abdullah video m5(31) top 10 richest banks and insurance companies

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In this video, we are going to talk about the top 10 richest banks and insurance companies

Banks are financial institutions providing a breadth of products and services, including managing deposits, lending, wealth management, currency exchange, and investment banking. These banks' customers include individual consumers, businesses, and many other types of institutional clients. The definition of a commercial bank has evolved dramatically in the past several decades. Today, large banks cater to their traditional clients, which includes individual customers and both large and small companies by offering savings and checking accounts, certificates of deposit, loans and similar services. Many of them also have businesses that operate as investment banks, and work with corporate and institutional clients by providing underwriting of stock offers, brokerage, and M&A advisory.

Below, we'll take a look at the 10 biggest banks as measured by 12-month trailing revenue. This list is limited to companies which are publicly traded in the U.S. or Canada, either directly or through ADRs. Some companies outside the U.S. report profits semi-annually instead of quarterly, so the 12-month trailing data may be older than it is for companies that report quarterly. All figures are as of March 30, 2020 and all data is provided by YCharts.

The largest bank in the world in terms of total assets under management (AUM) is the Industrial and Commercial Bank Of China Ltd. This institution provides credit cards and loans, financing for businesses, and money management services for companies and high net worth individuals. Though this is a commercial bank, it is state-owned.JPMorgan Chase & Co. is a multinational bank and financial services holding company involved in corporate lending, asset management, wealth management, and investment and consumer banking, among other offerings. In response to COVID-19, JPMorgan Chase recently announced plans to seek up to $10 billion in funds from pension funds and other clients for alternative investments like leveraged loans and certain types of real estate.

1. JPMorgan Chase & Co.

Chase Bank is the consumer banking division of JPMorgan Chase. Unlike some of its competitors that are closing branches, Chase is expanding its branch network in key markets. It currently has nearly 5,000 branches and 16,000 ATMs. Nearly half of the country’s households are Chase customers, according to Chase. Read Bankrate’s review of Chase Bank.

2. Bank of America Corp.

Bank of America serves about 66 million consumers and small business clients worldwide. Like many of the biggest banks, itoffers robust digital tools that include a versatile mobile app. Bank of America recently said it was eliminating its nonsufficient funds (NSF) fee and reducing its overdraft fee, following an industry trend. Read Bankrate’s review of Bank of America.

3. Wells Fargo & Co.

Wells Fargo was founded in 1852. Although the bank has focused on consolidating and eliminating branches, it still has the most branches of any bank in the country. In addition to its main app, Wells Fargo has introduced a savings app and a mobile banking app geared toward millennials. The bank has rebranded and is focusing on repairing its fractured relationship with customers after a series of missteps. Read Bankrate’s review of Wells Fargo.

4. Citigroup Inc.

Citigroup is a global financial services corporation. Its retail banking division, Citibank, is based in Sioux Falls, South Dakota. Citibank has about 700 branches in the U.S. and more than 1,800 branches outside of the country. U.S. customers can also access more than 65,000 fee-free ATMs. Read Bankrate’s review of Citibank.

5. U.S. Bancorp

U.S. Bancorp is the bank holding company and parent company of U.S. Bank. What we’ve come to know as the fifth-largest commercial bank by assets began in 1863 as the First National Bank of Cincinnati. Multiple mergers led to the formation of the bank known today for its extensive branch network and investment in improving its digital offerings. Read Bankrate’s review of U.S. Bank.

6. PNC Financial Services Group Inc.

PNC is a regional bank operating in parts of the Northeast, South and Midwest. It was founded as Pittsburgh Trust and Savings Co. and in 2008 acquired the troubled Cleveland-based National City Corp. That transaction roughly doubled the bank’s size. Today, the bank has around 2,300 branches.

PNC agreed to acquire BBVA USA for $11.6 billion in November 2020 and the deal closed June 1. The Federal Reserve’s latest quarterly report, dated June 30, however, still shows BBVA and PNC as separate banks. Once assets are combined PNC Bank is projected to be a top-five bank based on assets.

In 2018, PNC started to expand outside of its traditional market of 19 states, mostly east of the Mississippi River, and Washington D.C. The deal with BBVA USA would accelerate that expansion.

7. Truist Financial Corp.

Truist is the bank formed by the merger of equals of BB&T and SunTrust. Truist provides financial services to about 10 million consumer households. BB&T and SunTrust, which were ranked the 11th and 12th largest banks by assets, respectively, as of Sept. 30, 2019, now form the sixth-largest bank.

Read Bankrate’s review of BB&T and SunTrust.

8. Goldman Sachs Group

Goldman Sachs is a global investment banking, management and securities firm. Its clients have access to a variety of financial services, including banking products through Marcus, its online banking arm that made its debut in fall 2016 and began offering personal loans. Read Bankrate’s review of Marcus by Goldman Sachs.

Agricultural Bank of China is state-owned institution that provides not only personal and corporate banking services, but it also offers a special suite of products for agricultural customers such as small farming operations and larger agricultural wholesale companies.

9. TD Group US Holdings LLC

TD Bank is the U.S. commercial banking arm of Canada’s TD Bank Group. Customers have access to mortgages, deposit accounts, credit cards and products for commercial and small business clients. The bank has about 1,300 branches along the East Coast. Read Bankrate’s review of TD Bank.Bank of America is a U.S. bank that offers services for individual clients and businesses of all sizes. Besides deposit and checking accounts through its Consumer Banking branch, Bank of America provides a variety of commercial and wealth management services through its Global branches as well. The company recently made headlines for offering to consider mortgage deferral requests from customers during the COVID-19 crisis. Some customers said the bank's deferral offers were misleading.

10. Capital One Financial Corp.

Capital One is a Fortune 500 company with subsidiaries that include Capital One Bank. In addition to branches on the East Coast and in Texas and Louisiana, bank customers in select cities have access to Capital One Cafes, coffee shops with free Wi-Fi where visitors can open accounts and attend financial workshops. Read Bankrate’s review of Capital One and its online banking products.

Unique among many of the companies on this list, Japan Post Holdings Co. Ltd. has operations in banking as well as in life insurance, logistics, and other businesses. The company is also well-known for its Japan Post branch, which is involved in mail delivery and post office management in Japan, as well as Japan Post Bank, the company's banking branch.

The second Chinese bank on our 10 biggest list is China Construction Bank Corp. It provides corporate banking services such as e-banking, credit lines, and commercial loans. China Construction Bank also provides personal banking through a separate segment, offering personal loans, deposits, wealth management, and credit cards.

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