A list of 10 largest financial services companies in the world is a handy piece to read if you are planning to invest your life savings or switching your insurance carrier. Going with one of the big boys could hardly be a bad idea.
All companies on our list are also on the list of 25 largest financial services companies by revenue.
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The financial services sector today is dominated by Chinese banks. With four of them on top 10 lists (and all 4 placed very high), the Chinese capital is quickly expanding all over the world. Backed up by an ever increasing economy at home and stimulated by the Chinese government which is more than eager to support its companies abroad with diplomatic measures, this will be the trend in the coming years as well. The Big Four of the Chinese banking sector (ICBC, China Construction Bank, Agricultural Bank of China and Bank of China )have become a household name in financial markets worldwide and the fact that all 4 are state-owned doesn’t seem to bother even the most hardcore capitalism proponents if they stand to make some money dealing with them.
Chinese are followed by the Americans, also with four big names on the list of largest financial services. Warren Buffet is there, naturally, together with JP Morgan Chase, Citigroup and Wels Fargo. The last two spots are taken by Europeans, one from the United Kingdom and Germany each. The honor of the Old continent is being defended by HSBC and Allianz.
It seems that the Asian banks have completely turned the tide. The combined sales, profits, assets and market value of China Big Four by far outweigh the rest of the largest financial companies on the list. In assets alone they have over $11 trillion, and what is even more significant, a large chunk of it comes from foreign investments. Naysayer will state that the rise of Chinese banks is only due to the 2008 financial crisis, but they neglect the fact that Chinese banks were also affected by the tsunami that rocked the very core of the financial world, albeit not as hard as their American colleagues. Be that as it may, Chinese banking sector have cemented their leading global position in foreseeable future. Let’s see how the list looks like in detail.
10. Allianz
Country Sales Profits Assets Value
Germany $128.4 B $8.3 B $979 B $82 B
Specialized in insurance and asset management, Allianz is the largest financial service company in Germany and one of the largest in Europe.
9. Citigroup
Country Sales Profits Assets Value
United States $93.9 B $7.2 B $1,846 B $156.7 B
The first American company on the list, Citigroup is still a long way from being the largest bank on the planet before 2008 meltdown.
8. HSBC Holdings
Country Sales Profits Assets Value
United Kingdom $81.1 B $13.5 B $2,634.1 B $167.7 B
The only representative from the United Kingdom on our list is HSBC. The British giant is the third largest bank in the world by asset value.
7. Wells Fargo
Country Sales Profits Assets Value
United States $90.4 B $23.1 B $1,701.4 B $278.3 B
By market capitalization, Wells Fargo is the largest bank in the world. One of the American Big Four banks, Wells Fargo is also the holder of the title of the most valuable banking brand in the world for two years in the row and running.
6. JPMorgan Chase
Country Sales Profits Assets Value
United States $97.8 B $21.2 B $2,593.6 B $225.5 B
The biggest of the American Big Four banks, JPMorgan Chase have managed to recuperate from the 2008 financial crisis that devastated the American Banking sector.
5. Berkshire Hathaway
Country Sales Profits Assets Value
United States $194.7 B $19.9 B $534.6 B $354.8 B
The last non-Chinese name on our list of the largest financial service companies in the world is Berkshire Hathaway. Warren Buffett’s empire is the most valuable company in the financial sector in the world. Seems strange that he describes the acquisition of Berkshire Hathaway as the biggest mistake in his career.
4. Bank of China
Country Sales Profits Assets Value
China $120.3 B $27.5 B $2,458.3 B $199.1 B
The oldest bank in China, Bank of China was founded in 1912. Since then it has managed to become one of the key players in the global financial markets.
3. Agricultural Bank of China
Country Sales Profits Assets Value
China $129.2 B $29.1 B $2,574.8 B $189.9 B
When Agricultural Bank of China went public in 2010, it was the biggest IPO in the history. In the meantime, the record has been taken by another Chinese company, Alibaba.
2. China Construction Bank
Country Sales Profits Assets Value
China $130.5 B $37 B $2,698.9 B $212.9 B
China Construction Bank, or CCB for short, has been partially owned by Bank of America until 2013, when BoA sold the last of its shares for $1.5 billion.
1. ICBC
Country Sales Profits Assets Value
China $166.8 B $44.8 B $3,322 B $278.3 B
The largest financial service company in the world is ICBC, or Industrial and Commercial Bank of China. With assets of more than $3.3 trillion, it controls more holdings than any other bank in the world and largest profits, it is the behemoth on the global financial market.
