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Brand Finance Banking 500 2024: Bank of America Ranks 5th Globally

06 March 2024
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  • 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.

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Media Contacts

Florina Cormack-Loyd
Communications Director - North America
Brand Finance

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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