JPMorgan Chase, the World's Largest Bank by Market Capitalization in Early 2023

Based on Companies Market Cap data, JP Morgan had a market capitalization of US$419.63 billion, or approximately Rp6,359.49 trillion at the beginning of 2023 (assuming an exchange rate of Rp15,155/US$).

This achievement makes JP Morgan the largest banking company in the world.

Below is a complete list of the top 10 largest global banking companies based on their market capitalization as of January 17, 2023:

1. JP Morgan Chase: US$419.63 billion
2. Bank of America: US$281.72 billion
3. ICBC: US$219.57 billion
4. Wells Fargo: US$168.49 billion
5. China Construction Bank: US$163.77 billion
6. Morgan Stanley: US$154.91 billion
7. Charles Schwab: US$154.90 billion
8. CM Bank: US$151.81 billion
9. Agricultural Bank of China: US$150.11 billion
10. HSBC: US$144.37 billion

Despite having the largest market capitalization, JP Morgan stated that the company was defrauded in the acquisition process of a fintech startup named Frank, with an acquisition value of US$175 million or approximately Rp2.65 trillion.

The United States-based banking company then sued Frank's founder, Charlie Javice, alleging falsification of user numbers.

Charlie Javice is an alumnus of Forbes 30 Under 30, a list of influential young people on an international scale. Javice was included in the list in 2019 for her success in helping students' finances through the Frank platform.

However, JP Morgan accused Charlie Javice of lying by creating fake users. This is stated in the lawsuit filed by JP Morgan in the US District Court in Delaware at the end of 2022.

"Fake users, consisting of a list of names, addresses, dates of birth, and other personal information for 4.26 million students who do not actually exist," said JP Morgan, as quoted by Forbes, Wednesday (11/1/2023).

According to the lawsuit, Frank actually only had less than 300,000 users. This alleged falsification was revealed after JP Morgan sent marketing emails to 400,000 Frank users, but 70% of those emails were returned or failed to be delivered.