Following up on my recent article Ripped Off by Your Bank? Tell Us About It!, I've been doing some research on safe places to do my banking.
I came across an annual survey of banks in Global Finance Magazine: The World's Safest Banks . Global Finance selects the world's safest banks - the 50 financial institutions with the highest ratings from the leading credit ratings agencies.
Newly arrived in the top echelon of the world's safest banks, for example, are Royal Bank of Canada (#10) and Spain's Banco Santander (#9). These two newcomers have been recognized for having taken a more cautious approach to risk than some of their competitors. Amid the turmoil of the past two years, their risk management practices have clearly paid off.
Deutsche Bank (#29) held its position on this list. JPMorgan Chase (#45) managed to move up one place. These two banks starkly outperformed rivals such as Bank of America, Citigroup, Barclays and Royal Bank of Scotland - which all lost their places among the world's safest banks.
There are not many American banks on this list of the safest banks in the world! After my recent experiences with Bank of America I am not surprised to learn that it is NOT on this list of the top 50 safest banks!
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