Income inequality

Banks with the biggest profits and losses

EVERY year the Banker magazine publishes a ranking of the world’s banks by profits, assets, losses and the like. The latest ranking confirms a shift in power towards banks based in emerging markets. Three Chinese banks make it on to the list of the 20 biggest banks. Agricultural Bank of China, which is about to embark on the world’s biggest IPO, does not quite make the cut. Among the big losers of 2009, European banks, which bought so much toxic securitised sludge, are well represented. The two most profitable banks were Chinese, though what might be hiding on their balance-sheets is anyone’s guess.

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