- 72 American banking brands, with a combined brand value of $332.2 billion, feature in the Brand Finance Banking 500 2024 ranking
- Bank of America is the most valuable banking brand in the United States and the 5th most valuable in the world
- Discover Bank is America’s strongest bank, with a Brand Strength Index score of 86.0 out of 100
- Chinese banking brands recover in value, holding on to the top four most valuable banking brands spots and increasing in brand value
- Local banking brands prove stronger than global brands: Indonesia’s BCA is ranked the world’s strongest banking brand, and regional African players report high scores for brand strength
- Brand values of Russian banks continue to plummet
[March 6, 2024, NEW YORK] – In the newly released Brand Finance Banking 500 2024 ranking, 72 American banks with a combined brand value of USD332.2 billion feature, representing more brands than any other country. Chinese banks lead in total brand value, with their 52 brands totaling an impressive USD430.6 billion.
Bank of America is the most valuable banking brand in the United States and the 5th most valuable in the world, despite a slight 4% decrease in brand value to USD37.3 billion. Wells Fargo (brand value up 9% to USD35.8 billion), Chase (brand value up 14% to USD35.8 billion), Citi (brand value up 3% to USD31.4 billion), J.P. Morgan (brand value down 3% to USD30.8 billion) all claim a spot in the top 10. Chase, the fastest-growing brand in the top 10, has experienced a notable surge in revenues. This growth is largely attributed to the favorable effects of the Federal Reserve’s hawkish monetary policy stance. As a result, the bank has achieved record-breaking numbers.
Charles Schwab, the fastest-growing American bank this year, has seen a remarkable 136% increase in brand value to USD12.1 billion. Celebrating its 50th anniversary in 2023, Schwab launched various initiatives, including online innovation and brand activations with partners like Ford and PGA. Additionally, with the ongoing merger with TD Ameritrade, Schwab is in the process of transitioning all TD Ameritrade accounts. The bank also performs well for familiarity and reputation, according to Brand Finance’s research.
Discover (brand value USD8.0 billion) is America’s strongest bank, with a Brand Strength Index score of 86.0 out of 100 and a corresponding AAA brand strength rating. According to Brand Finance’s research, the bank continues to command strong familiarity, consideration, and reputation.
“In the Brand Finance Banking 500 2024 ranking, 72 American banks with a combined brand value of $332.2 billion feature, representing more brands than any other country. The resilience of US banking amidst economic complexities underscores the sector’s ability to navigate uncertainties. As consumer pressures mount and institutions bolster reserves in anticipation of economic shifts, the outlook for banks in 2024 remains multifaceted. However, with attractive valuations, healthy balance sheets, and potential profit gains from high interest rates, American banks are well-positioned to navigate challenges and seize opportunities.”
Laurence Newell, Managing Director, Brand Finance Americas
The combined value of the world’s 500 most valuable banking brands has reached a record USD1.44 trillion, almost double its level a decade ago.
The Chinese banking sector demonstrates a notable recovery, with the ‘big four’ banks remaining well ahead of their US counterparts. ICBC (Industrial and Commercial Bank of China) maintains its position as the world’s most valuable banking brand for the eighth consecutive year, boasting a 3% rise in brand value to USD 71.8 billion. China Construction Bank, Agricultural Bank of China, and Bank of China secure second, third, and fourth positions, respectively, following single-digit percentage increases in each of their brand values.
As the world’s top banking brands reach new heights, China’s mega-banks continue to dominate at the top of the brand value ranking. Another key insight from our 2024 data is that local banks increasingly outshine their larger counterparts in brand strength. Dominant brands thrive in singular markets with limited competition, while banks expanding into multiple markets may successfully augment their brand value but risk diluting brand strength.”
David Haigh, Chairman & CEO, of Brand Finance
Brand Finance’s research indicates that local and regional banks are performing as well as – and, in many cases, outperforming – global banks in terms of positioning their brand in the hearts and minds of customers. Indonesia’s BCA is the world’s strongest banking brand with a Brand Strength Index score of 93.8/100 and elite AAA+ rating. Three African brands, Equity Bank, First National Bank, and Kenya Commercial Bank, as well as Romanian Banca Transilvania all rank amongst top 5 strongest brands globally, earning AAA+ ratings.
Only 11 of the top 50 countries experienced decreases in aggregate value, led by Russia (69%), Malaysia (20%), and Nigeria (14%). Unsurprisingly due the international sanctions imposed on Russia, the country’s two largest bank brands – VTB and SBER – have suffered the biggest falls in brand value by percentage, with 91% and 63% plunges, respectively.
