In this article, we will discuss the 25 Biggest Financial Firms in the World. You can skip our detailed discussion and see the 5 Biggest Financial Firms in the World.
According to the Business Research Company, the market size of the financial services industry has grown significantly in recent years, and it is forecast to continue growing rapidly in the next few years, rising from $31138.82 billion in 2023 to $33539.52 billion in 2024 at a CAGR of 7.7%.
According to the aforementioned research, the financial services market is driven by the expanding payment industry. EMV technology is being quickly adopted by the worldwide payments industry because of its improved data security. For example, the French company Thales Group, which develops, builds and produces electrical systems, reported in 2023 that there were more than 12.8 billion EMV chip cards in use in 2022. This represents an almost 6% rise from 2021.
In terms of the financial services market, Western Europe constituted the largest region in 2023 while the second-largest region was North America. Despite this fact, the U.S. dollar has long been considered -according to rates.fm – financial currency of the World.
When it comes to the role that technology plays in the financial services industry, banks and other financial institutions are modernizing their commercial lending operations by embracing digitization. A few examples of banks that have done this to improve effectiveness include Commonwealth Bank of Australia, Hana Bank, and Fidor Bank.
READ ALSO: What Is Short Selling In Stock Market? 15 Stocks Hedge Funds are Shorting and 15 Best Websites To Research Stocks.
In the US, the Financial Industry Regulatory Authority (FINRA) and the Office of the Comptroller of the Currency (OCC) are two important regulatory bodies in the area of financial services. To facilitate communication between investors, financial service providers, and regulators, FINRA established the Office of Financial Innovation in 2019. Its main purpose was to help with the understanding and control of the technological developments in the financial industry.
Regulated by the relevant authorities, integration of AI in the finance market is trending in 2024. AI in finance had a $9.45 billion market value in 2021 and is estimated to expand at a CAGR of 16.5% by 2030. Artificial intelligence has many applications in the financial industry. AI chatbots are a well-known example; they improve customer support and assist users in learning more about the company. One of such AI virtual financial assistants is Erica, used by Bank of America through the Bank Of America Corporation (NYSE:BAC) Mobile Banking app.
As we look ahead, according to “Deloitte Insights’ 2024 Financial Services Sector Outlooks,” in 2024, financial services executives will have to direct their team members through high interest rates, regulatory demands, and persistent inflation. These are the challenges familiar to many senior financial services industry (FSI) but unfamiliar to many younger staff members. As technological advancements such as generative AI, cloud transitions, and increased cyber threats accelerate, adaptability will become critical. To keep up with these developments and take advantage of new trends like embedded finance, leaders need to develop new plans of action. They may provide their companies a long-term competitive edge by investing in innovation today, possibly making 2024 the year the industry’s future starts to take shape.
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With that said, here are the 25 Biggest Financial Firms in the World.
Photo by Clay Banks on Unsplash
Methodology:
In order to identify the 25 biggest financial firms in the world, we reviewed industry reports and screened for companies in the financial services market using Finviz and Yahoo Finance’s stock screener. We then compiled a list of 35 firms and obtained their market capitalization from Yahoo Finance. After that, we narrowed our selection down to the top 25 firms and curated them in the ascending order of their market capitalization as of August 11.
Please note that for our list we have only included firms that are traded on the Nasdaq Stock Market (NASDAQ) or the New York Stock Exchange (NYSE).
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25. CME Group Inc. (NASDAQ:CME)
Market Cap as of August 11: $74.79 billion
CME Group Inc. (NASDAQ:CME) and its subsidiaries run contract markets for the trading of futures and options on futures contracts around the world. Along with fixed-income and foreign currency trading services, CME Group Inc. (NASDAQ:CME) also offers futures and options products based on equities indexes, interest rates, foreign exchange, agricultural commodities, energy, and metals.
24. Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG)
Market Cap as of August 11: $80.12 billion
One of the biggest financial firms in the world is Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG), which has its headquarters in Tokyo, Japan. Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG) offers banking, leasing, securities, consumer financing, and other services in Japan as well as the Americas, Europe, the Middle East, Asia, and Oceania through its subsidiaries.
23. Moody’s Corporation (NYSE:MCO)
Market Cap as of August 11: $84.11 billion
The corporate headquarters of Moody’s Corporation (NYSE:MCO) are in New York, where it was established in 1900. Moody’s Analytics and Moody’s Investors Services are its two operating segments. Moody’s Corporation (NYSE:MCO) offers credit ratings, research, tools, and insights to improve the transparency and effectiveness of the world’s financial markets.
22. Intercontinental Exchange, Inc. (NYSE:ICE)
Market Cap as of August 11: $88.72 billion
One of the biggest financial firms in the world, Intercontinental Exchange, Inc. (NYSE:ICE), has a market capitalization of $88.72 billion. Intercontinental Exchange, Inc. (NYSE:ICE), along with its subsidiaries, provides market infrastructure, data services, and technology solutions to financial institutions, corporations, and government entities in the United States, United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada. Exchanges, Fixed Income and Data Services, and Mortgage Technology are its three operating segments.
21. UBS Group AG (NYSE:UBS)
Market Cap as of August 11: $91.82 billion
The headquarters of UBS Group AG (NYSE:UBS) are in Zurich, Switzerland, where it was established in 1862. UBS Group AG (NYSE:UBS) provides financial advice and solutions to private, institutional, and corporate clients around the world. In addition to mortgage, securities-based, and structured loan solutions, the company provides investment management, corporate and banking services, estate and wealth planning, and investment advising.
20. Fiserv, Inc. (NYSE:FI)
Market Cap as of August 11: $92.82 billion
Fiserv, Inc. (NYSE:FI) was formed in 1984 and is based in Milwaukee, Wisconsin. Fiserv, Inc. (NYSE:FI) and its subsidiary companies provide payments, financial services, and technological solutions in the United States, Europe, the Middle East and Africa, Latin America, Asia-Pacific, and internationally.
Recently, Monex USA announced that it has integrated with Fiserv’s Payments Exchange, giving financial institutions additional choices for international payments.
19. ICICI Bank Limited (NYSE:IBN)
Market Cap as of August 11: $98.38 billion
ICICI Bank Limited (NYSE:IBN) and its subsidiaries provide a wide range of financial and bank services to consumers and companies in India and around the world. ICICI Bank Limited (NYSE:IBN)’s segments include Life Insurance, Other Banking, Treasury, Retail Banking, and Wholesale Banking.
18. The Toronto-Dominion Bank (NYSE:TD)
Market Cap as of August 11: $99.67 billion
The Toronto-Dominion Bank (NYSE:TD), the Canadian global banking and financial services company, was founded in 1855 and is based in Toronto, Ontario. Various financial products and services are provided by The Toronto-Dominion Bank (NYSE:TD) in Canada, the US, and other countries through its subsidiaries.
17. Blackstone Inc. (NYSE:BX)
Market Cap as of August 11: $100.26 billion
One of the biggest financial firms in the world with a market capitalization of $100.26 billion, Blackstone Inc. (NYSE:BX) is an alternative asset management company that focuses on real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity, and multi-asset class strategies. Blackstone Inc. (NYSE:BX) typically makes investments in startups. It also offers services related to capital markets.
16. Citigroup Inc. (NYSE:C)
Market Cap as of August 11: $110.59 billion
Citigroup Inc. (NYSE:C) was founded in 1812 and is based in New York, NY. Globally, Citigroup Inc. (NYSE:C) a diversified financial services holding company, offers a range of financial products and services to individuals, businesses, governments, and organizations. The company is divided into five operating segments: banking, markets, wealth, US personal banking, and services.
15. Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG)
Market Cap as of August 11: $112.25 billion
The company was established in 1880 and is based in Tokyo, Japan. UFJ Financial Group, Inc. is a bank holding company that conducts a variety of financial operations in Europe, Asia, the United States, Japan, and other countries. The company provides retail and small- to medium-sized business clients with securities, trust banking, and commercial banking products and services.
14. The Charles Schwab Corporation (NYSE:SCHW)
Market Cap as of August 11: $114.17 billion
Westlake, Texas, serves as the corporate headquarters of The Charles Schwab Corporation (NYSE:SCHW), which was founded in 1971. In addition to banking, asset management, wealth management, custody, securities brokerage, and financial advising services, The Charles Schwab Corporation (NYSE:SCHW) and its subsidiaries also function as savings and loan holding companies both in the United States and globally.
13. BlackRock, Inc. (NYSE:BLK)
Market Cap as of August 11: $126.83 billion
BlackRock, Inc. (NYSE:BLK) is one of the biggest global financial companies, with 70 locations in 30 countries. It manages assets for customers across North and South America, Europe, Asia, Australia, the Middle East, and Africa. BlackRock, Inc. (NYSE:BLK) has a market cap of $126.83 billion.
12. HSBC Holdings plc (NYSE:HSBC)
Market Cap as of August 11: $149.18 billion
HSBC Holdings plc (NYSE:HSBC) was formed in 1865 and has its foundation in London, United Kingdom. Globally, HSBC Holdings plc offers financial and banking services. Global Banking and Markets, Commercial Banking, and Wealth and Personal Banking are the three HSBC Holdings plc (NYSE:HSBC) segments that the company manages.
11. HDFC Bank Limited (NYSE:HDB)
Market Cap as of August 11: $149.75 billion
Founded in 1994, HDFC Bank Limited (NYSE:HDB) provides banking and financial services to both individuals and companies in India, Bahrain, Hong Kong, and Dubai. Treasury, Retail Banking, Wholesale Banking, and Other Banking Services are the three HDFC Bank Limited (NYSE:HDB) divisions in which the firm operates.
10. S&P Global Inc. (NYSE:SPGI)
Market Cap as of August 11: $152.85 billion
S&P Global Inc. (NYSE:SPGI), one of the world’s largest financial firms, and its subsidiaries provide credit ratings, benchmarks, analytics, and workflow solutions to the global capital, commodity, and automotive markets. The headquarters of S&P Global Inc. (NYSE:SPGI) are located in New York, where it was established in 1860.
9. Morgan Stanley (NYSE:MS)
Market Cap as of August 11: $153.24 billion
One of the top finance companies in the world and investment banks with a market capitalization of $153.24 billion in the United States is Morgan Stanley (NYSE:MS). Morgan Stanley (NYSE:MS) offers a variety of financial products and services to companies, governments, financial institutions, and individuals throughout the US, Europe, the Middle East, Africa, and Asia.
8. Royal Bank of Canada (NYSE:RY)
Market Cap as of August 11: $154.29 billion
One of the biggest financial institutions in the world, the Royal Bank of Canada (NYSE:RY) was founded in 1864 and is based in Toronto, Canada. Royal Bank of Canada (NYSE:RY) is a diverse global provider of financial services.
Recently, RBC Capital Markets launched RBC Clear, a cash management solution for Fortune 1000 firms in the US. The platform provides proactive self-service choices, smooth onboarding, improved payment transparency, and deeper analytics for customers.
7. The Goldman Sachs Group, Inc. (NYSE:GS)
Market Cap as of August 11: $163.32 billion
The Goldman Sachs Group, Inc. (NYSE:GS), a major financial company with a market value of $163.32 billion, offers a variety of financial services to corporations, financial institutions, governments, and consumers globally. The Goldman Sachs Group, Inc. (NYSE:GS) is divided into Global Banking & Markets, Asset & Wealth Management, and Platform Solutions.