CICC Valuation Multiples

JPMorgan Chase is a publicly traded financial services group based in New York that operates through the J.P. Morgan and Chase brands. It serves consumers, small businesses, corporations, institutional investors and government clients in the United States and internationally. Its consumer and community banking activities provide deposit, borrowing and related financial services to individuals and businesses. Commercial and investment banking operations advise clients, arrange capital, extend liquidity, manage financial risk and provide payments and asset-custody services. Asset and wealth management businesses manage investments across multiple asset classes for individuals, financial advisers and institutions. The group earns interest, banking and transaction fees, advisory fees and investment-management income from these activities. It has also made private investments through affiliated vehicles, including the indirect ownership of JPMorgan Private Capital Asia’s investment in Tianrui Cement.

Visa Inc. is a global payments technology company headquartered in San Francisco, California, that operates the world's second-largest card payment network after China UnionPay. Its origins lie in BankAmericard, launched by Bank of America in Fresno on 18 September 1958; the network was rebranded Visa in 1976 and the company listed in 2008. Visa does not issue cards, extend credit or set consumer rates and fees; instead it provides financial institutions with Visa-branded payment products and processes transactions over VisaNet, which runs from four data centers. In 2025 its network handled about 257.5 billion transactions worth US$14.2 trillion. For fiscal 2024 it reported revenue of US$35.9 billion and net income of US$19.7 billion with about 31,600 employees, earned from service, data processing and international transaction fees. Ryan McInerney is chief executive. Visa Canada joined the consortium that bought Aeroplan in 2019.

Mastercard Incorporated (NYSE: MA) is a US payments technology company headquartered at 2000 Purchase Street in Purchase, New York. It operates a global card payment network that switches transactions between issuing banks, acquirers, merchants, consumers, businesses and governments in more than 220 countries and territories, and rather than issuing cards itself it provides transaction processing and related payment services. It also sells value-added services and solutions, including security and authentication, consumer engagement and business insights, and its acquisitions include Vocalink in 2016 for $920 million, Brighterion in 2017 and Recorded Future in 2024 for $2.65 billion. In 2025 gross dollar volume on its network reached $10.6 trillion, up 9% in local currency, and net revenue was $32.8 billion, up 16%, with operating income of $18.9 billion, net income of $15.0 billion and about 39,800 employees. It earns fees on payment volume, switched transactions and cross-border activity, net of rebates and incentives paid to customers, plus fees for value-added services. The company traces its origins to the Interbank Card Association, formed in 1966 by Karl Hinke of Marine Midland Bank and other banks, and went public on the NYSE on May 25, 2006; Michael Miebach is chief executive.

Bank of America is one of the largest financial institutions in the United States, with more than $3.4 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets. Bank of America's consumer-facing lines of business include its network of branches and deposit-gathering operations, retail lending products, credit and debit cards, and small-business services. The company's Merrill Lynch operations provide brokerage and wealth-management services, as does its private bank. Wholesale lines of business include investment banking, corporate and commercial real estate lending, and capital markets operations. Bank of America has operations in several countries but is primarily US-focused.

HSBC Holdings plc is the London-headquartered parent of the HSBC Group, one of the world's largest banking and financial services organisations, which opened its doors in Hong Kong in March 1865 to finance trade between Europe, Asia and the Americas. Today it serves around 41 million personal, wealth and corporate customers in 56 countries and territories and has about 211,000 employees. It runs four businesses, Hong Kong, the UK, Corporate and Institutional Banking, and International Wealth and Premier Banking, which cover retail and commercial banking, global banking and markets, wealth management and private banking. For 2025 the group reported revenue of $68.3 billion, net interest income of $34.8 billion, profit before tax of $29.9 billion and total assets of $3,233 billion, and CEO Georges Elhedery targets a return on tangible equity of 17% or better, excluding notable items, in each year from 2026 to 2028. Its footprint has been simplified through disposals in Canada and Argentina and the sale of a French retained loan portfolio completed in late 2025, and it privatised Hang Seng Bank with the capital impact falling in January 2026. HSBC shares are listed in London, Hong Kong, New York and Bermuda.

Morgan Stanley is a global financial-services firm founded in 1935 that serves individuals, companies, institutional investors and governments. Its investment-banking and capital-markets businesses advise clients on transactions and help them raise financing. The firm also provides securities sales, trading, market-making and research services to institutional clients. Its wealth-management business supports individuals and organisations in building, preserving and managing their assets. Investment Management offers strategies across public and private markets for institutional and individual investors. The group earns revenue from financial advice, capital-raising services, trading and investment-management activities. It also provides workplace financial solutions for employers and their employees. Its international office network supports cross-border transactions and investment services. Morgan Stanley participated as an equity investor in the 2007 TXU acquisition, a role distinct from merely providing acquisition financing or advisory services.

Royal Bank of Canada is one of the two largest banks in Canada, with around CAD 2.5 trillion in assets at the end of July 2026. It is a diversified financial services company, offering personal and commercial banking, wealth management, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada and has dominant market shares. RBC also has wealth and capital markets businesses in the US, UK, and other countries. RBC is a top 15 investment bank globally.

Goldman Sachs is a storied financial institution, founded in 1869 and best known for its role as a leading global investment bank. The firm has a sprawling reach across global financial centers and has been the leading provider of global merger and acquisition advisory services, by revenue, for the past 20 years. Since the global financial crisis, Goldman has expanded its offerings into more predictable, fee-based businesses like asset and wealth management, which contributed roughly 30% of postprovision revenue at the end of 2025. The firm generates revenue from investment banking, global market making and trading, lending, asset management, wealth management, and a small and declining portfolio of consumer credit card loans.

Wells Fargo is a United States financial-services company headquartered in San Francisco. It provides consumer and small-business banking, commercial banking, corporate and investment banking, and wealth and investment management. Customers include individuals, households, small businesses, large companies and institutional investors. The company earns revenue from interest on loans, service fees, investment and advisory activities and other banking products. Its operations are concentrated primarily in the United States and include branches, digital banking and corporate financial services. Wells Fargo completed the acquisition of First Interstate Bancorp in April 1996, combining two large western banking networks and creating substantial branch overlap. The current listed company has undergone later corporate combinations, but the existing record represents the buyer identity used for the historical First Interstate transaction.

Mitsubishi UFJ Financial Group is the largest bank in Japan in terms of market capitalization and assets, with an 8.4% share of all domestic loans as of March 2025. It is the largest non-Chinese bank group globally and has a balance sheet slightly larger than those of JPMorgan Chase and HSBC Holdings. MUFG’s operations in Japan account for around half of profit, banking in Thailand and Indonesia for around 15%, and equity-method earnings from Morgan Stanley most of the rest.

American Express is a New York City-based global payments and financial services company headquartered at 200 Vesey Street. It issues charge and credit cards to consumers and businesses, runs its own card network and merchant business, and provides travel and financial services through units such as Travel Related Services. It earns discount revenue from merchants, card fees and interest on card loans. In 2025 it reported revenue of USD 72.2 billion and net income of USD 10.8 billion with about 76,800 employees, and it had 141.2 million cards in force at the end of 2023. The company traces its origins to 18 March 1850, when express businesses owned by Henry Wells, William Fargo and John Warren Butterfield merged in Buffalo, New York. It sold half of its corporate travel arm, American Express Global Business Travel, to a Certares-led group in 2014 and retains a stake of about 33.5%. Its Travel Related Services subsidiary invested in Portable Software, later Concur Technologies, in 1998.

Citigroup is a global financial services group whose banking businesses serve corporations, institutional investors, governments and individual customers. Its core activities encompass Services, Markets, Banking, Wealth and United States consumer cards. Services provides cash management, payments, trade and working capital solutions, together with securities and issuer services across the group’s international network. Markets supplies trading and related financial products, while Banking supports corporate financing and investment banking transactions. Wealth serves investment and financial planning needs, and the consumer card business provides credit products to individuals. The group earns income from lending, transaction and advisory services, investment activities and client asset management, using its cross-border network to connect customers with financial markets and banking services.

The Toronto-Dominion Bank (TD Bank Group) is a Canadian multinational bank headquartered in Toronto, formed on February 1, 1955 by the merger of the Bank of Toronto, founded in 1855, and The Dominion Bank, founded in 1869. It serves more than 28 million customers through Canadian personal and commercial banking under the TD Canada Trust brand, US retail banking through TD Bank, N.A., wealth management and insurance, and wholesale banking. TD Canada Trust serves about 15 million customers through roughly 1,060 branches, while TD Bank, N.A. serves more than 10 million customers through about 1,100 branches in 15 US states and Washington, D.C. In fiscal 2025 the bank reported revenue of CAD 67.78 billion, net income of CAD 20.54 billion and total assets of CAD 2.095 trillion, with approximately 102,000 full-time equivalent employees. It earns net interest income on loans and deposits plus fees from wealth management, insurance, cards and capital markets activity. TD was the largest shareholder of TD Ameritrade from 2006 until Charles Schwab acquired it in 2020, and in 2025 it announced the sale of its roughly 10.1% stake in Schwab for about USD 14.6 billion after a USD 3 billion anti-money-laundering settlement with US regulators in October 2024. Raymond Chun is chief executive.

Santander runs five global businesses: retail and commercial banking, corporate and investment banking, wealth management and insurance, payments, and a digital platform Openbank. Spain is the largest single profit contributor, followed by Brazil, the United States, Mexico and the United Kingdom.

BlackRock is an American investment management company headquartered at 50 Hudson Yards in New York City and the largest asset manager in the world, with $15.3 trillion of assets under management as of 2026. It runs index and active funds, the iShares exchange-traded fund range, alternatives including infrastructure and private credit, and retirement assets for institutional and individual clients in 100 countries, and it licenses its Aladdin investment and risk management technology to more than 1,000 institutional clients. BlackRock was founded in 1988 by Larry Fink, Robert Kapito, Susan Wagner and colleagues as a fixed income and risk management manager, and Fink remains chairman and chief executive. It grew through acquisitions including Merrill Lynch Investment Managers in 2006 and Barclays Global Investors, owner of iShares, for $13.5 billion in 2009, followed by Global Infrastructure Partners for $12.5 billion, announced in January 2024, and private credit manager HPS Investment Partners for about $12 billion, agreed in December 2024. The company reported revenue of $24.22 billion and net income of $5.553 billion in 2025. Its shares trade on the New York Stock Exchange and it is a component of the S&P 500.

Charles Schwab is one of the largest retail-oriented financial-services companies in the US, with $11.9 trillion in client assets across its brokerage, banking, asset management, custody, financial advisory, and wealth management businesses at the end of 2025. While best known for its retail brokerage offering, Schwab generates the lion’s share of its revenue and profits through its Charles Schwab Bank and asset management segments. The firm is a dominant player in Registered Investment Advisor (RIA) custody, with over 40% market share, and has recently pushed into wealth management with robo-advisory, direct indexing, and other managed-investment solutions.

UBS Group is a publicly listed Swiss banking and wealth-management group headquartered in Zurich. Its businesses span global wealth management, personal and corporate banking in Switzerland, asset management and investment banking. The group serves individuals, family offices, corporations and institutional investors across major financial markets. Revenue comes from advisory and asset-management fees, net interest income, securities trading and underwriting, and other banking services. UBS had controlled UBS Securities since increasing its interest above 50% in 2018. The 2025 acquisition of BSAM's remaining 33% raised UBS's ownership of the mainland Chinese securities company from 67% to 100%. That purchase consolidated a regulated operating subsidiary rather than representing a passive portfolio trade.

Despite its Spanish origins, Banco Bilbao Vizcaya Argentaria generates only around one-fourth of its profits in Spain. We expect that on a normalized basis, BBVA's market-leading Mexican bank should contribute half of its earnings, while its Turkish operation should account for another 15%. The balance of BBVA's earnings comes from smaller operations in South America. BBVA is overwhelmingly a retail and commercial bank, with corporate and investment banking forming a minor part of the overall business. BBVA also offers insurance and investment products through its banking networks.

UniCredit is one of the two largest Italian retail and commercial banks, but roughly half of its operations are outside Italy. UniCredit has a strong presence in Germany, Austria, and Central and Eastern Europe. It generates most of its revenue from retail banking but also maintains a sizable corporate and investment bank. It is is expanding its reach into asset management and insurance.

S&P Global provides data and benchmarks to capital and commodity market participants. Its ratings business is the largest credit rating agency in the world and S&P's largest segment by profitability. S&P's largest segment by revenue is market intelligence, which provides desktop, data and advisory solutions, enterprise solutions, and credit/risk solutions mostly in the financial-services industry. S&P's other segments include energy (formerly commodity insights, this segment includes Platts and other data), mobility (Carfax), and indexes. S&P plans to spin off mobility in 2026.

Capital One Financial is a diversified financial services holding company headquartered in McLean, Virginia. Originally a spinoff of Signet Financial’s credit card division in 1994, the company is now primarily involved in credit card lending, auto loans, and commercial lending. Following the acquisition of Discover in 2025, the firm also has a modest personal loan business, though credit card lending provides the majority of the bank's revenue.

Bank of Montreal is a diversified financial-services provider based in North America with over CAD 1.47 trillion in assets by the end of fiscal 2025. BMO operates four business segments: Canadian personal and commercial banking, US personal and commercial banking, wealth management, and capital markets. The bank's operations are primarily in Canada, with a material portion also in the US.

The Bank of Nova Scotia is a global financial services provider with over CAD 1.46 trillion in assets as of the end of fiscal 2025. The bank has four major business segments: Canadian banking, international banking, global wealth management, and global banking and markets. It offers a range of advice, products, and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. The bank's international operations span numerous countries and are more concentrated in the Latin America region.

BNP Paribas is a French banking group headquartered in Paris, formed when the merger of Banque Nationale de Paris and Paribas was completed on 22 May 2000. Its roots go back to the Comptoir National d'Escompte de Paris, created in 1848, and to the Banque de Paris et des Pays-Bas, created in 1872. It operates in more than seventy countries with roughly 180,000 employees and is organised around Retail Banking and Services and Corporate and Institutional Banking. It is the largest banking group in France and the euro zone and among the ten largest banks in the world by assets. Its subsidiaries include BNP Paribas Fortis, Banca Nazionale del Lavoro, Cetelem, Arval and Hello bank!. It took part in the EUR 25 million financing of the hydrogen-station maker Atawey in January 2023.

Itau Unibanco is a Brazilian financial group headquartered in Sao Paulo and the largest private bank in Brazil. It was formed in 2008 by the merger of Banco Itau and Unibanco, and its shares trade on the Sao Paulo stock exchange under ITUB4 and on the New York Stock Exchange. The group offers retail and commercial banking, credit cards, insurance, asset management, private banking and investment banking through Itau BBA, and it operates in Argentina, Chile, Paraguay, Uruguay, Colombia and other markets in Latin America. It has grown through acquisitions, among them BankBoston in 2006, Redecard in 2012 and a stake in XP in 2017, and through minority investments in fintechs such as Avenue, Prex and Handy. In 2025 its private banking arm passed R$1 trillion of assets under management and administration.

Based in Chicago, CME Group operates exchanges giving investors, suppliers, and businesses the ability to trade futures and derivatives based on interest rates, equity indexes, foreign currencies, energy, metals, and commodities. The Chicago Mercantile Exchange was founded in 1898 and in 2002 completed its IPO. Since then, CME Group has consolidated parts of the industry by merging with crosstown rival CBOT Holdings in 2007 before acquiring Nymex Holdings in 2008 and NEX in 2018. In addition, the company has a 27% stake in S&P Dow Jones Indices, making the Chicago Mercantile Exchange the exclusive venue to trade and clear S&P futures contracts. Through CME's acquisition of NEX, it also expanded into cash foreign exchange, fixed-income trading, and collateral optimization.

Canadian Imperial Bank of Commerce, or CIBC, is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. It was created on 1 June 1961 by the merger of the Canadian Bank of Commerce, established in 1867, and the Imperial Bank of Canada, established in 1873, the largest merger between chartered banks in Canadian history. It operates through four strategic business units: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. For 2025 it reported revenue of C$29.13 billion, net income of C$8.45 billion, total assets of C$1.117 trillion and C$431 billion of assets under management, with 49,824 employees and 15 million clients. It earns net interest income and fees. Harry Culham is chief executive. CIBC was part of the consortium that bought Aeroplan from Aimia in 2019.

Al Rajhi Bank is an Islamic bank with a network of over 500 branches. Its segments include the Retail segment which includes accepting individual customer deposits, providing credit facilities, customer debit current accounts, fees from banking services, and remittance business; the Corporate segment which incorporates deposits of VIP, corporate customer deposits, credit facilities, and debit current accounts, Treasury segment through which it offers treasury services, Murabaha with SAMA and international Mutajara portfolio; and Investment services and brokerage and other that incorporates investments of individuals and corporate in mutual funds, local and international share trading services and investment portfolios.

BNY, formerly BNY Mellon and legally The Bank of New York Mellon Corporation, is a US financial services holding company headquartered at 240 Greenwich Street in New York City. It provides custody, securities servicing, clearing, collateral and liquidity management, payments, asset management and wealth management through businesses such as BNY Pershing, BNY Investments and BNY Wealth. Its clients are mainly institutions, including asset managers, banks, corporations, pension plans and governments, and BNY says it serves 94% of the Fortune 100 and 96% of the top 100 investment managers worldwide; its wealth business also serves individuals. At the end of 2025 BNY had $59.3 trillion in assets under custody and/or administration and $2.2 trillion in assets under management. For 2025 it reported record revenue of $20.1 billion, of which $14.4 billion was fee revenue and $4.9 billion net interest income, and net income applicable to common shareholders of $5.3 billion. The Bank of New York was founded in 1784 with Alexander Hamilton among its founders, merged with Mellon Financial on July 1, 2007 in a $16.5 billion deal, and adopted the shorter BNY brand in June 2024. Its shares trade on the NYSE, under the ticker BNY since May 2026.

The merger of the Dutch postal bank and NN Insurance in 1991 created ING. Through a series of further acquisitions, ING has built up a global footprint. The 2008 financial crisis forced ING to seek government support—a precondition of which was that ING should separate its banking and insurance activities, which saw ING revert to being solely a bank. ING has market-leading banking operations in the Netherlands and Belgium, and a range of digital banks across Europe and Australia. Its global wholesale banking operation is primarily focused on lending.

MercadoLibre is a publicly listed e-commerce and financial technology company founded in Buenos Aires in 1999 by Marcos Galperin. It operates an online marketplace, the Mercado Pago payments and credit business, the Mercado Envios logistics network and an advertising unit across eighteen Latin American countries. The company is incorporated in Delaware, trades on the Nasdaq under the symbol MELI and has its headquarters in Montevideo, Uruguay. It reported revenues of 28.9 billion dollars for 2025 and operating income of 3.2 billion dollars, with about 123,670 employees. Its commerce and fintech services reached 131 million unique buyers over the twelve months to the second quarter of 2026. The company has grown through acquisitions of classifieds portals, logistics and payments businesses and through minority investments made partly through its corporate venture fund.

CaixaBank SA is a Spanish bank that combines banking, insurance, and equity investment businesses. Its operations include retail banking, corporate banking, cash management, surplus management, and the allocation of income from financing the equity investment business. It consists of business segments of the Banking and insurance business, BPI, and Corporate center. The majority of its revenue comes from the Banking and insurance business. The company has a geographic presence in Spain, Portugal, America, the Rest of the European Union, and the Rest of the world. In which Spain generates the majority of its revenue.

With assets of around $695 billion, U.S. Bancorp is one of the largest regional banks in the US with its footprint in 26 states. The bank’s branch network is mostly in Midwestern and Western markets. U.S. Bancorp has a comprehensive product set, with offerings in retail and commercial banking, credit cards, mortgages, payment services, trust, wealth, and capital market services.

Intercontinental Exchange is a vertically integrated operator of financial exchanges and provides ancillary data products. Though the company is probably best known for its ownership of the New York Stock Exchange, which it acquired in 2013, ICE operates a large derivatives exchange, too. The company's largest commodity futures product is the ICE Brent crude futures contract. In addition to the exchanges business, which is about 54% of net revenue, Intercontinental Exchange has used a series of acquisitions to create its mortgage technology business (22% of net revenue) and fixed-income and data-services segment (24% of net revenue).

Robinhood is a diversified financial services provider best known for its retail brokerage platform, which historically caters to a young, risk-seeking clientele that trades heavily on margin and in higher-risk asset classes like options, futures, cryptocurrencies, and more recently, in prediction markets. As those customers’ financial needs have begun to mature, Robinhood has rolled out a suite of more conventional products, from retirement accounts to high-yield cash sweep accounts to nascent advisory services (Robinhood Strategies). With $322 billion in customer assets and 27 million active accounts at year-end 2025, the firm has emerged as a significant player in the large, growing US brokerage market.

Intuit serves small and midsize businesses with accounting software QuickBooks and online marketing platform Mailchimp. The company also operates retail tax filing tool TurboTax, personal finance platform Credit Karma, and a suite of professional tax offerings for accountants. Founded in the mid-1980s, Intuit enjoys a dominant market share for small-to-midsize business accounting and self-serve tax filing in the US.

PNC Financial is one of the three super-regional banks in the US, with around $574 billion in total assets at the end of Dec. 30, 2025. Headquartered in Pittsburgh, Pennsylvania, PNC Financial has a coast-to-coast branch network, with a strong presence in the US Midwest and Northeast. It closed its acquisition of FirstBank in January 2026, which added around $26 billion in assets to its balance sheet, and PNC is currently expanding in the Southern and Western regions of the US. The bank provides a diversified set of financial services in retail banking, commercial banking, card and treasury management, asset management, and investment banking. PNC derived around 38% of revenue from fee income and 62% from net interest income in 2025.

Blackstone is the world's largest alternative-asset manager with $1.346 trillion in total assets under management, including $961.6 billion in fee-earning assets under management, at the end of June 2026. The company operates with scale in each of its major product lines: private equity (28% of fee-earning AUM and 35% of base management fees), real estate/real assets (29% and 32%), credit and insurance (33% and 25%), and other alternatives (10% and 8%). While the firm primarily serves institutional investors (84% of AUM), it also caters to clients in the high-net-worth channel (16%). Blackstone operates through 25 offices in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8).

Moody’s, along with S&P Ratings, is a leading provider of credit ratings on fixed-income securities. The ratings segment, Moody’s Investors Service, includes corporates, structured finance, financial institutions, and public finance ratings. MIS represents a majority of the firm’s profit and often (depending on bond issuance levels) a majority of the firm's revenue. The other segment, Moody’s Analytics, consists of decision solutions, research and insights, and data and information.

National Australia Bank is an Australian bank headquartered in Melbourne and listed on the Australian Securities Exchange under the code NAB. It was formed on 1 October 1981 through the merger of the National Bank of Australasia and the Commercial Banking Company of Sydney. The group provides business and private banking, personal banking and corporate and institutional banking in Australia and New Zealand, where it owns Bank of New Zealand, and operates international branches. For the year to September 2025 it reported statutory net profit of A$6.76 billion and cash earnings of A$7.09 billion, with about 10 million customers and more than 41,000 colleagues. Revenue comes mainly from net interest income on lending and deposits, together with fees and commissions. NAB has made acquisitions and disposals across banking, wealth management, life insurance and funds management, and invests in start-ups through its corporate venture arm, NAB Ventures.

Brookfield Corp is an investment firm focused on building long-term wealth for institutions and individuals, operating through seven segments: Asset Management, Wealth Solutions, Renewable Power and Transition, Infrastructure, Private Equity (which generates the highest revenue), Real Estate, and Corporate Activities. The company invests in real assets that form the backbone of the economy to deliver risk-adjusted returns to stakeholders, with the majority of its revenue coming from Asset Management. It has a presence across the United Kingdom, the United States (which contributes the highest revenue), Australia, Canada, Brazil, India, Colombia, Germany, other parts of Europe, other parts of Asia, and additional countries.

Lloyds is a retail and commercial bank headquartered in the United Kingdom. The bank operates via three business segments: retail, commercial banking, and insurance and wealth. In retail, Lloyds offers primarily mortgages (66% of loan portfolio), credit cards, and current accounts to its customers. Its commercial banking operation provides lending, transaction banking, working capital management, and debt capital market services to large companies and financial institutions in the UK. Insurance and wealth round out the product lineup with life and property insurance as well as pension solutions and high-net-worth asset management services.

KKR is one of the world's largest alternative-asset managers, with $796.5 billion in total managed assets, including $638.4 billion in fee-earning assets under management, at the end of June 2026. The company has two core segments: asset management (which includes private markets—private equity, credit, infrastructure, energy, and real estate—and public markets—primarily credit and hedge/investment fund platforms) and insurance (following the firm's initial investment in, and then ultimate purchase of, Global Atlantic Financial Group, which is engaged in retirement/annuity and life insurance lines as well as reinsurance).

Barclays is a universal bank headquartered in the United Kingdom. It operates via five principal segments; Barclays UK (retail), UK corporate bank, private bank and wealth management, investment bank, and US consumer bank. In its UK segment, the bank provides current accounts, mortgages, savings and investment management services, credit cards, and business banking services to retail clients and small and medium-size enterprises. The US consumer bank includes a co-branded credit card and unsecured lending business. The investment bank offers global markets, financing, and advisory services.

Brookfield Asset Management is one of the world's largest alternative-asset managers, with USD 1.151 trillion in total managed assets, including USD 580.7 billion in fee-earning AUM, at the end of September 2025. The company has three main business segments: private credit (USD 349.0 billion in total AUM and USD 262.8 billion in fee-earning AUM), private equity (USD 151.0 billion/USD 46.3 billion), and real estate/real assets (USD 651.0 billion/USD 271.6 billion). The firm primarily serves institutional investors (90% of AUM) and high-net-worth individuals (10%), and is diversified globally, with 67% of revenue from the Americas, 20% from EMEA, and 13% from Asia-Pacific. Canadian-based Brookfield Corporation owns 73% of Brookfield's outstanding Class A shares.

Nubank is a digital banking platform headquartered in Sao Paulo, Brazil, operated by the listed holding company Nu Holdings Ltd (NYSE: NU). It was founded on 6 May 2013 by David Velez and began with a no-fee credit card managed entirely from a mobile app. The group now offers accounts, credit cards, personal loans, insurance and investment products to retail customers in Brazil, Mexico and Colombia. In the first quarter of 2026 it reported 135.2 million customers worldwide, 115 million of them in Brazil, and quarterly revenue above USD 5 billion. It has grown partly through acquisitions, including Plataformatec, Cognitect, Easynvest, Olivia and Hyperplane, and in July 2026 agreed to acquire Banco Porto Real de Investimentos to obtain a Brazilian banking licence. It also invests in fintech start-ups abroad, such as Tyme Group.

Macquarie Group is an Australian multinational investment banking and financial services group headquartered in Sydney and listed on the Australian Securities Exchange. It operates through four groups: Macquarie Asset Management, Banking and Financial Services, Commodities and Global Markets, and Macquarie Capital, its advisory and principal investment arm. It serves institutional, corporate, government and retail clients, and is one of the world's largest infrastructure asset managers, with A$938.3 billion of assets under management and total assets of about A$403 billion in 2024. The group employs more than 20,000 staff in 34 markets and earns fees and commissions, net interest income and trading and investment income. Its subsidiaries include Macquarie Bank Limited and investments in infrastructure businesses such as Southern Water and Arqiva. Macquarie was founded on 10 December 1969 in Sydney as Hill Samuel Australia, a subsidiary of the UK's Hill Samuel & Co.

Apollo is one of the world's largest alternative asset managers, with $908.4 billion in total assets under management, or AUM, including $685.0 billion in fee-earning assets, at the end of September 2025. The company has two core operating segments: asset management and retirement services. Apollo operates with scale in each of its major product lines-private equity (with $125.6 billion in total AUM and $71.7 billion in fee-earning AUM), real estate/real assets ($59.6 billion/$27.1 billion), and private credit ($723.2 billion/$586.2 billion). Apollo has a distribution profile that is likely not too far off from the industry averages-with 84% of its assets held by institutional investors and 16% by high-net-worth clients.