They say a picture is worth a thousand words. Below is a table describing the financial institutions considered “systemically important,” so called because their failure can imperil the financial system as a whole. For this reason, they are also known as global banks “too big to fail.” As shown below, these banks control an average of around half of all banking assets in some of the most advanced economies and China. The figures are drawn from a press release issued, on June 16, by the Bank for International Settlements, an organization dedicated to promote cooperation among the world’s central banks, headquartered in Basel, Switzerland.
|Country/Banks||Total Banks||Total Assets||Number and Names of Global Banks||Global Banks Assets||% of total assets|
|CHINA:||1,054||24,515||(4) Agricultural, Bank of China, Construction, Industrial and Commercial||10,891||45|
|EUROPEAN UNION (Seven member countries)||4,484||33,263||France: (4) BNP Paribas, Groupe BPCE,Groupe Crédit Agricole, Société Générale, Germany: (1), Deutsche Bank, Italy: (1), Unicredit Group, Netherlands:(1), ING Bank, Spain: (1) Santander, Sweden: (1) Nordea, UK: (3) Barclays, HSBC, Standard Chartered||16,965||50|
|JAPAN||123||11,109||(3) Mitsubishi, Mizuho,Sumitomo- Mitsui||5,127||44|
|268||4,122||(2) Credit Suisse, UBS||1,887||45|
|USA||528||18,514||(8) JPMorgan Chase, Citigroup,Bank of America, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, State Street, Wells Fargo||9,466||50|
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