HSBC has slipped from fifth to eighth in The Banker’s list of the world’s top 1,000 banks.

It is now the only UK-based banking group listed in the top 10, which ranks banks according to their levels of “tier one capital”.

There was better news for US players JP Morgan and Bank of America, both of which have a Canary Wharf presence, ranking third and fifth respectively.

China-based ICBC topped the annual list.