The largest financial institutions are the banks and investment companies in the world. The largest banks and investment companies have market caps of $100 billion or more. Many of these institutions have grown substantially over the past decade. The US and China-based banks make up the majority of the list. Wells Fargo, JPMorgan Chase, and Bank of America are among the largest banks and financial institutions in the world.
The current financial crisis has exposed the interconnectedness of many of the world’s largest financial institutions. They are linked through short-term loans, credit guarantees, and financial contracts. These interdependencies pose a systemic risk. The collapse of one large financial institution could bring down others and threaten the entire financial system. This crisis also triggered widespread pullbacks in lending, as financial firms shifted their funds to safe assets.
China’s Bank of China has the third largest bank in the world. Its assets total $2.82 trillion and it was established in 1951. It is one of the largest banks in the world by AUM. China currently has two locations in New York. Its largest bank, the Agricultural Bank of China, was robbed in 2007 in one of the largest bank robberies in history.
Citibank: Originally the City Bank of New York, Citibank pioneered the credit card industry and the automated teller machine. During the 19th century, Citibank was considered the East Coast equivalent of Wells Fargo. It later expanded to Argentina. Its retail banking branches are spread across the U.S. and include more than 12,000 ATMs.
