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Forbes
12-06-2025
- Business
- Forbes
The World's Largest Banks 2025: JPMorgan Tops Global 2000 For Third Straight Year
It has been a solid year for the banking industry, characterized by strong profitability, steady deposit growth and a continued rebound in investment banking fees and trading revenues. U.S.-based and Chinese banks once again dominate the 2025 Forbes Global 2000 list, which measures the world's largest and most successful companies. Half of the top ten companies on the list are banks based in the United States or China. JPMorgan Chase claimed the top spot overall for the third year in a row, after rising from fourth place in 2022 following its acquisition of First Republic out of insolvency. The bank has $4.3 trillion in assets. The Industrial and Commercial Bank of China ($6.6 trillion in assets) followed close behind, rising one spot to No. 3 overall on the list. The global banking sector remained resilient over the last twelve months despite ongoing challenges, as net interest margins have been helped by higher interest rates. In the United States, net income is well above pre-pandemic levels, liquidity is stable and capital levels have increased. Many of the largest banks saw sizable asset growth during the first quarter of this year, benefiting from a normalization of the yield curve (where longer-term loans once again have higher rates than short-term loans). Expectations for rate cuts and a more business-friendly regulatory environment have also driven optimism over a rebound in loan demand and M&A activity. Despite rising profits, many U.S. bank executives have noted the potential impact of uncertainty arising from the Trump administration's tariff announcements. According to research from Fitch Ratings, 'uncertainty on end-state trade policy, potential foreign retaliation and second order effects, raise doubts about the ability to imply future bank performance from first quarter results.' Banks, which are in the business of profiting from making loans, are understandably concerned that the uncertainty created by Trump Administration's erratic trade and other economic policies, will continue to paralyze businesses which have trouble making and executing strategic growth plans when the ground is constantly shifting. Besides JPMorgan, there are five other U.S. banks among the top 50, Bank of America, Wells Fargo, Goldman Sachs, Citigroup and Morgan Stanley. China's mega banks, meanwhile, saw slight declines in net profit and operating income earlier in 2025 as net interest margins have continued a multi-year decline. The downturn in the property sector has led to more non-performing loans, subsequently squeezing net interest margins due to lower lending rates and a slowdown in loan demand. Total assets have increased, however, especially as banks in China continue to shift toward new growth areas like emerging industry loans (sectors deemed crucial for the country's future economic growth, such as in areas like electric vehicles or artificial intelligence), which have seen solid growth. 'Entering a cycle where both interest rates and net interest margins are low, the banking industry is facing increased uncertainty in the macro-environment,' according to Kelvin Leung, Greater China Financial Services Partner at Ernst & Young. In response to these challenges, he notes that Chinese-listed banks are fortifying themselves by diversifying revenue sources, in emerging industries and replenishing capital, as well as looking to optimize debt structure and costs. Besides China's ICBC, three other banks—all regular mainstays on this list—were among the biggest in the world: China Construction Bank ($5.5 trillion in assets) at No. 3, Agricultural Bank of China ($5.9 trillion) at No. 8 and the Bank of China ($4.8 trillion) at No. 12. European banks also managed to grow net interest income, but still face challenges amid ongoing economic uncertainty, potential interest rate cuts and the impact of tariffs. 'European bank revenues are likely to be adversely affected by rate cuts, whereas for Canadian banks potential U.S. tariffs create significant uncertainties," according to Sonja Förster, Senior Vice President, European Financial Institutions at Morningstar DBRS. "However, these factors do not represent a rating risk, as underlying fundamentals of European and Canadian banks are generally strong." Britain's HSBC Holdings was once again the largest bank outside of the U.S. and China, keeping the No. 15 spot with more than $3 trillion in assets. Next is the Royal Bank of Canada, up one spot from last year to No. 26., with $1.5 trillion in assets. The biggest gainer among the 50 largest banks in the world was Spanish bank Santander ($1.9 trillion), which rose seven spots to No. 29 on this year's list. France's BNP Paribas, meanwhile, lost several spots, falling from No. 32 to No. 35., despite its assets of $2.8 trillion. Mitsubishi UFJ Financial reclaimed its position ahead of Sumitomo Mitsui Financial as Japan's largest bank, with assets surpassing $2.6 trillion, taking the No. 34 spot overall. In total there are 328 banks on the 2025 Global 2000 list, up from 315 last year. Forbes compiled the Global 2000 list using data from FactSet Research to screen for the biggest public companies in four metrics: sales, profits, assets and market value. The market value calculations use closing prices as of April 25, 2025 and include all common shares outstanding.
Boston Globe
05-06-2025
- Business
- Boston Globe
JPMorgan, Citizens duke it out over First Republic's old customer base
JPMorgan typically wields the Chase brand for its retail operations, but not for this venture. Instead, the signs out front say 'J.P. Morgan.' 'We're testing a new model, leveraging ... the JPMorgan brand,' said Stevie Baron, head of affluent banking at New York-based JPMorgan. 'This is an opportunity to take the JPMorgan brand to focus more up market [though] we've got inspiration from First Republic.' The personalized banking services are available to customers with at least $750,000 of deposits and investable assets parked with the bank. The freshly baked chocolate chip cookies that First Republic used to offer have been replaced by squares of Dylan's chocolate. (JPMorgan also has a previously established private banking arm for much wealthier individuals, but does not have a retail presence specifically for that group.) Advertisement JPMorgan's rollout comes as Citizens Financial Group steps up its efforts to cater to wealthy customers through its own relatively new Citizens Private Bank. Citizens was among the bidders for the failed First Republic in 2023, but lost to JPMorgan. However, at least 150 bankers from First Republic left later that year to help Citizens launch its private bank, including Susan deTray, a California-based executive who leads Citizens Private Bank. Advertisement 'We welcome all competition,' Baron said. 'We feel very good about our hand and our ability to serve this client base.' Last year, Citizens reopened a former First Republic branch in the Back Bay to serve as its first private banking office in Boston. (The chocolate chip cookies stayed on the menu there.) Offering a range of banking services to wealthy clients through Citizens Private Bank has turned a profit more quickly than chief executive Bruce Van Saun expected. The private bank, Van Saun said in an April interview, broke even in August, and now has four branches across the US with more on the way. The Providence-based company is opening its Private Bank branches in many of the same markets as JPMorgan; they have been a magnet for money, with nearly $9 billion in deposits and $5 billion in assets under management as of the end of March. The goal, Van Saun said, is to create a 'First Republic 2.0.' 'We're running a little ahead of what we projected,' Van Saun said. 'I think there's a void in the market where First Republic played and Silicon Valley [Bank] played. I think you win with talent. So a lot of the customers of those banks recognize that the personal level of service that the bankers offer was second to none, and Citizens is going to occupy that space.' This is an installment of our weekly Bold Types column about the movers and shakers on Boston's business scene. Advertisement Jon Chesto can be reached at
Yahoo
02-06-2025
- Business
- Yahoo
JPMorgan Chase To Open New 'Elevated Concierge Type Of Service' Brick-And-Mortar Locations To Woo Wealth Clientele
JPMorgan Chase announced the opening of 14 new Financial Centers across four states this week The brick-and-mortar locations are aimed at serving its Private Client tier, who have over $750,000 in qualifying deposits and investments with the institution The new financial centers join to existing locations in San Francisco and New York City that opened late last year JPMorgan Chase (NYSE:JPM) announced Tuesday it would be open 14 new financial centers to cater to affluent clients in four states this week. These brick-and-mortar locations are spread out across California, Massachusetts, Florida, and New York. They will join the two existing so-called J.P. Morgan Financial Centers in San Francisco and New York City in servicing its wealthiest clientele. "Through these Financial Centers, we are redefining how affluent clients are served, offering a highly personalized level of service that is backed by the global capabilities of J.P. Morgan Chase," Jennifer Roberts, CEO of Chase Consumer Banking, said in a statement. Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Each of the locations was acquired in May 2023 when the company took over First Republic. Situated in ritzy locales like Palm Beach, Florida; Napa, California; New York; and Cambridge, Massachusetts, the banks will feature private meeting spaces and distinctive finishes intended to create an environment of privacy, sophistication, and comfort. Additionally, senior private client bankers will be on hand to provide personalized support for customers who qualify for the J.P. Morgan Private Client tier. These customers have over $750,000 in qualifying deposits and investment balances with the institution. "When we meet with clients, they consistently say they want a relationship that spans across banking, lending, and investments, and provides a seamless experience as they navigate the complexities of managing and growing wealth," Roberts said. "These new Financial Centers offer a highly personalized service model, providing greater flexibility to meet clients' needs with exceptional attention and care." Trending: Maximize saving for your retirement and cut down on taxes: . JPMorgan Chase is the country's biggest bank by deposits and assets, and has a top share in areas like retail credit cards. However, one area where it isn't a clear leader is wealth management. Roberts told CNBC that while JPMorgan Chase can count half of the 19 million affluent households in the U.S. as clients, it only has 10% of their investment dollars. JPMorgan Chase hopes that these new Financial Centers, as well as the Private Client tier, will change that. "What First Republic did really well was deliver a concierge-level of service where if you have an issue, a person owned it for you and you didn't have to worry about it," Roberts told CNBC. "So with this experience, we are going to deliver a more elevated concierge type of service, like you would expect at a high-end hotel." "We want people walking in, having the experience, meeting with our experts and understanding how we can help support their financial goals over time," she said. Read Next: Invest where it hurts — and help millions heal:. Here's what Americans think you need to be considered wealthy. Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article JPMorgan Chase To Open New 'Elevated Concierge Type Of Service' Brick-And-Mortar Locations To Woo Wealth Clientele originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
28-05-2025
- Business
- Business Insider
JPMorgan is expanding an initiative to woo more wealthy clients
JPMorgan Chase is doubling down on plans to woo wealthier clients by opening 14 new financial centers. The New York-headquartered global bank previously ran two similar centers in the United States — one in New York City and one in San Francisco. The new locations will be opened in four states: California, Florida, Massachusetts, and New York. Offices will include a location in Palm Beach, Florida, and one on Manhattan's Madison Avenue. These office-based branches were first acquired when JPMorgan took over commercial bank and wealth management services provider First Republic in 2023. The move is part of the financial services firm's mission to cater to its affluent clients and attract more of America's millionaires. By the end of 2026, it plans to have 31 such centers. While JPMorgan leads the way in deposits and assets compared to Wall Street's biggest banks, competitors have a larger share of wealth management. "Through these Financial Centers, we are redefining how affluent clients are served, offering a highly personalized level of service that is backed by the global capabilities of JPMorganChase," CEO of Chase Consumer Banking Jennifer Roberts said in a statement. "These new Financial Centers offer a highly personalized service model, providing greater flexibility to meet clients' needs with exceptional attention and care." Customers who hope to join the program need to have $750,000 in deposits and investments. Services available to clients include personalized attention from a banker and a team of experts in personal banking, business banking, lending, and planning, and JPMorgan wealth management advisors. Each brick-and-mortar office is led by a "relationship manager." For those who don't live close to one of the financial centers, they'll be able to access the same services through the relationship managers, who are also meant to support remote members. In 2024, Chase opened over 150 banks as part of its goal to open 500 new locations by the end of 2027.
NBC News
27-05-2025
- Business
- NBC News
JPMorgan Chase is heading upmarket to woo America's millionaires
JPMorgan Chase thinks it has cracked the code on managing more money for America's millionaires. It's not a new financial product, a novel software program or an enticing sign-up bonus. Instead, it's a refurbished take on an old concept — the brick-and-mortar bank branch — along with new standards for service that are at the heart of its aspirations. The bank is unveiling 14 of these new format branches — each acquired when JPMorgan took over First Republic in 2023 — in tony ZIP codes in New York, California, Florida and Massachusetts, including Napa, Palm Beach and Wellesley Hills. It's part of JPMorgan's push to convince affluent Americans, many who already use Chase checking accounts or credit cards, that the bank is ready to manage their millions. JPMorgan is the country's biggest bank by deposits and assets and has a top share in areas as disparate as Wall Street trading and retail credit cards. But one of the only major categories where it isn't a clear leader is in wealth management; peers like Morgan Stanley and Bank of America exceed it there. While half of the 19 million affluent households in the U.S. bank with JPMorgan, it has just a 10% share of their investing dollars, according to Jennifer Roberts, CEO of Chase Consumer Banking. 'We have this giant opportunity to convince customers to have their wealth management business with us in addition to their deposit relationship,' Roberts said in a recent interview. Helped by its acquisition of First Republic, which was known for catering to rich families living on either coast, JPMorgan decided to launch a new tier of service. Called J.P. Morgan Private Client, it is anchored by the new physical locations, of which there will be 31 by the end of next year. The service comes with its own mobile banking app, but its main appeal is the in-person experience: Instead of being handed off to multiple employees like at a Chase branch, J.P. Morgan Private Client members are assigned to a single banker. 'What First Republic did really well was deliver a concierge-level of service where if you have an issue, a person owned it for you and you didn't have to worry about it,' Roberts said. 'So with this experience we are going to deliver a more elevated concierge type of service, like you would expect at a high-end hotel.' The price of entry: at least $750,000 in deposits and investments, though Roberts said the bank is aiming for those with around $2 million to $3 million in balances. Quiet opulence The new locations, dubbed J.P. Morgan Financial Centers, have a warm feel and an earth-tone color palette that intentionally sets them apart from the nearly 5,000 Chase branches operated by the bank. During a recent visit to a Manhattan location, the vibe is family office-meets hotel, with soaring ceilings, living room-style seating areas and art-filled meeting rooms scattered over two floors. Gone is the traditional row of bank tellers; there is instead a concierge desk and a solitary ATM machine. Instead of lollipops, visitors are offered squares of Dylan's chocolate. The space is quiet, except for the crack of a Perrier being opened or the whir of an espresso machine. The design elements and hushed environment are 'really meant to illustrate that we're there to have a more serious, less-transactional conversation about your wealth planning over the course of time,' said Stevie Baron, JPMorgan's head of affluent banking. Those conversations involve planning for long-term goals and examining clients' portfolios to see whether they are on track to reach them, he said. Elements of the new high-end branch format could find their way to regular Chase branches, especially the 1,000 or so that are in high-income areas, Baron said. JPMorgan executives have said the bank's branch network has already succeeded as a feeder into the firm's wealth management offerings. The new service tier — which sits above the bank's Chase Private Client offering, which is for those with at least $150,000 in balances and is delivered in the regular branches — is expected to help JPMorgan's retail bank double client assets from the $1.08 trillion it reached in March. 'Obviously it's a big challenge, because clients already have their established wealth managers, but it's something that we've been making really strong progress in,' Roberts said. Come one, come all But attempting to create a new, more luxurious brand from a mainstream one — think the difference between Toyota and its luxury brand Lexus — is not without its risks. Or at least, momentary confusion. So far, the two flagship financial centers in New York and San Francisco opened late last year haven't seen heavy foot traffic, Roberts admitted. 'Our biggest challenge is that we don't have people walking in because they don't really understand what they are,' Roberts said. 'So we just need to get the awareness out there.' While JPMorgan is leaning on the first part of its name, rather than Chase, to signal exclusivity for the new branches, that may deter people from walking through the doors and starting conversations. 'I just want this to be acknowledged: We're never going to turn someone away. Any customer can come and leverage any of our branches at any time,' Roberts said. 'We want people walking in, having the experience, meeting with our experts and understanding how we can help support their financial goals over time,' she said. JP Morgan's Palm Beach JP Morgan
