A weakened national currency and an economic slowdown on the back of global trade tensions in 2019 weren’t the obstacles for success
S&P Global Market Intelligence published the annual Global Bank Ranking series, revealing that Chinese institutions keep on dominating the world’s biggest banks for the 5th year in a row.
According to the report, one-fifth of the top 100 banks are headquartered in China and collectively reported $25.8 trillion in assets.
This way, Industrial & Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China remained the 4 largest banks in 2020’s ranking with combined assets of $14.82 trillion, which is up 7.5% compared to 2019.
Along with that, the US had the second-highest number in the ranking, with 11 banks holding $13.04 trillion in assets.
Indeed, JPMorgan Chase & Co. slipped one spot to No. 7 and continued to be the largest bank in the country. Meanwhile, Bank of America maintained its position as the 8th largest bank worldwide.
According to the ranking, London-based HSBC Holdings climbed one spot to No. 6, overtaking JPMorgan as the largest non-Asian bank.
We’ve reported that SoftBank revealed it is expecting to book a $12.5 billion operating loss by the end of its fiscal year which ends in March 2020. As was explained, that’s a result of a deterioration in the current market environment.
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