China runs world’s top four banks
ATLANTA –– Four of the five largest banks in the world are Chinese, according to SNL Financial's latest global bank rankings. It's a big change from the past few years when only two Chinese banks made the top five.
Beijing-based Industrial & Commercial Bank of China holds the top spot with assets valued at $3.5 trillion. That means the bank is worth more than the entire value of the British economy.
The only non-chinese bank re-
maining in the top five is HSBC, which is headquartered in London. It fell several spots to position No. 4 this year.
The top US bank is Jpmorgan Chase (JPM), which ranks sixth with $2.6 trillion in assets. SNL notes that American banks calculate the value of their assets a bit differently from international banks because of US regulations, so it's likely that Jpmorgan would rank higher in a true apples to apples comparison.
China’s financial sector has been struggling in recent weeks after a major meltdown in China's stock