The Banksters' Planet

The network of corporate global control

an ETH, Zuerich, study

Abstract
The structure of the control network of transnational corporations affects global market competition
and financial stability. So far, only small national samples were studied and there was
no appropriate methodology to assess control globally. We present the first investigation of the
architecture of the international ownership network, along with the computation of the control
held by each global player. We find that transnational corporations form a giant bow-tie structure
and that a large portion of control flows to a small tightly-knit core of financial institutions.
This core can be seen as an economic “super-entity” that raises new important issues both for
researchers and policy makers.

We all knew it, we know it, we are taught that money makes the world go around. 143 companies control 40% of what you see above, these are the first 50:

Table S1: Top 50 control-holders. Shareholders are ranked by network control (according to the
threshold model, TM). Column indicate country, NACE industrial sector code, actor’s position in
the bow-tie sections, cumulative network control. Notice that NACE code starting with 65,66,67
belong to the financial sector.
Rank Economic actor name Country

1 BARCLAYS PLC GB
2 CAPITAL GROUP COMPANIES INC, THE US
3 FMR CORP US4 AXA FR
5 STATE STREET CORPORATION US
6 JPMORGAN CHASE & CO. US
7 LEGAL & GENERAL GROUP PLC GB
8 VANGUARD GROUP, INC., THE US
9 UBS AG CH
10 MERRILL LYNCH & CO., INC. US
11 WELLINGTON MANAGEMENT CO. L.L.P. US
12 DEUTSCHE BANK AG DE
13 FRANKLIN RESOURCES, INC. US
14 CREDIT SUISSE GROUP CH
15 WALTON ENTERPRISES LLC US
16 BANK OF NEW YORK MELLON CORP. US
17 NATIXIS FR
18 GOLDMAN SACHS GROUP, INC., THE US
19 T. ROWE PRICE GROUP, INC. US
20 LEGG MASON, INC. US
21 MORGAN STANLEY US
22 MITSUBISHI UFJ FINANCIAL GROUP, INC. JP
23 NORTHERN TRUST CORPORATION US
24 SOCIÉTÉ GÉNÉRALE FR
25 BANK OF AMERICA CORPORATION US
26 LLOYDS TSB GROUP PLC GB
27 INVESCO PLC GB
28 ALLIANZ SE DE
29 TIAA US
30 OLD MUTUAL PUBLIC LIMITED COMPANY GB
31 AVIVA PLC GB
32 SCHRODERS PLC GB
33 DODGE & COX US
34 LEHMAN BROTHERS HOLDINGS, INC. US
35 SUN LIFE FINANCIAL, INC. CA
36 STANDARD LIFE PLC GB
37 CNCE FR
38 NOMURA HOLDINGS, INC. JP
39 THE DEPOSITORY TRUST COMPANY US
40 MASSACHUSETTS MUTUAL LIFE INSUR. US
41 ING GROEP N.V. NL
42 BRANDES INVESTMENT PARTNERS, L.P. US
43 UNICREDITO ITALIANO SPA IT
44 DEPOSIT INSURANCE CORPORATION OF JP JP
45 VERENIGING AEGON NL
46 BNP PARIBAS FR
47 AFFILIATED MANAGERS GROUP, INC. US
48 RESONA HOLDINGS, INC. JP
49 CAPITAL GROUP INTERNATIONAL, INC. US
50 CHINA PETROCHEMICAL GROUP CO. CN

In green GB companies, in blue US co-operations; the land of the major rating agencies.

Any questions?

Carpe diem!