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3 Chinese banks largest in the world

image011Three Chinese banks – Industrial and Commercial Bank of China, China Construction Bank and Agriculture Bank of China – remain the largest companies in the world. They topped the Forbes Global 2000 ranking for 2015. These three entities are followed by JPMorgan Chase, Wells Fargo, Bank of America and Citigroup. JPMorgan overtook Bank of China as the world’s fourth-largest bank. Wells Fargo, Bank of America and Citigroup were among the industry’s best performers, gaining ground on European, Asian and South American competitors, according to Forbes. The biggest mover in the industry was BNP Paribas, which rose 344 spots in the Forbes Global 2000 to No 24 as its profits stabilized in the wake of an $8.9 billion fine paid to U.S. regulatory authorities the prior year. Australian and Brazilian banks were the biggest decliners due to plunging commodity prices amid fears of a growth slowdown in China. Among the world’s 25 largest banks, China houses 9, while the U.S. has 4. Canada, Japan and Australia each had two banks make the top 25, while European powers the United Kingdom, Spain, Switzerland, France and the Netherlands garnered a single spot each. Deutsche Bank, after a year filled management upheaval, red ink and concerns about capital levels, dropped from 114th on the overall list to 448th, and 76th among banks.

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