Wells Fargo has been named the most valuable bank brand in the U.S. and second most valuable globally, according to the Brand Finance Banking 500 report. Brand Finance's annual study assesses the dollar value of the reputation, image and intellectual property of financial services companies worldwide.
Wells Fargo's brand value was estimated to be $23.23 billion, according to Brand Finance. U.K.-based HSBC was the most valuable brand globally, with a value pegged at $27.6 billion.
Last year's overall number one on the list, Bank of America, tumbled to number three in 2012's ranking, with a brand value of $22.9 billion. Bill Barker of Brand Finance New York said this was because banking brands that emphasize investments or mortgages as part of their brand equity fared poorly this year. "The Brand Finance Banking 500 study shows that some of the worst performers were investment heavy Bank of America, Goldman Sachs and JP Morgan," Barker said.
Both Citi Group and American Express moved up several places from last year, to sixth and seventh, respectively.
The complete list can be viewed at Brand Finance's website.