The three most profitable banks in the world are now Chinese, illustrating how far financial power has shifted from Europe and America since the credit crunch. Chinese banks generate 29 per cent of total global profits from the banking industry, against just 4 per cent in 2007. European bank profits fell to 6 per cent, against 46 per cent five years ago. Industrial Commercial Bank of China is the world's most profitable bank, with pre-tax profits of $43.2bn (£27.5bn). China Construction Bank ($34.8bn) and Bank of China ($26.8bn) are also in the top three, while America's JP Morgan is fourth, according to the annual ... (full story)