Bank of America has been supplanted by U.K.-based HSBC as the world’s most valuable banking brand, according to an annual study by Brand Finance.
Top 10 U.S. Bank Brands |
Global Rank 2012 |
Global Rank 2011 |
Bank |
Value |
2. |
2. |
Wells Fargo |
$23.23B |
3. |
1. |
Bank of America |
$22.91B |
5. |
5. |
Chase |
$18.96B |
6. |
9. |
Citi |
$18.64B |
7. |
13. |
American Express |
$18.23B |
16. |
18. |
JP Morgan |
$11.60B |
19. |
16. |
Goldman Sachs |
$9.33B |
28. |
32. |
Visa |
$7.09B |
29. |
29. |
Morgan Stanley |
$6.35B |
35. |
45. |
MasterCard |
$5.18B |
Source: Brand Finance |
BOA lost an estimated $11.2M in brand value over the past year and has been supplanted by Wells Fargo as the most valuable banking brand in the U.S. WF is No. 2 globally, while BOA slipped to No. 3 from being the top banking brand in the world in 2011.
David Haigh, CEO of BF, said the past year has been a “very turbulent period” for the financial sector companies. “We have seen a collective decline in brand value among the 500 banks in our report of $94.78B,” he said.
BF says it values brands by a method that analyzes the royalties that a corporation would have to pay to license its brand if it did not own it, establishing the cost from which a bank is relieved through owning it.
The top five U.S. banks by brand value as measured by BF are Wells Fargo ($23.23B), BOA ($22.91B), Chase ($18.96B), and Citi ($18.64B).
Globally, HSBC ($27.59B) is trailed by WF, BOA, Santander of Spain ($19.97B) and Chase.
BF’s Bill Barker pointed out that some of the worst performers were investment-heavy banks like BOA, JP Morgan (No. 16, $11.6B) and Goldman Sachs (No. 19, $9.33B).
By contrast, Interbrand’s ranking of global brands had the big banks lined up differently when it released its own list in October. In that tally, JP Morgan ($12.4B) led HSBC ($11.8B), Goldman Sachs ($9.1B) and Citi ($8.6B). BOA was unranked.