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Business back on top

JPMorgan is back on top as it reclaims its spot as the largest company in the world. (Photo by Michael M. Santiago/Getty Images)

By Hannah Bryan Leaders Staff

Hannah Bryan

News Writer

Hannah Bryan is a news writer for Leaders Media. Most recently she was a reporter for the Sanilac County News...

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Updated Jun 12, 2023

JPMorgan Reclaims Its Top Spot

In part due to its role in resolving financial turmoil at the beginning of the year, JPMorgan Chase has reclaimed its spot as the largest company in the world.

Key Details

  • JPMorgan is back at the top of the Forbes Global 2000 list after losing the top spot in 2011.
  • Forbes‘ list is compiled using data from global companies’ sales, profits, assets, and market value as of May 2023.
  • Warren Buffett’s Berkshire Hathaway had been at the top of the list but lost out to JPMorgan as its investment portfolio began to decline, Forbes reports.
  • JPMorgan’s revenue reached $180 billion—a 44% increase from last year. While the economy has struggled with various economic challenges, the bank has continued to grow and produce revenue. 
  • Other banks have also profited this year, with several notable institutions moving up Forbes’ list.

Why it’s news

JPMorgan undoubtedly benefited from the financial upheaval caused by the Silicon Valley Bank collapse and later Signature Bank and First Republic Bank failures. JPMorgan acquired First Republic Bank at the beginning of May. During the other bank collapses, it helped other customers who were floundering. 

“The U.S. economy continues to be on generally healthy footings—consumers are still spending and have strong balance sheets, and businesses are in good shape,” longtime CEO Jamie Dimon says in a press release. “However, the storm clouds that we have been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks.”

Berkshire Hathaway fell from its top spot all the way to 338 on the list after losing $22.8 billion in the last year. In last year’s second quarter alone, it reported $43.8 billion in losses.

Of the 2,000 global companies included on the list, 611 are based in the U.S. China and Hong Kong are home to 346 companies. Another 192 are found in Japan. No other countries have more than 100 companies on the list.

In 2003, when Forbes first started its Global 2000 list, the U.S. had 776 companies on the list. This year is the first that it has had more than 600 after a steady decline. The U.S. stock market’s strong performance over the last decade played a role in bolstering the number of U.S. companies on the list, Forbes reports. 

The Global 2000 list is compiled using data from FactSet Research systems to screen for the biggest public companies using four metrics: sales, profits, assets, and market value. The market value calculation is as of May 5, 2023, closing prices and includes all common shares outstanding. 

JPMorgan, Bank of America, Alphabet, ExxonMobil, Microsoft, Apple, UnitedHealth Group, Wells Fargo, Chevron, and Verizon make up the top 10 U.S. companies on the list.

The top 10 overall with their market values are—though market value is not the sole metric for the Global 2000 list:

  • JPMorgan Chase $399.59 billion 
  • Saudi Arabian Oil Company $2,055.22 billion   
  • ICBC $203.01 billion   
  • China Construction Bank $172.99 billion   
  • Agricultural Bank of China $141.82 billion   
  • Bank of America $220.82 billion   
  • Alphabet $1,340.53 billion   
  • Exxon Mobil $439.39 billion   
  • Microsoft $2,309.84 billion   
  • Apple $2,746.21 billion  
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