Back to the trend of the day: Switzerland's biggest bank, UBS, is weighing a move of its headquarters abroad (in German)
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Safest Bank in the World 2026: CET1 vs Leverage Ratio

UBS's own filings show 14.4% on one capital measure and 4.4% on another, and the order of the world's big banks changes depending on which one you trust.

  • No. 1: JPMorgan Chase
  • 10 places

01Final list

The leading AIs each built their own list of ten independently. Here is one result that is easy to check: every place has a reason, a source, and the list of AIs that included it.

Order: from most to least AI agreement.

A bright badge means this AI put the entry on its list. A dim badge means it did not.

  1. 1

    JPMorgan Chase

    Strong on both measures: 14.1% CET1 and a 5.5% supplementary leverage ratio while carrying the world's only bucket-4 surcharge. Its SLR has slipped from 5.9% a year earlier.

    Included it: Claude, ChatGPT, Grok, Gemini, MiMo, Kimi, DeepSeek.

    In their lists: Claude: 1 · ChatGPT: 3 · Grok: 5 · Gemini: 1 · MiMo: 5 · Kimi: 2 · DeepSeek: 2

    What each AI noted 7
    • Claudeplace 1

      A CET1 ratio of 14.1% together with the highest leverage figure I found (5.5% SLR) while carrying the FSB's top bucket.

      Source ↗
    • ChatGPTplace 3

      A 5.5% supplementary leverage ratio supports a 14.2% advanced CET1 ratio at the sole bank in the FSB's occupied bucket 4.

      Source ↗
    • Grokplace 5

      Highest G-SIB bucket with strong CET1 yet a lower plain leverage ratio than Asian peers.

      Source ↗
    • Geminiplace 1

      Backs its headline 14.6% CET1 ratio with a massive 6.9% Tier 1 leverage ratio (5.8% SLR), proving its fortress balance sheet does not rely on internal model deflation.

    • MiMoplace 5

      13.9% CET1 and a 5.6% leverage measure — strong on both, except the second number isn't even the Basel leverage ratio.

      Source ↗
    • Kimiplace 2

      The only bucket-4 bank in the world pairs a 14.1% CET1 with a 5.6% supplementary leverage ratio — and even early-adopted the US 'enhanced SLR' in January 2026.

      Source ↗
    • DeepSeekplace 2

      The only bank here with a 6.6% plain leverage ratio and a 14.1% CET1 ratio — the models are not flattering it, and the leverage backstop is the strongest in the group.

      Source ↗
    7 AIs put it here
    Source ↗
  2. 2

    UBS

    14.38% CET1 and 5.82% Tier 1 leverage put it near the top. Measured on core CET1 capital alone, though, its leverage is 4.4%, among the thinnest here.

    Included it: Claude, ChatGPT, Grok, Gemini, MiMo, Kimi, DeepSeek.

    In their lists: Claude: 2 · ChatGPT: 2 · Grok: 9 · Gemini: 5 · MiMo: 4 · Kimi: 10 · DeepSeek: 1

    What each AI noted 7
    • Claudeplace 2

      Its reported leverage ratio is 5.82% but its CET1 ratio is only 4.39% of total exposure, and its own risk-weights are not the main driver of the ratio.

      Source ↗
    • ChatGPTplace 2

      UBS's 5.8% Tier 1 leverage ratio is materially stronger than several European investment-bank peers despite its Swiss capital-policy controversy.

      Source ↗
    • Grokplace 9

      Headline CET1 of 14.4% sits atop a plain CET1 leverage ratio of only 4.4%.

      Source ↗
    • Geminiplace 5

      Boasts a 14.3% CET1 ratio, but its plain Tier 1 leverage ratio drops to 4.7% (with CET1 leverage at 4.0%), revealing a 3-to-1 reliance on risk-weight reductions.

      Source ↗
    • MiMoplace 4

      Number one on CET1 (14.4%), seventh of eight on plain leverage (4.4%) — the widest model gap among the giants.

      Source ↗
    • Kimiplace 10

      A 14.4% CET1 — near the top of every headline table — but the plainest number, its 4.4% CET1 leverage ratio, is the thinnest of the ten; that gap is exactly why the Swiss Parliament's capital bill bites.

      Source ↗
    • DeepSeekplace 1

      The best combination in the group: a 14.38% CET1 ratio and a 5.82% Basel III leverage ratio, but the same bank also publishes a 4.4% CET1 leverage ratio — the choice of numerator changes the story.

      Source ↗
    7 AIs put it here
    Source ↗
  3. 3

    HSBC

    14.1% CET1 and 4.9% leverage, but both fell in six months (from 14.9% and 5.3%) as leverage exposure grew by about $200bn.

    Included it: Claude, ChatGPT, Grok, Gemini, MiMo, Kimi, DeepSeek.

    In their lists: Claude: 3 · ChatGPT: 5 · Grok: 8 · Gemini: 7 · MiMo: 1 · Kimi: 7 · DeepSeek: 3

    What each AI noted 7
    • Claudeplace 3

      CET1 of 14.1% and a leverage ratio of 4.9%, down from 5.3% six months earlier.

      Source ↗
    • ChatGPTplace 5

      HSBC's 4.9% leverage ratio slipped from 5.3% at year-end 2025 as its leverage exposure expanded.

      Source ↗
    • Grokplace 8

      CET1 14.1% but leverage only 4.9%, illustrating the model gap on a globally diversified book.

      Source ↗
    • Geminiplace 7

      Maintains an elevated 14.1%–14.9% CET1 ratio, yet its plain UK leverage ratio compressed to 4.5% as corporate financing exposures expanded.

      Source ↗
    • MiMoplace 1

      Third on CET1 and second on plain leverage — the only bank in the top three of both lists at once.

      Source ↗
    • Kimiplace 7

      Same 14.1% CET1 as Standard Chartered but a thinner 4.9% leverage ratio that dropped 0.4pp in six months as leverage exposure grew $200bn — safe, but trending the wrong way on the plain measure.

      Source ↗
    • DeepSeekplace 3

      A 14.1% CET1 ratio and a 4.9% leverage ratio — a 920-basis-point gap between the model-based headline and the balance-sheet backstop.

      Source ↗
    7 AIs put it here
    Source ↗
  4. 4

    Banco Santander

    14.0% phased-in CET1 and 4.81% leverage at June 2026 (5.04% in Q1). Buying TSB cost 55bps, and the year-end CET1 target is 12.8–13%.

    Included it: Claude, ChatGPT, Gemini, MiMo, Kimi. Did not include: Grok, DeepSeek.

    In their lists: Claude: 9 · ChatGPT: 6 · Gemini: 9 · MiMo: 3 · Kimi: 4

    What each AI noted 5
    • Claudeplace 9

      Phased-in CET1 rose to 14.0% from 13.0% a year earlier, but the TSB deal cost 55bps and the Webster deal will push year-end CET1 to a target of 12.8–13%.

      Source ↗
    • ChatGPTplace 6

      A 14.0% CET1 ratio and 4.81% leverage ratio offer a relatively balanced picture for Santander's international retail-banking model.

      Source ↗
    • Geminiplace 9

      Its retail-heavy asset base generates a 12.5% CET1 ratio and a 4.5% leverage ratio, displaying far less divergence than European investment banking peers.

      Source ↗
    • MiMoplace 3

      14.0% CET1 and 4.81% leverage — the best two-for-one in Europe, and it survives deleting the risk weights.

      Source ↗
    • Kimiplace 4

      5.04% leverage against a 14.0% CET1 — the strongest plain-leverage cushion of the big euro-area banks, and it is spending the excess on €9-10bn of buybacks.

      Source ↗
    5 AIs put it here
    Source ↗
  5. 5

    Barclays

    14.3% CET1, but its 4.9% leverage holds only when central-bank claims are left out. Counting them, it falls to 4.1%.

    Included it: Claude, ChatGPT, Kimi, DeepSeek. Did not include: Grok, Gemini, MiMo.

    In their lists: Claude: 6 · ChatGPT: see list · Kimi: 6 · DeepSeek: 4

    What each AI noted 4
    • Claudeplace 6

      CET1 of 14.3% is at the top of its 13–14% target, and the new £1bn buyback would take it to 14.0%.

      Source ↗
    • ChatGPT

      Named differently in its own list: open the full list.

      see list
    • Kimiplace 6

      A 14.3% CET1 — but look one line down: its UK leverage ratio swings from 4.9% to 4.1% depending on whether central-bank claims are counted, a definitional gap that flatters every UK bank.

      Source ↗
    • DeepSeekplace 4

      A 14.3% CET1 ratio against a 4.9% leverage ratio — the same 9.4-point gap as HSBC, with a smaller home balance sheet behind it.

      Source ↗
    4 AIs put it here
    Source ↗
  6. 6

    Bank of America

    The reverse of UBS: the lowest CET1 here (11.2% standardized, 12.5% on its own models) but a solid 5.5% supplementary leverage ratio.

    Included it: ChatGPT, Grok, MiMo, DeepSeek. Did not include: Claude, Gemini, Kimi.

    In their lists: ChatGPT: 7 · Grok: 6 · MiMo: 10 · DeepSeek: 7

    What each AI noted 4
    • ChatGPTplace 7

      Its models produce a 12.5% advanced CET1 ratio, but the binding standardized figure is only 11.2%; leverage looks comparatively robust at 5.5%.

      Source ↗
    • Grokplace 6

      Solid US CET1 levels but leverage ratios pulled down by the large trading and securities book.

      Source ↗
    • MiMoplace 10

      The reverse gap: the lowest CET1 here, but a 5.5% supplementary leverage ratio — modest headline, strong bones.

      Source ↗
    • DeepSeekplace 7

      The widest gap in the table: 11.2% CET1, the lowest headline here, but 6.6% leverage, tied for the highest — the models and the plain measure disagree completely.

    4 AIs put it here
    Source ↗
  7. 7

    ICBC (Industrial and Commercial Bank of China)

    Highest plain leverage found: 7.36% in Q1 2026 (7.51% at end-2025) against about 13.6% CET1. Critics argue state-directed lending carries risks the ratio does not capture.

    Included it: Grok, Gemini, Kimi. Did not include: Claude, ChatGPT, MiMo, DeepSeek.

    In their lists: Grok: 1 · Gemini: 4 · Kimi: 1

    What each AI noted 3
    • Grokplace 1

      CET1 13.57% paired with a plain leverage ratio of 7.51%—one of the highest among G-SIBs.

      Source ↗
    • Geminiplace 4

      Reports a plain leverage ratio of 7.8% alongside a 13.8% CET1 ratio, boasting the world's thickest raw equity cushion over $6 trillion in total assets.

    • Kimiplace 1

      A 7.36% leverage ratio — nearly double UBS's 4.4% — built on standardised risk weights rather than flattering internal models; the plainest balance sheet in global banking.

      Source ↗
    3 AIs put it here
    Source ↗
  8. 8

    Citigroup

    12.8% CET1 but a 5.53% supplementary leverage ratio in its own Q2 supplement. Risk.net reports 5.90% after a 106bp fall, so sources disagree.

    Included it: Grok, Kimi, DeepSeek. Did not include: Claude, ChatGPT, Gemini, MiMo.

    In their lists: Grok: 7 · Kimi: 3 · DeepSeek: 5

    What each AI noted 3
    • Grokplace 7

      High absolute capital but model-dependent CET1 and lower leverage typical of global wholesale banks.

      Source ↗
    • Kimiplace 3

      The lowest headline CET1 of the top US banks (12.7%) but a 5.5% SLR and a balance sheet measured under the conservative US standardised approach — it ranks higher on the plain ruler than the risk-weighted one.

      Source ↗
    • DeepSeekplace 5

      CET1 is only 12.8%, but the 5.5% supplementary leverage ratio is third-highest here — the models cut Citi's capital needs harder than the plain measure does.

      Source ↗
    3 AIs put it here
    Source ↗
  9. 9

    Crédit Agricole Group

    The whole mutual group has the highest CET1 here, 17.2%, with 5.5% leverage. The listed Crédit Agricole S.A. shows only 11.3% and 3.7%.

    Included it: Claude, ChatGPT. Did not include: Grok, Gemini, MiMo, Kimi, DeepSeek.

    In their lists: Claude: 5 · ChatGPT: 1

    What each AI noted 2
    • Claudeplace 5

      Group CET1 of 17.2% is the highest of any bank in this list, but its listed parent shows only 11.3%.

      Source ↗
    • ChatGPTplace 1

      Its 17.2% CET1 ratio comes with a 5.5% leverage ratio, a notably strong combination among the compared European G-SIBs.

      Source ↗
    2 AIs put it here
    Source ↗
  10. 10

    MUFG

    The smallest gap between the two measures: only 12.95% CET1 but 5.32% leverage at June 2026. A year earlier the figures were 13.95% and 5.44%.

    Included it: Claude, MiMo. Did not include: ChatGPT, Grok, Gemini, Kimi, DeepSeek.

    In their lists: Claude: 4 · MiMo: 2

    What each AI noted 2
    • Claudeplace 4

      It has the lowest CET1 ratio (12.95%) of the banks I could compare, but the best leverage ratio (5.32%) and the smallest gap between the two.

      Source ↗
    • MiMoplace 2

      Wins the model-free test at 5.44% leverage — but take away the output-floor transition and its CET1 slides to 12.88%.

      Source ↗
    2 AIs put it here
    Source ↗

More about the top three ↓

02More about the top three

The ranking is above. Here is more about the three places at the top: what they are, why they are here, and what is worth knowing.

These figures are not quite like for like: CET1 is risk-weighted, while JPMorgan's leverage figure is an SLR, UBS's is CET1-based (4.4%) or Tier 1 (5.82%), and HSBC's is a UK leverage ratio.

1JPMorgan Chase

No. 1 — JPMorgan Chase. On the lists of 7 of 7 AIs; median place there: 2. Strong on both measures: solid CET1 and the highest leverage figure the AIs found, even with the world's heaviest bank surcharge.

Did you know

  • JPMorgan's oldest ancestor started as a water company. In 1799 Aaron Burr helped set up the Manhattan Company to supply Lower Manhattan with water. A clause in its charter let it open a bank, which began on September 1, 1799.

    Source ↗
What it is
A large US bank, the only one in the top surcharge bucket.
Its edge
Highest leverage figure of the three, 5.5%, alongside 14.1% CET1.
Who should know
Useful to know: shows a bank can look strong on both capital measures.
  • CET1 and leverage ratio14.1% CET1 / 5.5% leverage
  • Founded1968 (roots: 1799)
  • HeadquartersNew York City

Wikipedia · Wikidata

Why it is here

  • JPMorgan's risk-weighted capital ratio depends on which rulebook is used. It was 13.9% on the standardised method and 14.1% on its own advanced models in 3Q26. That is a small gap of 0.2 points.

    Source ↗
Did you know

  • The water business lasted only a few years. In 1808 the Manhattan Company sold its waterworks to the city and turned fully to banking. It merged with Chase National Bank in 1955, and Chase Manhattan merged with J.P. Morgan & Co. in 2000.

    Source ↗
History

  • In March 2008 JPMorgan agreed to buy Bear Stearns in a stock deal worth about $2 a share. The Fed agreed to fund up to $30 billion of Bear's less liquid assets to make it work.

    Source ↗
Keep in mind

  • Critics call JPMorgan "too big to fail", meaning the government might have to rescue it. Elizabeth Warren said its 2023 First Republic purchase made that problem worse.

    Source ↗
Where to go further

  • JPMorgan Chase is a large US bank. Its 10-K annual report sets out its capital ratios. Search it for 'supplementary leverage ratio' and compare that figure with the common equity tier 1 ratio in the same section.

    Source ↗

Video: JPMorgan Chase: The history of the world's largest bank, in 2 minutes · Yahoo Finance

Compare the top three ↓

2UBS

No. 2 — UBS. On the lists of 7 of 7 AIs; median place there: 4. Top-tier headline CET1, but AIs split: its plain leverage on CET1 alone is only 4.4%, among the thinnest.

UBS Switzerland Headquarters Zürich (Ank Kumar) 03
Ank Kumar · CC BY-SA 4.0 · Wikimedia Commons
ETH-BIB Com F67-11906 BA ABe 4-4 10-11 Biasca Borgo 061267
Comet Photo AG (Zürich) · CC BY-SA 4.0 · Wikimedia Commons
UBS Bank Branch in Badenerstrasse 678 Altstetten, Zürich (Ank Kumar, Infosys Limited) 01
Ank Kumar · CC BY-SA 4.0 · Wikimedia Commons

Did you know

  • When UBS took over Credit Suisse in 2023, it signed a deal with the Swiss government to cover 9 billion francs of possible losses. UBS pays the first 5 billion francs itself. The state covers anything beyond that, up to a maximum of 9 billion.

    Source ↗
What it is
Swiss bank that took over Credit Suisse in 2023.
Its edge
Highest CET1 of the three, 14.4%.
Who should know
Useful to know: shows how one bank looks safe or thin depending on the measure.
  • CET1 and leverage ratio14.4% CET1 / 4.4% leverage
  • Founded1854
  • HeadquartersZurich

Wikipedia · Wikidata

Why it is here

  • UBS reports a CET1 capital ratio of 14.4%, which is the highest of the three on this measure. The CET1 ratio is the one that uses risk weights.

    Source ↗

  • Its CET1 leverage ratio, with no risk weighting, is only 4.4%. That is 10 points below its 14.4% CET1 ratio, so the risk models lift its headline figure a lot.

    Source ↗
Did you know

  • UBS began as a small bank in the town of Winterthur, founded in 1862 with 5 million francs of share capital. In 1912 it merged with the Toggenburger Bank. The result was the Union Bank of Switzerland, which merged with Swiss Bank Corporation in 1998 to become UBS.

    Source ↗
Keep in mind

  • UBS took over Credit Suisse in 2023 for USD3.25 billion. Its balance sheet grew to USD1.7 trillion, about double Switzerland's yearly economic output. Swiss officials say the risk grows if UBS keeps its size.

    Source ↗
Where to go further

  • Open UBS's 2025 annual report PDF. Start with the balance sheet and find the total assets line, then compare that number with the size of Switzerland's economy.

    Source ↗
DeepSeek put it first. What they saw in it

  • DeepSeek: The best combination in the group: a 14.38% CET1 ratio and a 5.82% Basel III leverage ratio, but the same bank also publishes a 4.4% CET1 leverage ratio — the choice of numerator changes the story.

Video: Why Wealthy Americans Love UBS, The Secretive Swiss Banking Giant · CNBC

Compare the top three ↓

3HSBC

No. 3 — HSBC. On the lists of 7 of 7 AIs; median place there: 5. Solid 14.1% CET1, but leverage is thinner at 4.9% and both ratios fell in six months.

HSBC Building London
Danesman1 · CC BY-SA 3.0 · Wikimedia Commons

Did you know

  • HSBC's two bronze lions in Hong Kong are named Stephen and Stitt, after two bank managers. In World War II, Japan took them to be melted down. The war ended first, and an American sailor spotted them in an Osaka dockyard in 1945.

    Source ↗
What it is
A global bank that moved its headquarters from Hong Kong to London in 1993.
Its edge
Same 14.1% CET1 as JPMorgan, with leverage of 4.9% in the middle.
Who should know
Useful to know: shows how capital ratios can drop within months as lending grows.
  • CET1 and leverage ratio14.1% CET1 / 4.9% leverage
  • Founded1865
  • HeadquartersLondon

Wikipedia · Wikidata

Why it is here

  • HSBC's CET1 ratio was 14.1% at 30 June 2026. That is a fall of 0.8 points from 31 December 2025. It cited the Hang Seng Bank privatisation, dividends and higher risk-weighted assets.

    Source ↗
Did you know

  • Stephen roars and Stitt looks calm. Insiders said this matched the two bankers' personalities. People rub the lions' paws and noses for luck. The Hong Kong pair were modelled on lions first placed at the bank's Shanghai office in 1923.

    Source ↗
History

  • In 1992 HSBC bought full ownership of Midland Bank after a short bidding war with Lloyds. The deal forced HSBC to move its headquarters from Hong Kong to London on 1 January 1993.

    Source ↗
Keep in mind

  • In 2012 HSBC agreed to pay about $1.92bn to US authorities over money laundering. Its CEO said the bank accepts responsibility for past mistakes. A TV reporter called the fine "a huge slap on the wrist".

    Source ↗
Where to go further

  • Start with the Strategic Report 2025, the shorter of HSBC's two main 2025 reports. Look for how the bank's income is split between regions, to check the claim that only about a fifth of revenue comes from Britain.

    Source ↗
MiMo put it first. What they saw in it

  • MiMo: Third on CET1 and second on plain leverage — the only bank in the top three of both lists at once.

Video: What’s behind HSBC’s privatisation of Hang Seng Bank? · South China Morning Post

Compare the top three ↓

The top three side by side

JPMorgan ChaseUBSHSBC
In the AIs' lists7 / 77 / 77 / 7
CET1 and leverage ratio14.1% CET1 / 5.5% leverage14.4% CET1 / 4.4% leverage14.1% CET1 / 4.9% leverage
Founded1968 (roots: 1799)18541865
HeadquartersNew York CityZurichLondon
Put first byClaude, GeminiDeepSeekMiMo

Places with the same number of AIs are ordered by their average place in the AIs' own lists.

More ratings

03Worth knowing

What the AIs noticed while building the list.

Under common Basel rules, G-SIBs averaged a 5.9% leverage ratio at end-2025. Europe averaged 5.1%, against 5.6% for the Americas and 7.0% for the rest of the world.

Noticed by:
Included it: Claude, ChatGPT, Grok, DeepSeek. Did not include: Gemini, MiMo, Kimi.
Source ↗

At the bottom of the leverage measure: ING at 4.2% and BNP Paribas at 4.4%, despite CET1 ratios of 13.1% and 13.0%.

Noticed by:
Included it: Claude, ChatGPT, Gemini, MiMo, DeepSeek. Did not include: Grok, Kimi.
Source ↗

US leverage headroom is shrinking. After the Fed's temporary relief ended, SLRs fell at seven of the eight US G-SIBs in Q2 2026, and four hit record lows.

Noticed by:
Included it: Claude. Did not include: ChatGPT, Grok, Gemini, MiMo, Kimi, DeepSeek.
Source ↗

Subtracting the leverage ratio from the CET1 ratio does not measure how much a bank's models flatter it. The two use different capital numerators and different denominators, and US SLRs differ from EU/UK leverage rules.

Noticed by:
Included it: Claude, ChatGPT, MiMo. Did not include: Grok, Gemini, Kimi, DeepSeek.
Source ↗

EU banks average 16.1% CET1 under current rules but 15.1% when CRR3 is fully loaded, so how much the models flatter the ratio depends on which rulebook is applied.

Noticed by:
Included it: Claude. Did not include: ChatGPT, Grok, Gemini, MiMo, Kimi, DeepSeek.
Source ↗

04Questions people ask

What is leverage ratio in banking?

It is a bank's capital divided by all its assets and off-balance-sheet exposures, with no risk weighting. Basel sets a 3% minimum, and G-SIBs averaged 5.9% at end-2025.

Source ↗
How to calculate leverage ratio for banks?

Divide Tier 1 capital by the leverage exposure measure and multiply by 100. For UBS at 30 June 2026, USD 95,977m ÷ USD 1,649,751m = 5.82%.

Source ↗
What is leverage ratio in banks?

It is the plain backstop to the risk-weighted CET1 ratio, so a bank cannot model its way to a better number. JPMorgan's supplementary leverage ratio is 5.5%; BNP Paribas's leverage ratio is 4.4%.

Source ↗
Why does UBS report both 4.4% and 5.82% leverage?

Both use the same USD 1,649.8bn exposure. 4.4% counts only CET1 capital (USD 72.5bn), while 5.82% counts all Tier 1 capital (USD 96.0bn).

Source ↗

05How we counted

In plain words, no formulas.

1The question

Top 10 Safest Global Banks: The Headline Capital Ratio Against the Plain Leverage Ratio

2Why this topic

The reader learns why the same bank ranks high on one capital measure and lower on another, and why Swiss regulators and UBS talk past each other.

3Where it applies

Global systemically important banks

4What we looked at

  • CET1 ratio (capital against risk-weighted assets, using the bank's own models)
  • Leverage ratio (capital against all assets, no risk weighting)
  • Gap between the two ranks as a sign of how much the bank's own risk models lift its headline figure
  • Bank Pillar 3 and quarterly filings: CET1 ratio — Common equity capital against risk-weighted assets, using the bank's own models or standardised rules
  • Bank Pillar 3 and quarterly filings: leverage ratio — Tier 1 (or CET1) capital against total exposure with no risk weighting; US banks report the supplementary leverage ratio (SLR)
  • Basel Committee, Basel III Monitoring Report (September 2026) — Average capital and leverage ratios of large international banks under common rules (end-2025 data)
  • Financial Stability Board, 2025 G-SIB list — Capital surcharge bucket for each global systemically important bank

5Who ranked

The leading AIs, each building its own list of ten independently and naming a source for every place: Claude, ChatGPT, Grok, Gemini, MiMo, Kimi, DeepSeek.

6How the places were set

The same entry written differently by different AIs was counted as one. The more AIs put an entry on their list, and the higher they put it, the higher its place. "AI agreement" shows how many of the AIs had it on their own list. Sources are only those the AIs found themselves; nothing was added by hand.

06Each AI's own list

🇺🇸 Claude10 places · 4 notes

The same question, answered by Claude alone. The final list above combines all the AIs.

  1. 1
    JPMorgan Chase (United States)

    A CET1 ratio of 14.1% together with the highest leverage figure I found (5.5% SLR) while carrying the FSB's top bucket.

    Source ↗
  2. 2
    UBS (Switzerland)

    Its reported leverage ratio is 5.82% but its CET1 ratio is only 4.39% of total exposure, and its own risk-weights are not the main driver of the ratio.

    Source ↗
  3. 3
    HSBC (United Kingdom)

    CET1 of 14.1% and a leverage ratio of 4.9%, down from 5.3% six months earlier.

    Source ↗
  4. 4
    MUFG (Japan)

    It has the lowest CET1 ratio (12.95%) of the banks I could compare, but the best leverage ratio (5.32%) and the smallest gap between the two.

    Source ↗
  5. 5
    Crédit Agricole Group (France)

    Group CET1 of 17.2% is the highest of any bank in this list, but its listed parent shows only 11.3%.

    Source ↗
  6. 6
    Barclays (United Kingdom)

    CET1 of 14.3% is at the top of its 13–14% target, and the new £1bn buyback would take it to 14.0%.

    Source ↗
  7. 7
    Standard Chartered (United Kingdom)

    The CET1 ratio rose 77 basis points in a quarter to 14.2%, with risk-weighted assets of only $261.5bn on a $993bn balance sheet.

    Source ↗
  8. 8
    Deutsche Bank (Germany)

    A CET1 ratio of 13.9% is inside its 13.5–14.0% operating range, and one data sheet shows a leverage ratio near 4.5%.

    Source ↗
  9. 9
    Santander (Spain)

    Phased-in CET1 rose to 14.0% from 13.0% a year earlier, but the TSB deal cost 55bps and the Webster deal will push year-end CET1 to a target of 12.8–13%.

    Source ↗
  10. 10
    BNP Paribas (France)

    A 13.0% CET1 ratio and a 4.4% leverage ratio are the thinnest pair of the banks with both numbers on record, set against a €3.08 trillion balance sheet.

    Source ↗

What Claude noticed

Leverage ratios reported by banks use different numerators. UBS's CET1 leverage ratio is 4.4%, but its Tier 1 leverage ratio is 5.82%. The first is the stricter measure and the second the one the Basel Committee tracks, so the same bank can look weaker or stronger depending on which line is quoted.

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Under common Basel rules, Group 1 banks average a 13.9% CET1 ratio and a 6.0% leverage ratio (G-SIBs 5.9%). The banks I could compare are mostly below that average on leverage: BNP at 4.4%, HSBC at 4.9% and MUFG at 5.32%.

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US G-SIBs are losing leverage headroom. After the Fed's relief ended on 31 March, SLRs fell at seven of the eight US G-SIBs in Q2 2026, and Citi fell 106bps to 5.90%.

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Standard Chartered's risk-weighted assets are only about 26% of its total assets ($261.5bn on $993.4bn), which shows how much room an internal-model view of its CET1 ratio leaves.

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🇺🇸 ChatGPT10 places · 3 notes

The same question, answered by ChatGPT alone. The final list above combines all the AIs.

  1. 1
    Crédit Agricole Group — France, 2026

    Its 17.2% CET1 ratio comes with a 5.5% leverage ratio, a notably strong combination among the compared European G-SIBs.

    Source ↗
  2. 2
    UBS Group — Switzerland, 2026

    UBS's 5.8% Tier 1 leverage ratio is materially stronger than several European investment-bank peers despite its Swiss capital-policy controversy.

    Source ↗
  3. 3
    JPMorgan Chase — United States, 2026

    A 5.5% supplementary leverage ratio supports a 14.2% advanced CET1 ratio at the sole bank in the FSB's occupied bucket 4.

    Source ↗
  4. 4
    Morgan Stanley — United States, 2026

    Morgan Stanley's 16.2% advanced CET1 ratio looks exceptional until its 4.9% supplementary leverage ratio narrows the advantage.

    Source ↗
  5. 5
    HSBC Holdings — United Kingdom, 2026

    HSBC's 4.9% leverage ratio slipped from 5.3% at year-end 2025 as its leverage exposure expanded.

    Source ↗
  6. 6
    Banco Santander — Spain, 2026

    A 14.0% CET1 ratio and 4.81% leverage ratio offer a relatively balanced picture for Santander's international retail-banking model.

    Source ↗
  7. 7
    Bank of America — United States, 2026

    Its models produce a 12.5% advanced CET1 ratio, but the binding standardized figure is only 11.2%; leverage looks comparatively robust at 5.5%.

    Source ↗
  8. 8
    Deutsche Bank — Germany, 2026

    The difference between 13.9% CET1 and 4.5% leverage is a reminder that a healthy model-weighted capital ratio can coexist with much thinner exposure-wide backing.

    Source ↗
  9. 9
    BNP Paribas — France, 2026

    BNP Paribas has €795 billion in risk-weighted assets and a 4.4% leverage ratio, leaving less unweighted capital headroom than its 13.0% CET1 figure may suggest.

    Source ↗
  10. 10
    ING Group — Netherlands, 2026

    ING's 13.1% CET1 ratio is respectable, but its 4.2% leverage ratio places it toward the weaker end of this selected ten-bank capital comparison.

    Source ↗

What ChatGPT noticed

The Basel Committee's latest monitoring exercise found an average 5.9% fully phased-in leverage ratio for G-SIBs at end-2025. Europe averaged 5.1%, compared with 5.6% for the Americas and 7.0% elsewhere among Group 1 banks.

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Bank of America's advanced CET1 ratio of 12.5% exceeds its standardized 11.2% by 1.3 percentage points. This is a directly observed model-method difference, unlike the simple CET1-versus-leverage spread.

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Crédit Agricole Group's 17.2% CET1 and 5.5% leverage ratios contrast sharply with the listed subsidiary's 11.3% and 3.7%. The choice of reporting entity can dominate the apparent ranking.

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🇺🇸 Grok10 places · 4 notes

The same question, answered by Grok alone. The final list above combines all the AIs.

  1. 1
    Industrial and Commercial Bank of China (ICBC)

    CET1 13.57% paired with a plain leverage ratio of 7.51%—one of the highest among G-SIBs.

    Source ↗
  2. 2
    Agricultural Bank of China

    Large Chinese G-SIB with leverage ratios typically in the 7% range that dwarf most Western peers.

    Source ↗
  3. 3
    China Construction Bank

    State-backed scale with high plain leverage supporting a solid CET1 ratio.

    Source ↗
  4. 4
    Bank of China

    Fourth Chinese megabank whose balance-sheet leverage remains elevated relative to risk-weighted metrics.

    Source ↗
  5. 5
    JPMorgan Chase

    Highest G-SIB bucket with strong CET1 yet a lower plain leverage ratio than Asian peers.

    Source ↗
  6. 6
    Bank of America

    Solid US CET1 levels but leverage ratios pulled down by the large trading and securities book.

    Source ↗
  7. 7
    Citigroup

    High absolute capital but model-dependent CET1 and lower leverage typical of global wholesale banks.

    Source ↗
  8. 8
    HSBC Holdings

    CET1 14.1% but leverage only 4.9%, illustrating the model gap on a globally diversified book.

    Source ↗
  9. 9
    UBS Group AG

    Headline CET1 of 14.4% sits atop a plain CET1 leverage ratio of only 4.4%.

    Source ↗
  10. 10
    Goldman Sachs

    Advanced-approach CET1 around 13.6% with supplementary leverage near 4.3%, showing a wide model gap.

    Source ↗

What Grok noticed

Average G-SIB leverage ratios remain far lower in Europe (5.1%) than in the Americas (5.6%) or the rest of the world (7.0%), according to the Basel III monitoring report as of end-2025.

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ICBC’s 7.51% leverage ratio versus its 13.57% CET1 shows a much smaller model uplift than typical Western wholesale banks.

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US G-SIB supplementary leverage ratios were recently recalibrated downward (eSLR changes effective 2026), reducing the plain-capital constraint relative to risk-weighted rules.

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UBS maintains a 14.4% CET1 target while its plain CET1 leverage sits at 4.4%, highlighting how risk-weighting supports the headline figure.

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🇺🇸 Gemini10 places · 3 notes

The same question, answered by Gemini alone. The final list above combines all the AIs.

  1. 1
    JPMorgan Chase (United States)

    Backs its headline 14.6% CET1 ratio with a massive 6.9% Tier 1 leverage ratio (5.8% SLR), proving its fortress balance sheet does not rely on internal model deflation.

  2. 2
    Morgan Stanley (United States)

    Combines a 15.1% CET1 capital ratio with a 5.4% Supplementary Leverage Ratio, driven by an asset-light wealth management franchise with minimal balance-sheet inflation.

    Source ↗
  3. 3
    Bank of New York Mellon (United States)

    Maintains an unweighted leverage ratio of 6.0% against an 11.5% CET1 ratio, holding mostly cash and Treasuries that require virtually no risk-weight alchemy.

    Source ↗
  4. 4
    Industrial and Commercial Bank of China (ICBC, China)

    Reports a plain leverage ratio of 7.8% alongside a 13.8% CET1 ratio, boasting the world's thickest raw equity cushion over $6 trillion in total assets.

  5. 5
    UBS (Switzerland)

    Boasts a 14.3% CET1 ratio, but its plain Tier 1 leverage ratio drops to 4.7% (with CET1 leverage at 4.0%), revealing a 3-to-1 reliance on risk-weight reductions.

    Source ↗
  6. 6
    Deutsche Bank (Germany)

    Rebuilt its CET1 ratio to 14.2% and established an unweighted leverage ratio of 4.6%, completing a multi-year balance sheet de-risking program.

    Source ↗
  7. 7
    HSBC (United Kingdom)

    Maintains an elevated 14.1%–14.9% CET1 ratio, yet its plain UK leverage ratio compressed to 4.5% as corporate financing exposures expanded.

    Source ↗
  8. 8
    Royal Bank of Canada (Canada)

    Carries a 13.0% CET1 ratio and a 4.4% leverage ratio under stringent OSFI macroprudential guidelines that restrict aggressive internal mortgage discounting.

    Source ↗
  9. 9
    Banco Santander (Spain)

    Its retail-heavy asset base generates a 12.5% CET1 ratio and a 4.5% leverage ratio, displaying far less divergence than European investment banking peers.

    Source ↗
  10. 10
    BNP Paribas (France)

    Displays a 12.8% headline CET1 ratio, but its plain leverage ratio stands at 4.34%, reflecting significant zero-risk sovereign bond holdings across the Eurozone.

What Gemini noticed

US banks consistently outrank European peers on plain leverage because US rules impose a mandatory Supplementary Leverage Ratio (SLR) buffer of 5.0% for G-SIBs, whereas European rules set the base leverage minimum at 3.0% plus a smaller G-SIB buffer.

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Internal ratings-based (IRB) risk models allow European mega-banks to compress total balance-sheet exposures by 65% to 70% into Risk-Weighted Assets, making headline CET1 ratios look more than three times higher than their unweighted equity buffers.

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The Basel III 'Output Floor' reform—gradually phasing in through 2028—caps the benefit of internal risk models at 72.5% of standardized models, which will permanently shrink the gap between headline CET1 and plain leverage ratios.

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🇨🇳 MiMo10 places · 4 notes

The same question, answered by MiMo alone. The final list above combines all the AIs.

  1. 1
    HSBC(UK)

    Third on CET1 and second on plain leverage — the only bank in the top three of both lists at once.

    Source ↗
  2. 2
    MUFG(Japan)

    Wins the model-free test at 5.44% leverage — but take away the output-floor transition and its CET1 slides to 12.88%.

    Source ↗
  3. 3
    Santander(Spain)

    14.0% CET1 and 4.81% leverage — the best two-for-one in Europe, and it survives deleting the risk weights.

    Source ↗
  4. 4
    UBS(Switzerland)

    Number one on CET1 (14.4%), seventh of eight on plain leverage (4.4%) — the widest model gap among the giants.

    Source ↗
  5. 5
    JPMorganChase (USA)

    13.9% CET1 and a 5.6% leverage measure — strong on both, except the second number isn't even the Basel leverage ratio.

    Source ↗
  6. 6
    TDBank (Canada)

    Second-richest CET1 of the giants at 14.3% — and only 4.5% once the risk weights come off.

    Source ↗
  7. 7
    DeutscheBank (Germany)

    13.9% CET1 and 4.5% leverage — a bank rebuilt after 2015 is now safe, not heroic.

    Source ↗
  8. 8
    BNPParibas (France)

    The euro area's biggest bank carries this list's thinnest CET1 — 12.6%, a full 1.8 points below UBS.

    Source ↗
  9. 9
    ING(Netherlands)

    Looks safe on risk weights (13.1%) and weakest without them (4.2%) — the purest model gap in European banking.

    Source ↗
  10. 10
    Bankof America (USA)

    The reverse gap: the lowest CET1 here, but a 5.5% supplementary leverage ratio — modest headline, strong bones.

    Source ↗

What MiMo noticed

Therank gap is the story: UBS is 1st of these ten on CET1 and 7th of 8 on plain leverage — about six places of distance that internal risk models alone can create.

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MUFGprints three different CET1 numbers for the same date — 13.95% reported, 13.95% pre-floor, 12.88% without the output-floor phase-in — a point of 'capital' that exists only in the transition rules.

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USbanks don't publish the Basel leverage ratio at all: they publish the SLR (Bank of America 5.5%, JPMorgan Chase Bank 5.6%), which uses Tier 1 capital and a wider exposure measure.

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Europesets a hard floor under the model debate: a 3% leverage ratio is mandatory for all euro-area banks, and the 2025 SREP sample stood at 5.9% on average.

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🇨🇳 Kimi10 places · 4 notes

The same question, answered by Kimi alone. The final list above combines all the AIs.

  1. 1
    ICBC (China)

    A 7.36% leverage ratio — nearly double UBS's 4.4% — built on standardised risk weights rather than flattering internal models; the plainest balance sheet in global banking.

    Source ↗
  2. 2
    JPMorgan Chase (US)

    The only bucket-4 bank in the world pairs a 14.1% CET1 with a 5.6% supplementary leverage ratio — and even early-adopted the US 'enhanced SLR' in January 2026.

    Source ↗
  3. 3
    Citigroup (US)

    The lowest headline CET1 of the top US banks (12.7%) but a 5.5% SLR and a balance sheet measured under the conservative US standardised approach — it ranks higher on the plain ruler than the risk-weighted one.

    Source ↗
  4. 4
    Banco Santander (Spain)

    5.04% leverage against a 14.0% CET1 — the strongest plain-leverage cushion of the big euro-area banks, and it is spending the excess on €9-10bn of buybacks.

    Source ↗
  5. 5
    Standard Chartered (UK)

    14.1% CET1, 4.7% leverage, 155% LCR and a loan-loss rate of 19bps — the quietest strong balance sheet among the G-SIBs, funded by a $530bn deposit wall in Asia and Africa.

    Source ↗
  6. 6
    Barclays (UK)

    A 14.3% CET1 — but look one line down: its UK leverage ratio swings from 4.9% to 4.1% depending on whether central-bank claims are counted, a definitional gap that flatters every UK bank.

    Source ↗
  7. 7
    HSBC (UK)

    Same 14.1% CET1 as Standard Chartered but a thinner 4.9% leverage ratio that dropped 0.4pp in six months as leverage exposure grew $200bn — safe, but trending the wrong way on the plain measure.

    Source ↗
  8. 8
    Deutsche Bank (Germany)

    13.9% CET1 with a 270bp MDA buffer — the widest safety margin it has ever reported — though the 4.5% leverage ratio says the cushion is mostly model-generated.

    Source ↗
  9. 9
    ING Group (Netherlands)

    The lowest CET1 of this table (13.1%) and a 4.5% leverage ratio — adequate, but ING shows what a decade of SRT risk-transfer trades does: RWAs trimmed €3.6bn in 2025 alone.

    Source ↗
  10. 10
    UBS (Switzerland)

    A 14.4% CET1 — near the top of every headline table — but the plainest number, its 4.4% CET1 leverage ratio, is the thinnest of the ten; that gap is exactly why the Swiss Parliament's capital bill bites.

    Source ↗

What Kimi noticed

The model-lift gap is the whole story: UBS's 14.4% headline CET1 shrinks to a 4.4% plain-leverage figure while ICBC's ~13% standardized ratio barely moves at a 7.36% leverage ratio — the same 'safety' costs twice the real capital at one bank than at the other.

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Chinese banks top the plain-leverage table almost by construction: they use standardised risk weights rather than internal models, so their headline and plain ratios agree with each other — no hidden optimism to discount.

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US banks disclose two different leverage numbers — Tier 1 leverage (JPM 6.6%) and the stricter SLR (5.6%) — while UK banks exclude central-bank claims entirely; a single global leverage table is not directly computable from public filings.

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The Basel III floor matters more than the ratio: Deutsche Bank's 270bp MDA buffer is its widest ever, showing regulators now care less about the headline number than about the distance to the minimum.

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🇨🇳 DeepSeek10 places · 3 notes

The same question, answered by DeepSeek alone. The final list above combines all the AIs.

  1. 1
    UBS — Switzerland (2026)

    The best combination in the group: a 14.38% CET1 ratio and a 5.82% Basel III leverage ratio, but the same bank also publishes a 4.4% CET1 leverage ratio — the choice of numerator changes the story.

    Source ↗
  2. 2
    JPMorgan Chase — United States (2026)

    The only bank here with a 6.6% plain leverage ratio and a 14.1% CET1 ratio — the models are not flattering it, and the leverage backstop is the strongest in the group.

    Source ↗
  3. 3
    HSBC — United Kingdom (2026)

    A 14.1% CET1 ratio and a 4.9% leverage ratio — a 920-basis-point gap between the model-based headline and the balance-sheet backstop.

    Source ↗
  4. 4
    Barclays — United Kingdom (2026)

    A 14.3% CET1 ratio against a 4.9% leverage ratio — the same 9.4-point gap as HSBC, with a smaller home balance sheet behind it.

    Source ↗
  5. 5
    Citigroup — United States (2026)

    CET1 is only 12.8%, but the 5.5% supplementary leverage ratio is third-highest here — the models cut Citi's capital needs harder than the plain measure does.

    Source ↗
  6. 6
    Standard Chartered — United Kingdom (2026)

    A 14.2% CET1 ratio and a 4.7% leverage ratio — strong on both, but 92% of revenue is earned outside the UK, so safety is a cross-border bet.

  7. 7
    Bank of America — United States (2026)

    The widest gap in the table: 11.2% CET1, the lowest headline here, but 6.6% leverage, tied for the highest — the models and the plain measure disagree completely.

  8. 8
    TD Bank — Canada (2026)

    A 14.3% CET1 ratio sitting on a 4.5% leverage ratio — the headline looks top-tier, but the plain measure is only eighth in this group.

  9. 9
    Deutsche Bank — Germany (2026)

    A 13.9% CET1 ratio and a 4.5% leverage ratio — mid-table on both, with only about €51bn of CET1 behind a €1.4tn exposure measure.

    Source ↗
  10. 10
    BNP Paribas — France (2026)

    The lowest leverage ratio in the group, 4.43%, against a 12.77% CET1 ratio — a mid-teens headline that shrinks when total assets are the denominator.

    Source ↗

What DeepSeek noticed

UBS publishes two different leverage ratios for the same date: a 4.4% CET1 leverage ratio in its results presentation and a 5.82% Basel III leverage ratio in Pillar 3, because the Pillar 3 ratio uses Tier 1 capital rather than CET1.

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JPMorgan is the rare case where the plain measure flatters the bank relative to the model-based measure: 6.6% leverage versus 14.1% CET1, and its CET1 rank is only fifth in this group.

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Citigroup's CET1 rank is ninth but its leverage rank is third — a six-place gap that shows how much its internal models reduce risk-weighted assets relative to total exposure.

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