List of US Large Banks With The Biggest Assets
Here are the top US large banks according to total assets owned.
The US banking industry is very large. Large enough for the ten largest US-chartered banks to have $12.39 trillion in total assets at the beginning of this year. That is equal to the nominal GDPs of Japan, Germany, the UK, and Turkey put together, which is gross domestic product before accounting for inflation. Since 2001, the Federal Reserve has released a list of US large banks with both federal and state charters every three months. The Fed ranked 2,130 US commercial banks with consolidated assets of $300 million or greater.
The top ten US large banks have remained almost the same over time, with JPMorgan Chase holding the top spot for more than 20 years.
Continue reading to see how the ten US large banks currently compare.
JPMorgan Chase Bank
Assets combined: $3.48 trillion
The Federal Reserve’s list of US large banks by consolidated assets owned is headed by New York-based JPMorgan Chase Bank. Chase Bank is the consumer banking division of JPMorgan Chase. There are 34 overseas banking branches, more than 4,800 US branches, and more than 16,000 domestic ATMs. With locations across the Americas, Europe, North Africa, and Asia, Chase Bank offers services to clients in more than 100 nations.
With total assets of US $3.954 trillion as of 2022, JPMorgan Chase is the largest bank in the country. It’s also the largest bank in the world by market capitalization, and the sixth largest bank in the world overall.
In addition, JPMorgan Chase is included as the 24th largest American firm by total revenue on the Fortune 500 list.
Bank of America
Assets combined: $2.51 trillion
67 million retail consumers and small business clients are served by Charlotte, North Carolina-based Bank of America (often referred to as BofA or BoA). According to the company’s website, it has roughly 4,000 branches and 17,000 ATMs. Its mobile banking app serves 55 million people. Bank of America declared earlier this year that it had done away with the non-sufficient funds fee. Additionally, Bank of America decreased its overdraft costs this year from $35 to $10.
The bank was established in San Francisco, and NationsBank of Charlotte purchased it in 1998, giving it its current shape. After JPMorgan Chase, it is the second-largest bank in the United States. By market value, it is also the second-largest bank globally. One of the Big Four U.S. financial organizations is Bank of America. It competes directly with JPMorgan Chase, Citigroup, and Wells Fargo for the roughly 10.73% of all bank deposits in the United States. Commercial banking, wealth management, and investment banking are its three main financial services.
Assets combined: $1.76 trillion
With its corporate headquarters in San Francisco, California, Wells Fargo & Business is an American international financial services company. For the previous three years, it has held the third position on the Fed’s list. The bank has operations in 35 countries and more than 70 million customers worldwide. The Financial Stability Board regards it as a systemically important financial institution.
Wells Fargo Bank, N.A., a national bank with its main headquarters in Sioux Falls, South Dakota, and chartered in Wilmington, Delaware, is the company’s major subsidiary. According to total assets, it is the fourth-largest bank in the US. It also ranks among the top banks in terms of bank deposits and market capitalization. JPMorgan Chase, Bank of America, and Citigroup are also included. One of the “Big Four Banks” in the US is Wells Fargo. There are 13,000 ATMs and 8,050 branches. One of the most valuable bank brands is this one.
Assets combined: $1.72 trillion
Citibank is the retail banking division of global financial services behemoth Citigroup. It is a New York-based company, and has 200 million customer accounts worldwide.
City Bank of New York, Citibank was established in 1812 and later changed its name to First National City Bank of New York. The bank has 1,494 branches in Mexico run by its subsidiary Banamex and 2,649 branches worldwide, including 723 locations in the United States. Customers of Citibank have access to over 65,000 surcharge-free ATMs. The six major cities of New York, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami are home to the majority of the U.S. branches.
Assets combined: $577.5 billion
The fifth-placed U.S. Bank, with consolidated assets of $577.5 billion, has unveiled the first Spanish-language voice assistant banking app in the country. In 26 states, there are 2,200 bank branches for U.S. Bank. Customers can access hundreds of ATMs countrywide thanks to a partnership between MoneyPass and the ATM network. To prevent service interruptions while away from home, you can disclose your location while using the banking app.
The business offers financial services to individuals, businesses, governments, and other financial institutions, including banking, investing, mortgage, trust, and payment products. It is mostly found in the Western and Midwestern regions of the United States and has 3,106 branches and 4,842 automated teller machines. The Financial Stability Board classifies it as a systemically important bank, and it is 117th on the Fortune 500.
Assets totaled: $534.9 billion
PNC Bank was created in 1983 as a result of the greatest bank merger of its time, which combined the Pittsburgh National and Provident National banks. Since then, the Midwest, Northeast, and South have become the primary regions of operation for this Pittsburgh-based bank. Regional bank BBVA USA, which mostly serves states in the south and west, will be purchased by PNC for $11.6 billion in November 2020. As of March, PNC Bank had 2,629 branches and 9,523 ATMs spread around the US, operating in 27 states and the District of Columbia.
PNC Bank ranks among the top US large banks in the country in terms of assets, branches, deposits, and ATMs. It is also one of the largest banks overall. PNC is a major credit card issuer and one of the biggest lenders to the Small Business Administration. Additionally, it offers asset-based loans to middle market businesses and private equity groups.
Assets totaled: $531.0 billion
In 2019, BB&T and SunTrust Bank merged to establish Truist Bank, which now operates in 17 states in the Southeast and the District of Columbia. Founded in Charlotte, North Carolina, Truist provides consumer and business banking, securities brokerage, asset management, mortgage, and insurance products and services. It has 2,781 branches and more than 2,000 ATMs spread across 15 states and Washington, D.C. Recently, Truist introduced Truist One Banking accounts, giving qualified users access to conventional banking services without incurring overdraft fees.
It ranks among the top ten large US banks in terms of assets, with $509 billion in assets, as of June 2021. With $2.27 billion in annual sales as of January 2021, Truist Insurance Holdings is the seventh-largest insurance broker globally.
Goldman Sachs Bank
Assets combined: $474.6 billion
For the first time this year, Goldman Sachs made it into the Fed’s top 10 list. The venerable international investment bank and financial services company with headquarters in New York has been rebranding itself after the 2008 financial crisis and has announced consolidated assets of $474.6 billion. The consumer banking division of Goldman Sachs, Marcus by Goldman Sachs, debuted in 2016 and offers competitive rates on savings accounts and CDs but doesn’t provide checking or money market accounts.
Total assets of $417.4 billion
The Bank of Toronto and The Dominion Bank, which had been established in 1855 and 1869, respectively, were merged to form the new institution on February 1, 1955. One of the two Big Five Canadian banks, along with the Canadian Imperial Bank of Commerce, was established in Toronto.
The American division of the Canadian bank TD Bank Group, TD Bank, bills itself as “America’s Most Convenient Bank.” Most of TD Bank’s 1,100 locations, which are spread out throughout the east coast from Maine to Florida, are open seven days a week. Additionally, you get access to approximately 700 ATMs via the TD Bank network.
The bank and its affiliates trade as Toronto-Dominion Bank and are frequently referred to as simply TD.
The TD Bank Group was a top-10 bank in North America in 2021, the 23rd largest bank in the world, and the largest bank in Canada by total assets as well as market capitalization, according to Standard & Poor’s. The Financial Stability Board designated it a globally systemically important bank in 2019.
Capital One Bank
Assets combined: $385.3 billion
Capital One Bank is the last of the ten US large banks. It has 307 branches spread over seven states, with the bulk in Louisiana, Maryland, Texas, New York, and Virginia. The company has its headquarters in McClean, Virginia. Compared to most of the other banks on this list, Capital One Bank has fewer traditional banking locations (755), but it also has a vast network of 70,000 ATMs, a mobile banking app, and Capital One Cafés in several cities. This year saw the opening of the first Capital One Lounge at the Dallas-Fort Worth airport.
It is at number 99 on the Fortune 500 and number 9 on Fortune’s list of the 100 best companies to work for. It has operations in the US, Canada, and the UK.
In terms of purchasing volume in 2016, it ranked fifth behind American Express, JPMorgan Chase, Bank of America, and Citigroup.
Capital One is the second-largest auto loan company in the US, behind Ally Financial, with a 5% market share.