JPMorgan held onto its third place in the rankings, with Bank of America, Citigroup and Wells Fargo the other U.S. banks rated in the top 10.
Citigroup, like Bank of America, fell in the rankings, to seventh from sixth place, while Wells Fargo remained at number eight.
U.K. banks also fell in the rankings, having restructured and slimmed down following the 2007-08 financial crisis.
The U.K.'s highest-rated financial institution by The Banker, HSBC Holdings, now rates in ninth place, down from fifth last year and top in 2008. Barclays fell to 13th from 12th place last year and Royal Bank of Scotland declined to 18th from 15th.
"At one time, several U.K. banks were among a handful of truly global players. But since the financial crisis they have reduced their scope and are focusing on a fewer areas in a bid to restore profitability," said Brian Caplen, editor of The Banker in a news release.
"We may have seen the end of the UK-based global bank," he added.
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The ranking comes at a time when China is increasingly stepping on to the global stage, with efforts including its leadership of the nascent $50 billion Asian Infrastructure Investment Bank project.
Its success in the program has appeared to rile the U.S., with the infrastructure bank seen as a rival to the World Bank and the Asian Development Bank, both of which are strongly influence by the States.
Meanwhile, the U.K.'s Asia-focused HSBC and Standard Chartered are openly mulling moving their headquarter s abroad, citing the burden of financial regulation. This could see HSBC return to its historic headquarter of Hong Kong.