What are the top 10 financial services companies in Fortune 500 list? Every Fortune magazine comes out with its list of the 500 top U.S companies as ranked by their revenue performance, which is widely considered to be the most reliable list to assess company credentials. The first Fortune 500 list had been published in 1955, and since then the legacy has been carried on.
Originally the Fortune 500 list only featured the companies with the top revenue figures in the areas of manufacturing, mining and energy. And along with the associate list of Fortune 50 would be released featuring the 50 biggest service companies in commercial banking, life insurance, retail and transportation ranked by assets as well as revenues respectively. From 1994 onwards, the format has been changed to include the service companies in the main list. The results were game changing with 291 new entrants, and three new players in the top 10 of the list. Goes to show that service companies have been playing a major role in the business environment in America!
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Among the service industry, one of the key services if finance, which is the major driver of the economy. It overarches varied services of life insurance, banking, asset management etc. Our list today features the financial companies who have made waves with their stellar revenue figures, and made their way to be included in this year’s Fortune 500 list. The top players are general staples of the list every year; however the list does look different each year with revenues varying each year and also other impactful business transactions like mergers between firms.
To look at a more elaborate list of the top players in the financial services sector in the world, head to our list of the 25 Largest Financial Services Companies by Revenue. Now, let’s find out who the top 10 financial services companies in Fortune 500, to discover the financial giants in America!
10. AIG,
American International Group, Inc (AIG) is a multinational financial services company operating in 130 countries with over 88 million customers. The insurance company operates through three major divisions – AIG Property Casualty, AIG Life and Retirement and united Guaranty Corporation. The company also happens to serves 98% of the Fortune 500 companies.
9. Freddie Mac,
The Federal Home Loan Mortgage Corporation is a government sponsored enterprise that deals with diversified financials. The company raised a few eyebrows for apparently causing the financial crisis of 2008 but has bounced back by picking up on its profits since then.
8. State Farm Insurance Co,
State Farm Insurance experienced its highest net worth, clocking $80 million, last year. The revenue increase in 2014 was close to 4.2% thanks to the profits it made off stock investment in Bloomington.
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7. MetLife,
MetLife boasts of over 90 million customers in the 60 countries it has base in. The company has had a rough year so far with the unsatisfactory interest rate environment and other troubles which have affected its profits. It still remains in a strong position due to its solid brand image.
6. Wells Fargo
The largest bank in the world by market value, Wells Fargo benefits from its notable brand value. In 2014 it has been named as the most valuable bank brand consequently for the second year. Its format of traditional lending has kept it profitable even with the increase in regulations after the global crisis.
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5. Citigroup,
The banking and financial services giant had suffered major losses in the global financial crisis but remains the third largest bank holding company in the country by assets. It rounds up at the 28th position of the Fortune 500 list this year, and is the ranks 5th among the top 10 financial services companies in Fortune 500.
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4. Bank of America Corp,
Overall, the current year has been trouble-ridden for the banking company which is still dealing with the lawsuits and financial investigations dating back to the financial crisis. The bank ended up paying a settlement of $16.65 billion in 2014 while the revenues have also been down this year, resulting in poor revenues.
3. JP Morgan Chase,
It has been a good year for the largest bank in the country with CEO Jamie Dimon’s strategies clicking perfectly. The bank has managed to cut down on its less profitable businesses which, even though has dragged the sales down by 4%, has had positive impact on overall earnings.
2. Fannie Mae,
Freddie Mac’s sister concern, Fannie Mae, was equally frowned upon for its stint in the financial crisis but has shown similar gusto in making a comeback. Though it still has some major picking up to do in its financial performance to pay back it’s dues.
Top Financial Services Company in Fortune 500: Berkshire Hathaway
Under the reins of Warren Buffet, Berkshire Hathaway has grown into a conglomerate owning a fleet of well-performing companies, the recent inductee being Kraft Heinz food company. In 2014, the company managed to raise the price of its ‘A’ shares to an astounding $200,000 per share. It makes the 4th position of the main Fortune 500 list which makes it the leading company amongst the top 10 financial services companies in Fortune 500.
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