Daily News: May 18, 2018

China Dominates Global Bank Rankings; Wells Fargo Loses No. 10 Spot

According to the latest global bank rankings report from S&P Global Market Intelligance, Chinese banks account for 18 of the world’s 100 largest banks and collectively reported $23.8 trillion in assets at the end of 2017. With regard to the top 10, Chinese banks occupied the first four positions with Japan’s fifth-ranked MUFJ Financial rounding out the top five with $2.788 trillion in assets.

Only U.S. banks JPMorgan Chase and Bank of America, ranked No. 6 and No. 9, respectively, were ranked in the top 10 global bank category. Wells Fargo, ranked No. 11 in the latest report, was replaced in the No. 10 position by Crédit Agricole Group with $2.117 trillion of assets compared to Wells Fargo’s $1.952 trillion at year-end 2017.

According to the S&P report, 18 of the top 100 banks are domiciled in China and collectively reported $23.76 trillion assets. The U.S. was second highest with 11 banks holding $12.2 trillion of assets, followed by Japan with eight banks at $10.5 trillion in assets.