Bancorp is an American holding company based in Minneapolis, Minnesota. The company offers banking services, investment services, mortgage, trust and payment services  to individual customers, businesses, government entities and other financial institutions.
Market capitalization: $85,3 B

22. Itaú Unibanco Holding

Itau Unibanco Holding is a Brazilian publicly quoted bank headquartered in Sao Paulo. The bank was created as a result of Banco Itau and Unibanco merging on November 4, 2008. Banco Itau Unibanco S.A. constitutes the largest financial conglomerate on the Southern Hemisphere. 
Market capitalization: $76,29 B

23. Truist Financial

Truist Financial Corporation is a US holding company founded in 1872 and based in Charlotte, North Carolina. It offers consumer and commercial banking, securities brokerage, mortgage loans, insurance and asset management, among others. Truist Financial is listed as one of the largest banks in the US based on assets.
Market capitalization:  $75,50 B

24. Mitsubishi UFJ Financial Group (MUFG)

Mitsubishi UFJ is a Japanese financial and banking group based in Chiyoda. It was founded on October 5, 2005. The acronym MUFG stands for Mitsubishi and United Financial of Japan, which is the name of an acquired company.
Market capitalization: $72,39 B

25. BNP Paribas

BNP Paribas is a French multinational banking group. It is the eighth largest bank in the world based on assets and operates in 72 countries.
Market capitalization: $69,83 B

26. Postal Savings Bank of China Co., Ltd.

Postal Savings Bank of China, also known as PSBC is a commercial retail bank founded in 2007 with headquarters in Beijing. It provides financial services, especially to small and medium-sized businesses, agricultural customers and low-income customers. 
Market capitalization: $68,29 B

27. Banco Santander

Santander is a Spanish multinational company providing financial services based in Madrid and Santander. Santander is primarily known for operating in Europe and is the fourth largest European bank. 
Market capitalization: $67,80 B

28. PNC Financial Services Group, Inc.

PNC Financial Services is a US bank holding company and financial services corporation with headquarters in Pittsburgh, Pennsylvania. The company offers a variety of services such as asset management, wealth management, estate planning, loan servicing and information processing.
Market capitalization: $66,41 B

29. Westpac Banking Corporation Westpac Banking Corporation is an Australian bank and financial services provider based in Westpac Place in Sydney.
Market capitalization: $62,27 B

30. Charles Schwab Corporation

Charles Schwab Corporation is a US multinational company providing financial services, founded and based in San Francisco. The company is known for its electronic trading platforms, investor education, brokerage services (especially discounted ones) and free trading commission charges.
Market capitalization: $62,10 B

31. Bank Central Asia Tbk

Bank Central Asia Tbk, commonly known as the BCA is an Indonesian bank founded in 1957. It is headquartered in Jakarta. 
Market capitalization: $57,71 B

32. Industrial Bank Co

Industrial Bank is a Chinese commercial bank with headquarters in Fuzhou, Fujian Province. Its main areas of work include personal banking, corporate banking and institutional banking.
Market capitalization: $57,71 B

33. Bank of Communications Limited (BoCom or BoComm)

The bank was founded in 1908. Currently the Bank of Communications is one of the five largest commercial banks in China and boasts a wide range of over 2800 offices in 80 of China’s major cities. 
Market capitalization: $55,88 B

34. Lloyds Banking Group

Lloyds Banking is the main British financial institution created as a result of the acquisition of HBOS by Lloyd TSB in 2009.
Market capitalization: $53,07 B

35. Qatar National Bank

The Qatar National Bank was founded on June 6, 1964 and is headquartered in Doha, Qatar. It provides services in business terms, i.e. consumer Banking, asset and wealth management, corporate banking and international banking.
Market capitalization: $52,62 B

36. Shanghai Pudong Development Bank

Shanghai Pudong Development Bank is a joint-stock commercial bank with its headquarters located in Shanghai. It provides financial services contributing to the development of Pudong. The bank also builds Shanghai to be one of the world’s major multinational financial centres. It also contributes greatly to China’s economic development and social progress. 
Market capitalization: $51,65 B

37. National Australia Bank

The National Australia Bank is a banking institution constituting one of the “Big Four” of Australian financial institutions based on market capitalization, income and number of customers.
Market capitalization: $51,64 B

38. Bank of Montreal (BMO)

The Bank of Montreal (BMO) has its headquarters in Toronto. It was founded in 1817 and currently employs over 45 thousand employees. It provides services to a wide range of customers ranging from the average earners, to the wealthy and institutions. It offers products and services within the areas of insurance and wealth management.
Market capitalization: $50,76 B

39. UBS Group AG

UBS Group is a financial corporation founded in 1862 in Switzerland. It manages private banking, investment banking and trading in securities. It is primarily known for its confidentiality and secrecy. The bank provides global services, with branches in 50 countries and most of the major financial centres in the world.
Market capitalization: $50,71 B

40. DBS Group 

DBS Group is the holding company for DBS Bank, the main and largest bank in Singapore. It offers services such as private and commercial banking. DBS Bank has some 50 branches stretched across Asia. 
Market capitalization: $49,96 B

41. Australia & New Zealand Banking Group

The Australia and New Zealand Banking Group, commonly referred to as the ANZ, is an Australian banking company based in Melbourne. It was formed in 1951 and constitutes one of the “Big Four” of Australian banks. 
Market capitalization: $49,78 B

42. Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui is a Japanese multinational banking and financial services company based in Tokyo. It provides products and services to individual clients, corporations, but also small and medium-sized businesses, as well as public sector entities. Sumitomo Mitsui is one of the main banks dominating the Japanese financial market. 
Market capitalization: $49,57 B

43. Capital One

Capital One is a technology-oriented bank managing auto loans, bank accounts, savings, as well as credit cards. It was founded 26 years ago and currently employs nearly 50 thousand people.
Market capitalization: $48,50 B

44. ICICI Bank Limited

ICICI Bank is an Indian multinational banking and financial services company. It offers a broad array of banking products and financial services to corporate and retail customers. It does so through different delivery channels and by cooperating with companies belonging to ICICI Group Companies.
Market capitalization: $48,07 B

45. ING Group Netherlands

ING Group is a financial corporation based in Amsterdam. It deals mainly with several areas of banking: private, commercial, retail, investment, as well as insurance. The orange lion in the ING logo alludes to the corporation’s Dutch origin. ING Group boasts nearly 40 million customers in over 40 countries.
Market capitalization: $46,02 B

46. Intesa Sanpaolo

Intesa Sanpaolo is one of the top banking groups in Europe. Intesa Sanpaolo is the leader in Italy in all business areas (retail, corporate, and wealth management) and has been operating since January 2007.
Market capitalization: $45,28 B

47. Ping An Bank Co Ltd

Ping An Bank manages services related to retail and commercial banking. Its activities can be divided into three categories: retail, corporate, and financial institutions. In the area of retail the bank provides services and products to individual customers. A fragment of the corporate activity provides services to corporate and government agencies, while the financial institutions sector deals with companies’ market and interbank activity. The company was founded in 1987, its current headquarters are in Shenzhen. 
Market capitalization: $45,23 B

48. Al Rajhi Bank

Al Rajhi Bank is a Saudi bank headquartered in Riyadh. It is currently the world’s largest Islamic bank and one of the major banks in Saudi Arabia. Al Rajhi Bank offers a variety of financial services and has branches in several countries such as Syria, Jordan, Kuwait and Malaysia.
Market capitalization: $44,01 B

49. Hang Seng Bank

The main areas of expertise of Hang Seng Bank are retail banking, commercial banking, global banking and asset management. The bank offers solutions for individual customers, commercial customers, corporate and institutional customers. It has its offices mainly in Hong Kong and China.
Market capitalization: $43,19 B

50. Japan Post Bank

The bank, founded in 2006, currently employs over 13 thousand people. Its main headquarters are located in Tokyo. The Japan Post Bank plays a vital role in providing economic services to Japanese citizens, as well as investments in favour of the country’s industrial development.
Market capitalization: $42,15 B
Conclusion: The future of the financial services industry

What is the future like for the financial services  industry? The more digital technologies become mainstream, the more you should expect new technologies to take control and the largest financial companies to continue introducing innovations in the global financial services industry. You should expect the industry to develop further whilst its key players play a crucial role in its development.

Read also our previous article:
AliExpress & Alibaba Competitors 2020