Summary (excerpt)
Which banks command the highest equity valuations in 2025? This ranking tracks market capitalization to reflect how public markets price scale, profitability and perceived resilience. It skews toward listed franchises with strong earnings power and investor trust.
Key takeaways
- JPMorgan remains the world’s most valuable listed bank by market cap; North America contributes multiple names. AlphaSense
- China’s “Big Four” also feature prominently, reflecting their enormous balance sheets and domestic franchises. CompaniesMarketCap
- Market cap is not a safety score; it’s a forward-looking pricing of earnings and risk.
| Rank | Bank | Listed Ticker(s) | Market Cap (US$ bn) | HQ |
|---|---|---|---|---|
| 1 | JPMorgan Chase | NYSE:JPM | ~780–850* | USA |
| 2 | Bank of America | NYSE:BAC | ~330–380* | USA |
| 3 | Industrial & Commercial Bank of China (ICBC) | HKEX:1398 / SSE:601398 | ~300–360* | China |
| 4 | Agricultural Bank of China | SSE:601288 / HKEX:1288 | ~230–350* | China |
| 5 | Bank of China | SSE:601988 / HKEX:3988 | ~200–240* | China |
| 6 | China Construction Bank | SSE:601939 / HKEX:0939 | ~190–270* | China |
| 7 | Wells Fargo | NYSE:WFC | ~230–260* | USA |
| 8 | Morgan Stanley | NYSE:MS | ~220–250* | USA |
| 9 | Royal Bank of Canada | TSX:RY / NYSE:RY | ~170–190* | Canada |
| 10 | HSBC | LSE:HSBA / NYSE:HSBC | ~210–230* | UK |
* Live market caps fluctuate intraday. Update cadence: weekly or monthly. Primary source: CompaniesMarketCap snapshot + exchange data.
Analysis & context
Market cap rewards earnings durability, capital return and “narrative”. It can diverge from total assets: Chinese mega-banks dominate assets, while US/Canada names enjoy valuation premia due to profitability and buybacks.
Methodology
- Universe: listed commercial banks and bank holding companies.
- Measure: free-float market cap (US$) at monthly cut-off; ADRs consolidated.
- Exclusions: pure investment managers/insurance; fintechs without bank license.
Sources
CompaniesMarketCap live list (accessed Sep 2025).
AlphaSense explainer on 2025 leaders.
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About the Author
Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source.
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