JPMorgan Chase, Bank of America, Industrial and CommercialBank of China (ICBC) World's Top 50 Corporate, Investment and Wholesale Banks
Ranking. These banks are evaluated under seven key dimensions, including
corporate customers, digital journey, financial performance, business mandates,
employees, brand strength and coverage and risk management.
These banks from 20 countries and jurisdictions generate
corporate, investment and wholesale banking revenues of approximately $1.4
billion to $70 billion, with pre-tax return on assets (ROA) of 0.2% to 3.5%. In
total, these top 50 banks generated approximately $720 billion in corporate,
investment and wholesale banking revenue in FY2024, accounting for about 40% of
their total revenue.
Business units have different structures and scopes
depending on banks, reflecting their strategic priorities and client segments.
Corporate banking caters mostly to medium- to large-sized enterprises,
providing services such as lending, cash management and trade finance, while in
certain institutions, it also caters to small businesses. Investment banking
mainly focuses on capital markets, mergers and acquisitions (M&A), and
advisory services to such clients as large corporations, institutional investors
and governments. Wholesale banking provides specialized services to large
institutional clients such as syndicated loans, cross-border financing and
comprehensive risk management.
Global corporate, investment and wholesale banking is
evolving with a strong technology focus on solutions for efficient growth.
Banks are fast-tracking the implementation of integrated digital platforms,
cloud infrastructures and analytic engines powered by artificial intelligence(AI) to optimize workflows, reinforce delivery and user experience and manage
costs. The banks are further amalgamating services across treasury, trade,
capital markets and lending to create operational synergies for enhanced delivery
and cross-selling. With the growing demand for Environment, Social and
Governance (ESG)-linked financing, banks are incorporating sustainability into
all their market offerings.
Among the top 10 banks are also Citibank, Deutsche Bank,
Itaú Unibanco, United Overseas Bank (UOB), First Abu Dhabi Bank (FAB), China
Construction Bank, and Mizuho Bank. JPMorgan Chase, Bank of America, and Citi
exploit their large scale and global networks, while Itaú Unibanco, UOB, and
FAB concentrate on regional expansion and specialized offerings. By contrast,
the Chinese banks aim at supporting sectors specified by the government and
maintaining stability, while Deutsche Bank and Mizuho Bank are re-strategizing
around their core strengths.
Top Three Banks
Backed by global presence, digital capabilities, diversified
revenue streams, and long-standing company-client relationships, JPMorgan is
solidified as the world's best corporate, investment, and wholesale bank. Over
90% of Fortune 500 companies are clients of the bank, thus giving it a
cross-industry reach. In 2024, JPMorgan Chase strengthened its lead by the
merger of the Commercial Banking unit with the Corporate and Investment Bank,
thereby simplifying the structure and strengthening client coverage and
cross-selling.
Technology forms the backbone of JPMorgan Chase's strategy,
with over 98% of the bank's production applications migrated to strategic data
centres or public cloud in 2024 for scalability and resilience. It has also
deployed over 175 AI applications that facilitate enhanced client analytics,
risk management, and regulatory compliance.
JPMorgan Chase remained the insurmountable leader in global
investment banking. It again led global investment banking fees for the 16th
consecutive year in 2024 and attained a number one ranking in M&A, equity
capital markets, and debt capital markets all in one calendar year. It also
ranked first by revenues in the markets for all activities since 2011.
Moreover, JPMorgan Chase remains a dominant player in payments, processing over
$10 trillion in average daily payments, accounting for 28.7% of SWIFT dollar
payment flows.
Bank of America is ranked second among global corporate,
investment and wholesale banks in view of its digital innovation and strategic
focus. The bank has been modernized through digital offerings, with 86% of its
clients executing transactions through digital platforms. In 2024, the bank
processed more than $1 trillion in corporate payment approvals through the
CashPro® App, a 30% increase. The Erica® virtual financial assistant was
integrated into CashPro® Chat, resolving over 40% of client inquiries. Additionally,
CashPro® Insights provides personalized, data-driven recommendations, further
enhancing client engagement.
Banking on the platform investments to enhance performance
and satisfy the demand for new client acquisition and deeper engagement across
our various business lines, Bank of America in 2024 celebrated Global
Commercial Banking's second-best year in new client acquisition, with one in
five US middle-market firms now being served. Results were also solid for both
the Global Corporate and Investment Banking and Capital Markets divisions,
recording a 30% increase in investment banking fees. The Global Markets division
benefitted from investor activity increase, with more extensive use of Deal
Central and CashPro® Capital Markets Insights improving efficiency and scaling
up.
ICBC is one of China's leading corporate, investment and
wholesale banks, ranking third in the level of assets globally. With
government-backed scale and an established corporate finance franchise, it
instilled deep client confidence within the domestic and cross-border markets.
ICBC was the largest bank in the world in corporate investment and wholesale
banking assets, totaling $2.7 trillion at the end of 2024, having expanded its
corporate customer base by 10.7% throughout the year. The segment had a modest
increase in its pre-tax ROA to 1.3% while sustaining a low CIR of 26%.
In settlement and cash management, ICBC simplified the
onboarding of basic, new-entity, and payroll accounts and implemented its
intelligent digital runoff warning model. The bank also extended API access for
key offerings, introduced new digital capabilities and deployed large language
models for AI-driven settlement-finance advisory. In 2024, it serviced 15
million corporate settlement accounts and 2 million cash management clients,
which included 12,700 multinational ones. Its investment banking division, too,
excels in M&A advisory and structured finance solutions. In bond markets,
ICBC was front and center, underwriting significant domestic issuances and
arranging numerous panda-bond programs to uphold its leadership status in
China's cross-border debt capital markets.
Top Banks By Region
From 2022 to 2024, the Corporate Bank division saw almost a
40% increase in incremental business with multinational clients. At the same
time, the bank has increased its focus on ESG and sustainable finance, with the
dissemination of sustainable bonds.
The bank also made improvements to its digital capabilities
in 2024 with the launch of HausFX, a consolidated workflow solution for fixed
income and currencies that makes the foreign exchange business more efficient.
Its Investment Bank division, which realized 15% revenue growth in 2024, saw
fixed income and currency revenue increase 9% while origination and advisory
revenue grew 61%. The increasing fixed income and currency growth has been
attributed to strengthened client relationships and platform enhancements,
while origination and advisory growth is supported by increased client
activity, better market conditions, and earlier platform investments.
ICBC and UOB remain the leaders in Asia Pacific corporate
investment and wholesale banking. UOB excels across several key areas,
including its digital development, financial performance, business mandates,
brand equity and coverage. It has strengthened its wholesale offerings in
trade, cash and treasury services, underpinned by enhanced connectivity and
platform upgrades. Its digital platform, UOB Infinity, brings together
essential transaction and liquidity tools in one interface. Partnerships with
regional investment agencies further strengthen her ability in cross-border
facilitation.
Wholesale banking accounted for 47% of total revenue for UOB
in FY2024. Revenue in this sector fell 5%, impacted by narrow margins, such
that some recovery was made by strong investment banking and treasury
performance. Nonetheless, the sector posted a healthy pre-tax ROA of 1.8% and
an efficient CIR of 26%, highlighting its financial strength.
In Latin America, Itaú Unibanco is the main corporate,
investment and wholesale bank, working predominantly through its corporate and
investment banking arm, Itaú BBA. Its digital transformation, propelled by
artificial intelligence, analytics and a unified client platform, has had
tangible impacts on customer satisfaction, operational efficiency and risk
management. In 2024, 85% of working capital transactions and 70% of foreign
exchange transactions were done through its digital channels.
The bank's wholesale business operates in 19 countries and
processes about 500 transactions per second covering the activities of about
90% of Brazilian companies. While this division accounted for 34% of total
revenue, the second lowest among the world's top 10 corporate, investment and
wholesale banks, it reported robust financial performance. In 2024, this
division reported a pre-tax ROA of 2.4% and a CIR of 37%, with continued
improvement in its non-performing loan ratios.
In the Middle East, FAB is the leading corporate,
investment, and wholesale bank, supported by strategic initiatives, digital
advancements, and strong financial performance. It has been expanding its
international footprint and broadening its product suite, despite operating in
fewer global markets than some of its peers. In alignment with its
sustainability goals, the bank has integrated ESG principles across its
operations. In 2024, Corporate and Commercial Banking, Investment Banking, and
Global Markets revenues grew by 15%, accounting for 67% of total revenues among
them. The bank recorded a pre-tax ROA of 2.2% with a CIR of 15% across these
divisions.
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The past year of 2024 was remarkable for FAB's Investment
Banking, in terms of achieving a revenue of 19% higher than the previous year,
on the basis of very strong deal executions and landmark transactions in
various sectors. The division was able to capitalize on a solid deal pipeline
and a broad range of offerings which secured the top-tier-ranked
investment-banking standing in the league tables for the Middle East and North
Africa. The Global Markets Division also looked up for an 18% increase in revenue,
buoyed by rising client activity together with increased cross-selling of
foreign exchange, interest rate and structured products.
Standard Bank is Africa's leading corporate, investment and
wholesale bank, thanks to its extensive footprint and strong relationships with
clients. For Commercial Banking, despite external macroeconomic effects such as
inflation and currency depreciation, investments focused on customer-targeted
solutions for operational efficiency and improving technology continued.
Examples include process automation and better collections systems, which
helped drive transaction growth while managing costs. Besides expanding its
structured lending solutions and cross-regional offerings, this bank also
leveraged strong Africa-China ties to generate important trade connections
which enhanced business relationships and promoted trade between Africa and
China.
Brand
Strength And Coverage
This included new depth in the Corporate and Investment
Banking unit, where Standard Bank strengthened its portfolio across foreign
exchange, custody and debt capital markets across sub-Saharan Africa. The
currency depreciations were indeed hurdles but did not stop the bank from
realizing steady growth in revenues, especially in energy and infrastructure.
The coupling of local market expertise, sector knowledge and the relevant
partnership with one of the world's largest institutions, ICBC, would be part
of the offering to either the multinational or local corporate.
Also behind them, 'the top receivers -- JPMorgan Chase, Bank
of America, ICBC and HSBC -- received the maximum scores based on three
indicators measuring brand strength and coverage: number of markets served
globally, range of top-line products available, and market share from
corporate, investment and wholesale banking revenue.' Just after were CITI,
Bank of China, Wells Fargo, China Construction Bank, MUFG Bank.
In general, the leaders in the number of markets served
globally were JPMorgan Chase, Standard Chartered, HSBC, ICBC, and Bank of
China. However, most performed well in the number of top-line products offered.
Specifically, the former serves customers in more than 100 markets worldwide,
which is backed by the presence of 177 locations in the U.S. and more than 60
countries around the world - after it expanded into 24 new countries within the
last five years.
These top 10 banks would account for approximately 22% of
total revenue generated in such segments across the globe in FY2024. They
include four Chinese banks, four U.S. banks, and one each from Germany and the
U.K. The limited representation of Europe, only HSBC and Deutsche Bank,
demonstrates the continuous regional challenges such as the fragmented
regulation and the slower recovery post-COVID-19.
In terms of revenues, JPMorgan Chase led the pack, bringing
in annual revenues of $70.1 billion and capturing a 3.7% market share, despite
the fact that its assets are markedly less than those of China's big four banks
and HSBC. By following that of ICBC, which posted revenues of $53.2 billion
with a 2.8% share, were another two big names, Bank of America, which reported
revenues of $45.8 billion, and Citi, at $45.7 billion. Here is described the
dominance of U.S. and Chinese banks, whose scale and position in terms of
strategic capacities dominate high-value transaction banking and cross-border
services. The U.S. banks primarily focus on global banking networks and
innovation-driven models, whereas Chinese banks get benefits of state-supported
domestic expansion as well as infrastructure financing.
Financial performance
In terms of financial performance, First Abu Dhabi Bank,
HDFC Bank, Saudi National Bank, MUFG Bank, Emirates NBD, JPMorgan Chase and
Itaú Unibanco were the best performers across the board, as measured by such
indicators as revenue contribution from corporate, investment and wholesale
banking, as well as revenue growth, assets, profitability ratio, profits
generated from assets, changes in ROA, cost-to-income ratio, and changes in
CIR.
Middle Eastern banks deliver top-tier efficiency alongside
solid profitability: at the head in terms of pre-tax ROA at 2.7% is Emirates
NBD, and only 11 in terms of CIR. Continuous operation measure ratios of
pre-tax ROA of 2.2 % and CIR below 15% recorded by the Saudi National Bank and
First Abu Dhabi Bank. These processes are based on economies of scale, low
funding costs, and employed network of efficient bank branches, which gives
these institutions the possibility to produce high margins with low overhead.
Both Indian and South African banks are capable of achieving
top-tier ROA figures in a cost environment that is relatively average in
comparison with others. Indian private as well as South African banks rank
among the world's largest in terms of profitability in pre-tax ROA under
corporate, investment, and wholesale banking. HDFC Bank has garnered
distinction as having pre-tax returns on asset compositions of about 3.5% for
the financial period ending March 2025, while Kotak Mahindra Bank earned 3.1%. In
South Africa, FirstRand produced a 3.2% pre-tax ROA whereas Standard Bank
recorded 2.4%.
On the contrary, most of the Western banks are left with moderate earnings combined with significant spending. The huge cost erected by legacy branch networks, as well as continuous investment towards upgrading technology, keep raising the costs. Most European lenders have an ROA below 1% or a CIR above 50% and have therefore sped up their efforts into cost-optimisation so as to remain competitive with leaner peers.
On the other hand, the World's Top 50 Corporate, Investment
and Wholesale Banks Ranking highlights the outstanding positions of JPMorgan
Chase, Bank of America and ICBC against the backdrop of the competitive global
banking landscape. These institutions, along with other top players, are
shaping the future of corporate, investment and wholesale banking. They
leverage technology to enhance efficiency and customer service while navigating
challenges. The top banks in this ranking dominate their own regions and drive
global trends that influence the evolution of banking.
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