Although New York is the financial capital, China has the largest banks of the entire world. As per the latest annual rankings of S&P Global Market Intelligence, the top four banks of the world are all from China. As per the reports, the ‘Big Four’ of China has grown stronger even after the currency troubles and trade wars in the country as there is an increase in the total assets by 1% to $13.8 trillion.
The list includes commercial as well as industrial banks of China like ICBI (Industrial and Commercial bank of China) is at the topmost place with its assets of $4 trillion, China Construction Bank, Bank of China and Agricultural Bank of China. The succeeding three banks are with the assets of $3 trillion, respectively.
The banks of America have also got big after their financial crisis but they need to speed a little more to compete with the banks of China. However, the banks of US have got a place in the Top 10 list. They are Bank of America and JPMorgan with the assets of $2.6 trillion. Citigroup has beaten the Well Fargo and became the top third bank of America. However, Wells Fargo is struggling with the scandal of the last 2.5 years.
While the consumer banks of America are showing a big positive in the health of households, CEO of JPMorgan, Jamie Dimon has given out generous spending on consumers with laying out the record quarter of the bank. Those deposits and loans from the JPMorgan have generated a good rate of employment and higher wages.
All of these spending will give good support to the results of Bank of America, Citibank, M&T Bank, etc. and data is expected to be raised by the end of this week. However, the experienced investors are still concerned about the gyrations in the rate of interest.
With a strong hold on the business domain with an experience of over 10 years, Fritz Shaffer owns a Masters Degree in Business Administrations. He is associated with Industry News USA from last 3 years and handles the Business section successfully. In team Industry News USA, Fritz is known as an affluent source of knowledge. He is honored for greatest efforts in his field. With a unique style of communicating, Fritz is labeled as a problem-solver of Industry News USA.