Want to Study in the Best Schools Abroad?
+91-9810814307
Select Page

TOP FINANCIAL SERVICES COMPANIES IN THE WORLD

Financial services constitute one of the economy’s most vital and influential sectors. As the name suggests, the financial services sector renders financial services to people and corporations.

The financial sector is the mainstay of economies all across the globe.

The sector encompasses commercial banks, insurance companies, non-banking financial companies (NBFC), co-operatives, pension funds, mutual funds, and other small finance entities. Thus, the financial services sector is the fundamental driver of a nation’s economy.

Hence a robust financial services sector leads to a nation’s economic growth, and this further implies that through this sector’s strength, companies and entities in this industry are better able to manage risk.

top financial services companies

Since the financial services sector is so overpowering, here we are with a list of top financial services companies in the world.

List of Top 25 Companies

1. J.P. Morgan Chase

J.P. Morgan, a global leader in financial services, offers solutions to the world’s most prominent corporations, governments, and institutions in over 100 nations. With a history dating back over 200 years, JPMorgan Chase is one of the oldest financial institutions in the United States. 

An American multinational investment bank and financial services company, JPMorgan Chase & Co., is headquartered in New York City with its operations carried on worldwide. Ranked by S&P Global, JPMorgan is the largest bank in the United States and the sixth-largest bank in the world by total assets, with total assets of US$2.687 trillion. It is also amongst the world’s most estimable bank in terms of market capitalization.

It’s ranked in the top 5 for being one of the world’s most attractive employers by business students-Fortune Magazine.

Visa Inc. is headquartered in Foster City, California, United States, and is an American multinational financial services corporation.

It’s a global payments technology company running to facilitate consumers, businesses, banks, and governments to employ and use digital currency. Vis Inc. facilitates and assists electronic funds transfer everywhere around the world, usually through Visa-branded credit cards, debit cards, and prepaid cards. Visa itself does not issue cards, extend credit or set rates and fees for consumers. Instead, it presents financial institutions with Visa-branded payment products that can be used by these institutions are to offer credit, debit, prepaid, and cash access programs to their customers.

The company connects consumers, businesses, banks, and governments established in more than 200 countries and territories worldwide.

2. VISA Inc.

top financial services companies visa inc

3. Bank of America Corporation

top financial services companies bank of america

The Bank of America Corporation is ordinarily referred to as Bank of America (BofA). It is an American multinational investment bank and financial services company with headquarters in Charlotte and central hubs in New York City, London, Hong Kong, Dallas, and Toronto.

Bank of America, founded in San Francisco, was formed through NationsBank’s acquisition of BankAmerica in 1998. It is the second-largest banking institution in the United States, following JPMorgan Chase, and the ninth-largest financial services company in the world (in terms of revenue). Being a part of the Big Four, it services nearly 10.73% of all American bank deposits, in close competition with Citigroup, Wells Fargo, and JPMorgan Chase.

Its chief financial services twirl around commercial banking, wealth management, and investment banking.

ICBC is a state-owned commercial bank and was founded as a limited company on January 1, 1984.

Ranked as the largest bank in the world 2017 and 2018, by total assets, (Dec. 31, 2018, US$4027.44 billion), ICBC was placed at 1st in The Banker’s Top 1000 World Banks ranking, each year from 2012 to 2019, and was ranked first on the Forbes Global 2000 list in 2019-the world’s biggest public companies.

Through its perpetual effort and enduring development, the Bank has evolved as a leading bank in the world, holding an exceptional customer base, a diversified business structure, powerful innovation capacities, and market competitiveness. ICBC is one of the ‘Big Four’ state-owned commercial banks in China, besides Bank of China, Agricultural Bank of China, and China Construction Bank.

4. ICBC- Industrial & Commercial Bank of China

top financial services companies icbc

5. Mastercard Incorporated

The American multinational, Mastercard Incorporated is a financial services corporation. It is headquartered in the Mastercard International Global Headquarters in Purchase, New York, United States.

Across the globe, MasterCard’s fundamental business is to process payments amid the banks of merchants and the card-issuing banks or credit unions of the purchasers that use the “Mastercard” brand debit, credit, and prepaid cards for making their purchases. 

Mastercard was formerly known as “Interbank” during the period of 1966-1969 and “Master Charge” during the period 1969-1979. It was formed through an alliance of many regional bank card associations in response to the BankAmericard issued by Bank of America, which later became the Visa credit card issued by Visa Inc.

The American multinational financial services company, Wells Fargo & Company is a diversified financial services company catering in banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. It is headquartered in San Francisco, California, and has central offices spanning throughout the United States.

By market capitalization, it is the world’s fourth-largest bank and also the fourth largest bank in the US in terms of total assets. Wells Fargo was ranked at number 26 on the 2018 Fortune 500 rankings- the largest US corporations as per its total revenue.

Wells Fargo, in July 2015, emerged as the world’s largest bank by market capitalization, edging past ICBC. The Company works through physical stores, online mode, and other distribution channels globally.

6. Wells Fargo & Co.

top financial services companies wells fargo

7. CITI Group Inc.

top financial services companies citi group

Citigroup Inc. (or simply Citi) is the American multinational investment bank and financial services corporation and is headquartered in New York City. 

Citi was formed through the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998; Travelers was later spun-off from the company in 2002. The Citicorp is owned by Citigroup.

Citigroup ranks 3rd amongst the list of largest banks in the United States and, besides JPMorgan Chase, Bank of America, and Wells Fargo. Interestingly, it is one of the Big-Four banks of the United States.] 

It is listed amongst the nine global investment banks in the Bulge Bracket and is ranked 30th on the Fortune 500 as of 2019. Citigroup owns over 200 million customer accounts and conducts business in more than 160 countries. 

HSBC runs approximately 3,900 offices in 65 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, and has about 38 million customer base. As of the year 2014, it was the sixth-largest public company in the world, according to a compound measure by Forbes magazine.

It was ranked as the 7th largest bank in the world in 2018. HSBC draws its source to a hong in Hong Kong, and its modern form was established in London by the Hongkong and Shanghai Banking Corporation to serve as a new group holding company in 1991.

HSBC is well-organized within four business groups: Commercial Banking, Global Banking and Markets (investment banking), Retail Banking and Wealth Management, and Global Private Banking.

8. HSBC

top financial services companies hsbc

9. Bank of China

top financial services companies bank of china

The Bank of China (BOC) is one of the four biggest state-owned commercial banks in China. Founded in 1912- the year China became a republic; it is one of the oldest banks in China which is still in existence. Initially, the Bank served as the country’s central bank, international exchange bank, and specialized international trade bank but later it expanded. Today, the bank offers a full range of traditional banking services, including commercial, private, and investment banking, foreign currency deposit and exchange services, as well as assets management, insurance services, aircraft leasing, and other financial areas. BOC also holds note-issuing privileges in Hong Kong and Macau.

As China’s most globalized bank, the Bank of China has a well-established network in over 57 countries. It is also one of the top largest banks in the world in terms of assets.

AIA Group, established in 1919 is the largest independent publicly listed pan-Asian life, insurance group. Headquartered in Hong Kong, the company has a presence in 18 markets in Asia-Pacific, with wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, Sri Lanka, Myanmar and a 49% joint venture in India. It offers insurance and financial services, writing life insurance for individuals and businesses, as well as accident and health insurance, and offers retirement planning, and wealth management services.

Having received much recognition, AIA became the only multinational company in the world to rank number one in terms of the largest number of Million Dollar Round Table members for five consecutive years.

10. AIA- Insurance and Financial Company

top financial services companies aia

11. Royal Bank of Canada

top financial services companies rbc

Founded in 1864, Royal Bank of Canada (RBC) is one of the leading diversified financial services companies, and provide services such as personal and commercial banking, wealth management, insurance, investor services, and capital markets products and services on a global basis. The Company serves 16 million clients in Canada, the U.S., and 34 other countries.

RBC is the 11th largest bank worldwide and the 5th in North America, as measured by market capitalization. It is recognized time and time again for its financial strength, market leadership, and philanthropic work. Additionally, RBC achieved ‘North American Retail Bank of the Year’ for the second year in a row by Retail Banker International (RBI) and is also ranked in the Fortune Top 5 in the Megabanks category of the World’s most admired companies.

Established in 1988, PayPal Holdings Inc is an American company headquartered in San Jose, CA is engaged in the development of technology platform for digital payments. The main aim of the Company is to be a viable electronic alternative to traditional paper methods like checks and money orders. The platform is used for both paying for goods, as well as to transfer and withdraw funds.

The solutions include PayPal Credit, Braintree, Venmo, Xoom, and Paydiant products. Available in more than 200 markets around the world, PayPal enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. The Company has also received various awards and recognition for its business model and for being the best employers. In addition, it has also been ranked in the Forbes Top 100 Digital Companies and Forbes World’s most valuable brands.

12. PayPal Holdings Inc.

top financial services companies paypal

13. Allianz

top financial services companies allianz

The Allianz Group headquartered in Munich is a German financial services company operating predominantly in the insurance and asset management sectors globally. Founded in 1890 by the then director of the Munich Reinsurance Company Carl von Thieme, the company was initially established as a transport and accident insurer. However, toady Allianz offers a variety of services such as property and casualty insurance, life and health insurance, credit insurance, travel insurance, and asset management services via a number of brands and subsidiaries.

Allianz boasts of serving over 100 million customers in more than 70 countries. The company is also recognized as a leader for its commitment to work-life balance, professional development, and diversity and inclusion. Also, for the eighth year in a row, Allianz has been named to the FORTUNE 100 Best Companies to Work for List.

American Express, or Amex as it’s more commonly known, is one of the oldest financial firms in America. Founded in 1850 by John Butterfield, Henry Wells and William G. Fargo and headquartered in the city of New York, the company today stands tall as one of the largest financial service companies in the world. However, this may come as a surprise that Amex was not started as a financial service company. In fact, it was established as an express delivery business. After its success, it started to venture out in the business of money orders and later expanded overseas to become an international company. It is also one of the first companies in the world to offer charge cards.

Today, American Express is a leading issuer of personal, small business, and corporate credit cards. It’s offerings also include insurance, traveller’s checks, agencies for hotel and car-rental reservations, and more. In fact, in 2017, Forbes named American Express as the 23rd most valuable brand in the world (and the highest within financial services).

14. American Express Company

top financial services companies amex

15. HDFC Bank Ltd

top financial services companies hdfc

Incorporated in 1994, HDFC Bank Ltd., is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. In fact, it is one of the first companies to receive approval from the Reserve Bank of India (RBI) to set up a private sector bank. The Company provides a number of products and services including wholesale banking, retail banking, treasury, auto loans, two-wheeler loans, personal loans, loans against property, consumer durable loan, lifestyle loan, and credit cards. Along with this, various digital products are Payzapp and SmartBUY.

Today, HDFC Bank has a banking network of 5,345 branches and 14,533 ATMs spread across 2,787 cities and towns. It has also received various awards and recognition. HDFC Bank Ltd. is ranked as the Best Bank in India 2019, by Global magazine Finance Asia, along with other awards attached to its prestigious reputation.

The Commonwealth Bank or CommBank as it is most widely known is an Australian multinational bank. Founded in 1911 and headquartered in Sydney under the Commonwealth Bank Act, it started its operations in the year 1912 with the aim to conduct both savings and general banking business. Today, it provides a variety of financial services including retail, business and institutional banking, funds management, superannuation, insurance, investment and broking services.

Also, The Commonwealth Bank is one of the largest companies listed on the Australian Securities Exchange. The Company has been growing its business ever since and today it has more than 800,000 shareholders and 52,000 people working in the Group.

16. Commonwealth Bank

17. US Bancorp

top financial services companies bank of china

Established in 1863, US Bancorp is an American Bank holding Company headquartered in Minnesota. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions.

Today, it is the fifth-largest bank in the country, with more than 70,000 employees and $495 billion in assets as of December 31, 2019. It is also ranked on the Fortune 500 list and the Forbes America’s Best Banks.

 

The American company – Fidelity National Information Services Inc bags a place in the fortune 500 list and offers an abundance of financial services and products such as software support and development, BPO services for contact centers and banking operations, B2B and B2C E-Commerce Solutions and much more. The company is headquartered in Florida and employs over 55,000 people worldwide.

Off lately, Fidelity National Information Services Inc (FIS) became the processing and payments company around the globe, post acquiring Worldplay for $35 billion in 2019. Apart from this, FIS facilitates more than 75 billion transactions, servicing over 20,000 clients worldwide.

18. Fidelity National Information Services Inc

top financial services companies fis

19. Goldman Sachs Group Inc

top financial services companies goldman sachs

Headquartered in New York City, the American multinational investment bank, Goldman Sachs Group is one of the largest of its kind in the world. The exceptional financial services company was established around 151 years ago in 1869 and has ever since earned the title of a ‘market maker’ and is the primary dealer in the US Treasury security market.

The company is ranked #62 on the fortune 500 lists of the largest corporations in the US, by total revenue.

With more than 60,000 employees hired worldwide, Morgan Stanley has claimed offices in more than 42 countries making it a multinational financial services company catering to clients inclusive of not just institutions and individuals but the government as well.

Founded in 1935, the company is split into 3 business units – Institutional Securities group providing services like capital raising and mergers & acquisitions, Wealth management providing wealth planning services to its clients, and lastly Investment Management that provides asset management products in private equity, fixed income and alternative investments.

20. Morgan Stanley

top financial services companies morgan stanley

21. BlackRock Inc

top financial services companies blackrock

BlackRock Inc, an American investment management corporation is known to be the world’s largest asset manager post its achievement of acquiring assets under management worth $7.4 trillion, as of 2019. The company was founded in the year 1988 and in just 32 years, it has expanded its operations globally to over 100 countries. Currently headquartered in New York City, the company owns 70 offices spread across 30 countries worldwide.

While BNP was established in 1848 and Paribas in 1872, BNP Paribas came into existence only in 2000. It is a French multinational Banking Group. It is the 8th largest bank in the world in terms of total assets and operates in 72 countries. It offers both retail banking and investment banking services. It has three domestic markets in France, Italy, and Belgium through other brands. BNP Paribas is headquartered in Paris. The company earned a total revenue of 44.597 billion euros in 2019. 

22. BNP Paribas

top financial services companies bnp paribas

23. Bank of Nova Scotia

top financial services companies bank of nova scotia

The Bank of Nova Scotia is a Canadian banking and financial services company. It officially operates as the Scotiabank and is headquartered in Toronto, Canada. It is a multinational institute and comes as one of Canada’s Big Five Banks. It is the third-largest bank in the country in terms of deposits and market capitalization. It was founded in 1832, about 188 years back in Halifax, Nova Scotia. As of 2018, the bank earned a total revenue of CA$28.8 billion. The Tangerine Bank is a subsidiary of the Bank of Nova Scotia. 

Founded 204 years ago in 1816, AXA operates all across the world but is headquartered in Paris, France. It is a French multinational insurance services firm that specializes in global insurance, investment management, and other financial services. As of 2019, it earned 104 billion euros in revenue. It provides services in life, health, property and casualty insurance. AXA is a component of the Euro Stoxx 50 stock market index. The idea behind the name was the fact that it is easy to pronounce for people belonging to any nationality, regardless of their mother tongue. 

24. AXA

top financial services companies axa

25. UBS Group

top financial services companies ubs

The UBS group was formerly known as the Union Bank of Switzerland. It was founded 158 years ago in 1862. As of today, UBS is a Swiss multinational investment bank and financial management services company. It is often regarded as one of the biggest investment banks in the world. As of 2018, this bank that is headquartered in Zurich earned revenue of US$30.21 billion. Apart from investment banking services for private, corporate, and institutionalized clients, UBS also provides private banking, wealth management, and asset management services.

It manages the largest amount of private wealth in the world as more than half the world’s billionaires are their clients. 

Conclusion

These 25 firms are the top financial firms in the world as of 2020 and are undoubtedly widely recognized with a proven record as they are the best in providing superior services to their clients in their fields and also nurture their employees to grow beyond their capabilities!

2.4K

SUBSCRIBERS

23k

FANS

20K

FOLLOWERS

Follow us to get the latest b-school updates!

You Might Also Like

Top Consulting firms in the World

A consulting firm or a consultancy is a service providing business comprising of a panel of experts or consultants who offer professional advice to ….

18 Must-Have Skills in today's Business World

Every employer is clearly looking for a highly skillful person for their company. So today, we are going to let you know about the 18 must …

Upcoming Job opportunities

Here are upcoming jobs of the future, predicted by experts to anticipate an enormous growth in the upcoming years, and a gist of all you need to know about these career ….