As of 2015, the developed countries with the highest concentration in the banking sector are the United States, the United Kingdom, Switzerland, and Japan.
Because the banking industry provides the financing that fuels economic growth, it is one of the most important industries in any developing or developed nation. The financial soundness of the world's major banks is also critical to the overall consistency and stability of the global economy. Significant problems with any of the major banks listed below could cause a ripple or domino effect that could threaten both the economy of the nation where the bank is headquartered and the entire economy worldwide.
The "Big Four of the U.S. – JP Morgan Chase, Wells Fargo, Citibank and Bank of America – are active not only in other developed countries, but also in all major emerging markets. In a number of emerging markets, such as China and Brazil, where these banks do not have a direct presence, they have partnered with major banks based in the country. Most of the world's largest banks are located outside the U.S., but JP Morgan Chase is still one of the ten largest banks in the world. Although there are larger banks in other countries, the major U.S. banks have perhaps the greatest influence on the global financial services sector.
The United Kingdom has lost its ranking as the most important bank in the United Kingdom over the past century, but London is still considered one of the world's most important financial centers, and the major British banks continue to be viewed as critical to global economic stability. Nearly 10% of all jobs in the United States are provided by the financial services industry. The largest and most important banks in the United States as of 2015 are Barclays, Royal Bank of Scotland, Lloyds Banking Group and HSBC. The banking industry has spread from its London center, and there are major financial centers in Leeds, Manchester and Glasgow.
Switzerland's two largest banks, UBS and Credit Suisse, ranked among the world's 25 largest in 2015. Switzerland's longstanding reputation for banking secrecy continues to make it a preferred banking haven for many high net worth individuals who keep their financial affairs private. It is estimated that approximately one-third of all funds deposited outside their home country are deposited in Switzerland. In 2010, the financial sector accounted for more than 10% of Switzerland's gross domestic product and more than 5% of nationwide employment.Switzerland also hosts the headquarters of the Bank for International Settlements (BIS).
Tokyo is the most important financial center in Asia, and Japan is home to the major Asian banks. Japan Post Bank and Bank of Tokyo-Mitsubishi UFJ have been among the world's 10 largest banks since 2015. Like the U.S., Japan has a strong number of regional banks, including the Bank of Yokohama and Suruga Bank. Japan's private banking industry is complemented by the existence of state-owned financial institutions such as Japan Import-Export Bank.
China is the most important emerging banking center, with four of the world's five largest banks already in 2015.