Belfast Telegraph

UK banks topple in rankings

By Holly Williams

Britain's banking sector now ranks 10th in the world behind countries including France, Brazil and Russia after seeing annual profits plunge by 41%, according to research.

The Banker's Top 1,000 World Banks revealed that UK lenders have slipped from second place in 2008 after the financial crisis decimated earnings, with only one British bank – HSBC – now ranking in the top 10.

Chinese banking giant Industrial and Commercial Bank of China was named the world's top bank.

The UK was overtaken by France, which now ranks eighth, after seeing combined profits of British banks drop to $19.6bn (£12.9bn).

UK banks accounted for nearly 11% of global profits in 2007, but now only account for 2.61%.

Belfast Telegraph