Charlotte's big banks have earned top spots in a new study measuring the value of bank brands.

Wells Fargo & Co. ranked No. 2 on brand valuation consultancy Brand Finance's international Banking 500 report, behind British lender HSBC. The San Francisco-based bank, which bought Charlotte's Wachovia in 2008, was the top U.S. bank on the list, with a brand valued at more than $23.2 billion, the study released this week found.

Bank of America Corp., which has drawn criticism in recent months over its stock price and a series of public relations missteps, remains one of the world's strongest brands, Brand Finance found.

The Charlotte lender ranked No. 3 on the list, with a brand valued at $22.9 billion, though that was down from the No. 1 spot in 2011.

With the exception of London's HSBC, European banks performed "miserably" due to economic uncertainty and the eurozone crisis, the firm said. Banks in emerging markets fared better - brands from Brazil, Russia, India and China now outnumber their European counterparts among the world's top 20 banking brands - and U.S. lenders held steady.

Brand Finance said Wells Fargo, which also ranked No. 2 last year, has delivered strong results but still faces a difficult road ahead, given the lack of confidence in banking markets.

Some fear the bank is too deeply connected to the U.S. economy, the firm said.

But "in a time where the public trusts banks less and less, a saving grace for the company could be that it is perceived as trustworthy, working on behalf of Americans and not only concerned with profits," the report said.

Of Bank of America, Brand Finance acknowledged big hurdles still overshadow improving earnings and other progress. But it said that if the bank can successfully integrate its Merrill Lynch brand, which it acquired in 2009, "no doubt it will become a great asset for the bank and make solid contributions to its bottom line."

"The challenge for the company is proving that its gains in underlying business performance are strong enough to offset the financial challenges that undoubtedly lie ahead," the report said.

First published in 2006, the Banking 500 study measures the financial value of the world's top banking brands, based on the strength, risk and future potential of a brand relative to its competitors. Brand Finance chief executive David Haigh said those rankings can help shed light on how a company and its headquarters country are recovering from the financial crisis.