Best Bank for Letters of Credit
WINNER: JP Morgan There were 10 entries in this category, and first place went to JP Morgan, with a score of 6.13 out of 10, up from ninth in 2014. The remainder of the pack were tightly bunched, indicating a high degree of name recognition and competition. Second place went
to last year’s winner Citi with a score of 5.96, followed by Lloyds Bank in third place with 5.94, up from fifth in 2014. Just behind Lloyds was Deutsche Bank with a score of 5.93, sixth in 2014, with HSBC coming in at fifth with a score of 5.92, a drop
of two places year on year. Sixth place was taken by BNP Paribas with a score of 5.881, another improvement from 2014 when it was seventh, with Wells
Fargo only just behind it with a score of 5.878, up from 10th in 2014. Barclays was eighth with a score of 5.81, down from second place, followed by BNY Mellon at ninth with a score of 5.79, down from eighth, and then Commerzbank with a score of 5.66, compared to fourth in 2014.
JP Morgan was originally founded in 1871 as Drexel, Morgan & Co. It was renamed JP Morgan in 1895, when John Pierpont Morgan Senior became the senior partner. Citi is even older, with its original incarnation having been founded in 1812.
JP Morgan 6.13
Citi 5.96
Lloyds Bank 5.94
Deutsche Bank 5.93
HSBC 5.92
BNP Paribas 5.881
Wells Fargo 5.878
Barclays 5.81
BNY Mellon 5.79
Commerzbank 5.66
The score shows the average score out of ten that each company received in the 2015 survey. The shortlist was presented to respondents in a random order.
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