Not all global systemically important banks (G-Sibs) are alike. For those in the European Union and Canada, it is the extent of their cross-border activities that earned them their too-big-to-fail label. In contrast, those in Switzerland were designated because of their complexity, those in the US because of their non-substitutability, and those in China and Japan because of their size.

The 2019 cohort of too-big-to-fail institutions received their designations from the Basel Committee using a