Every bank on the frontier has been expanding capacity faster since 2021 than it did over the prior decade
Figure 1. Top 10 banks in revenue gain per full-time employee ($, Avg gain per year)
Ranked in both cycles
Left the top 10 after 2011–2021
New entrant since 2021
Avg gain per year ($, 2011–2021) · 10-year cycle
Avg gain per year ($, 2021–2025) · 4-year cycle
Goldman Sachs
USA
$52,140
1
China Merchants Bank
China
$16,635
2
China Construction Bank
China
$15,064
3
ICBC
China
$12,948
4
Bank of America
USA
$12,444
5
Crédit Agricole
France
$11,575
6
Agricultural Bank of China
China
$9,878
7
Bank of China
China
$8,557
8
JPMorgan Chase
USA
$7,244
9
Toronto-Dominion Bank
Canada
$7,055
10
1
$30,589
DBS Group
Singapore
2
$30,498
JPMorgan Chase
USA
3
$27,028
HSBC Holdings
United Kingdom
4
$25,635
Bank of America
USA
5
$23,304
Wells Fargo
USA
6
$18,120
Standard Chartered
United Kingdom
7
$16,304
Royal Bank of Canada
Canada
8
$14,910
Citigroup
USA
9
$14,891
Banco Santander
Spain
10
$12,576
BNP Paribas
France
Note: (1) Sample of 25 of the world’s largest banks by assets and region. (2) For each period, revenue gain per FTE is divided by the number of years in each window (10 and 4 respectively), placing both columns on a common annual basis. Source: TABInsights; FY2025