International banks dominate the rankings in a new report on the safest financial institutions worldwide, with San Francisco's Wells Fargo & Co. coming in as the safest U.S. bank.
According to Global Finance , the analysis of the “World’s 50 Safest Banks” shows the effects of the subprime mortgage meltdown and credit crisis brought on by large Wall Street players. European banks now dominate the rankings, with only four U.S. banks among the listing.
Wells Fargo (NYSE: WFC) — which recently merged with Wachovia Corp. —was ranked No. 21, followed by US Bancorp (NYSE: USB) at No. 26, The Bank of New York Mellon (NYSE: BK) at No. 35 and JPMorgan Chase & Co. (NYSE: JPM) — which has merged with Washington Mutual Inc. — at No. 47.
Four German banks were ranked in the Top 10, with state-owned development bank KfW Bankengruppe at No. 1.