The top two banks in the world, ICBC and China Construction Bank, are Chinese with two further Chinese banks ranked in the top ten. China also now accounts for one third of all banking profits, driving global banking profits to an all-time high of $920 billion.
In the face of greater regulation, economic challenges and competition, UK banks now account for only 2.37% of global profits (and one thirteenth of China’s profits), down from 11% before the 2008 financial crisis. The only British bank left in the top 10, HSBC, slipped further from 4th place to 5th place this year. Back in 2008 HSBC topped the ranking with RBS in third place.
