It goes without saying that banking in the modern world has evolved in its form. The bank plays a key role in the economy of the world. Banks primarily work by accepting deposits by the consumers and creating credits. Thus, the credit accumulated is invested in other financial and monetary services by the company to get more profit and carry out more turnovers. Here are the list of the worlds largest bank
1. UBS AG
Found in 1862, this company is considered to be the world’s largest manager of private wealth assets. Nevertheless, it is a leading provider of retail banking and commercial banking services in Europe. It provides services covering securities, research in equities, rates, credit, precious metals and foreign exchange . The other services offered by this largest bank in the world UBS are investment banking, private banking, corporate banking, private equity, mortgages, credit cards, finance insurance and wealth management. It is the biggest bank in Switzerland and operates in more than 50 nations with over 60,000 employees worldwide.
2. Morgan Stanley
It is the largest American multinational banking and financial services corporation that operates in about 42 countries and has more than 1300 offices worldwide. It has about 60,000 employees all over the world and offers services and products like Investment banking, Asset Management, Commercial banking, investment, prime brokerage, retail brokerage and commodities. Its total assets is estimated be about US$ 807.72 billion with a total revenue of US$ 32.493 billion.
3. Bank of America
It is an American multinational banking corporation that provides its products and services through about 5,100 centres, 16,000 ATMs, online and mobile banking platforms. This bank is one of the world’s largest wealth management corporation and major leaders in the investment banking market. It offers services in consumer banking, corporate banking, finance and insurance, mortgage loans, private banking, investment banking, private equity and credit cards. This bank total revenue is estimated to be about US$ 82.50 billion and it employs about 211,000 people around the world.
4. BNP Paribas
This French multinational bank and financial service provider is one of the largest banks in the world. This was formed by the merger of Banque Nationale de Paris and Paribas in 2000. It is split into two business units: Retail Banking& Services which includes asset management, custodial banking, real estate services and Corporate and Institutional Banking. It has significant operations in nations like France, Italy, Belgium, Luxembourg, the United States, Poland, Turkey and Ukraine. Its total revenue is said to be about €42. 938 billion and total assets about €1.994.2 trillion with over 185,000 employees all over the world.
5. Royal Bank Of Canada
Royal bank of Canada is the largest bank in Canada, headquartered in Toronto, Ontario. The bank serves over ten million clients through its network of 1,209 branches operating in about 40 countries. It provides products and services in corporate banking, private banking, insurance and finance services. Furthermore, its total revenue has been estimated to be C$ 35.321 billion and total assets of about C$ 1,074.208 billion, employing over 72,000 people in various locations.