Picture a giant in finance that towers over Wall Street with stability and influence. Take Chase Bank, for example—known for its huge network, advanced financial services, and many customers. But Chase Bank is just one of many big banks in the US.
In this blog about the top 10 largest banks in the US, we’ll explore a variety of financial institutions. Each one has massive assets and serves millions of customers across the country. From Bank of America’s well-known presence to Wells Fargo’s long history, these banks don’t just hold money and give out loans—they also play crucial roles in America’s economy.
Here, we discover important facts about these financial giants. Whether you’re interested in banking or just curious about what drives America’s economy, this list will show you the key players in the US banking sector.
List of the Top 10 Largest Banks in the US
In the bustling landscape of American finance, the top 10 largest banks in the US command formidable assets and play pivotal roles in shaping the country’s economic landscape. These financial giants cater to diverse needs; let us discuss them in detail here.
- JPMorgan Chase
- Bank of America
- Wells Fargo
- Citibank
- US Bank
- PNC Bank
- Goldman Sachs
- Truist Bank
- Capital One
- TD Bank
1. JPMorgan Chase
JPMorgan Chase stands as the largest bank in the United States, boasting total assets exceeding $3503 billion. Moreover, its net revenue of $47.76 billion in 2023. With a global footprint spanning over 100 markets, it serves a diverse clientele ranging from individual consumers to large corporations and institutional investors.
Founded on a legacy dating back to 1799 and shaped by mergers with iconic institutions, JPMorgan Chase continues to lead in innovation with substantial investments in technology. For instance, their development of the Chase Mobile App has revolutionized digital banking, making transactions seamless and secure for millions of customers worldwide.
Beyond business operations, JPMorgan Chase actively supports community development and philanthropy. Their partnership with the New Skills at Work initiative has provided job training and opportunities to thousands of individuals, fostering economic empowerment in underserved communities. Additionally, their philanthropic efforts in education, such as the $75 million commitment to STEM education programs, aim to equip students with essential skills for the future.
As a major player in global financial markets, JPMorgan Chase influences economic policies and market dynamics globally. Their participation in initiatives like the Climate Finance Leadership Initiative underscores their commitment to sustainable development, driving investments in clean energy and environmental conservation worldwide.
2. Bank of America
Bank of America (BofA) ranks as one of the largest banks in the United States, holding total assets exceeding $2550 billion. It operates a vast network serving approximately 66 million consumers and small business clients, along with numerous corporate and institutional customers. Its net revenue in 2023 totals $98.14 billion dollars.
Founded in 1904 and headquartered in Charlotte, North Carolina, BofA offers a broad spectrum of financial services. The bank is renowned for its strong retail banking presence, providing a wide range of products such as mortgages, credit cards, and personal loans. Bank of America also plays a significant role in corporate banking and global markets, offering advisory services and capital financing to businesses worldwide.
Notably, it was the first bank to offer accounts accessible via smartphones in 2007. The bank operates over 4,600 retail financial centers and employs approximately 200,000 people worldwide. Known for its innovations in digital banking and commitment to sustainable finance, Bank of America continues to be a significant player in shaping the financial landscape and supporting economic growth initiatives globally.
Active in community development and sustainability efforts, BofA focuses on advancing environmental, social, and governance (ESG) practices through initiatives that promote economic mobility, affordable housing, and environmental sustainability.
3. Wells Fargo
Wells Fargo, a household name in American finance, boasts a rich history dating back to 1852. Founded by Henry Wells and William Fargo, the company began by offering banking and express delivery services during the California Gold Rush.
They built a network of offices across the country, facilitating safe money transfers in a wild west era. Interestingly, Wells Fargo even played a role in operating the Pony Express for a period.
Wells Fargo boasts total assets of $1743 billion, underscoring its robust presence in the banking sector. With a net revenue of $82.6 billion in 2023, the bank’s strategic focus is on diverse financial services, including banking and mortgage lending.
Today, Wells Fargo is a financial powerhouse. It’s the second-largest mortgage lender in the US, originating one out of every four home loans. With over 8,000 branches and a massive ATM network, they serve millions of customers across the country. Beyond its domestic reach, Wells Fargo operates in 35 countries, solidifying its global presence.
Innovation has been a hallmark of Wells Fargo’s success. They were early adopters of new technologies, transitioning from gold coins to paper checks and eventually enabling online transactions. Their commitment to responsible lending and community involvement is another facet of their strategy.
However, Wells Fargo hasn’t been without controversy. A 2016 scandal involving millions of fraudulent accounts tarnished their reputation. Despite this setback, they’ve taken steps to improve their governance and rebuild trust with customers.
4. Citibank
A pillar of American finance since 1812, Citibank boasts a rich history intertwined with innovation and global influence. Founded as the City Bank of New York, it outlasted centuries of change to become the 4th largest bank in the US based on assets which is worth $1698 billion dollars.
Beyond its domestic reach, Citibank extends its services to 19 other countries, making it a true international player. Interestingly, though, its US presence is concentrated in just six major cities.
Citibank isn’t just about managing vast sums of money (nearly $5 trillion flows through their network daily!).
They’ve also been at the forefront of banking advancements. They’re credited with popularizing the ATM, a ubiquitous convenience today. But their innovation goes back further.
Citibank played a part in financing the construction of the Panama Canal, a project that revolutionized global trade. They were even pioneers in early online banking, allowing customers in the UK to check their balances remotely in the early days of personal computers.
This spirit of progress continues, with Citibank making significant commitments to environmental, social, and governance (ESG) initiatives. Despite its long history and influence, Citibank’s close ties to the US government, including being a major holder of federal funds and banker to Standard Oil, have occasionally sparked debate.
5. U.S Bank
The U.S. Bank has total assets worth $669 billion dollars. It was established in 1863 with a national bank charter from the Lincoln administration. It has grown from regional roots to become a national powerhouse.
Headquartered in Minneapolis, Minnesota, it boasts a strong presence in the Midwest and West Coast, thanks in part to its 2022 acquisition of MUFG Union Bank. With over 2,000 branches across 26 states, U.S. Bank offers a blend of traditional branch banking and a robust digital platform.
Despite its size, U.S. Bank prides itself on a community-focused approach. They offer a wide range of financial services, from consumer and business banking to wealth management, catering to individuals and businesses of all sizes. The U.S. Bank is also a leader in payment processing, with its subsidiary Elavon handling transactions for merchants worldwide.
Technology plays a key role in U.S. Bank’s strategy. They heavily invest in digital banking solutions, ensuring convenient access to accounts for their customers. Their commitment to sustainability is another noteworthy aspect. The U.S. Bank has set ambitious goals for reducing its environmental footprint and supporting environmentally friendly initiatives.
6. PNC Bank
PNC Bank, founded in 1845 as the Pittsburgh Trust Company, has carved out a niche as a reliable and trusted financial institution on the East Coast. Headquartered in Pittsburgh, Pennsylvania, it has a strong presence in 27 states and the District of Columbia, with over 2,600 branches. This widespread network ensures convenient access to banking services for millions of customers.
PNC Bank has total assets worth $562 billion dollars and offers a comprehensive suite of financial products, including consumer and corporate banking, wealth management, and investment services.
They are known for their focus on financial literacy and community development, supporting programs that empower individuals and strengthen local economies.
While not as flashy as some competitors, PNC Bank prioritizes stability and long-term relationships with its clients. They’ve weathered economic downturns and maintained a strong financial position. Looking ahead, PNC Bank is likely to continue its focus on providing reliable financial services and supporting the communities it serves.
7. Goldman Sachs
Goldman Sachs is renowned for its investment banking prowess. With a history stretching back over a century, the firm has solidified its position as a global leader in providing a wide range of financial services. Unlike traditional banks focused on retail customers, Goldman Sachs caters primarily to corporations, institutions, and high-net-worth individuals.
Additionally, Goldman Sachs has its headquarters in New York City. It is also the second largest investment bank in terms of revenue. Moreover, it is ranked 55 on the Fortune 500 list of the largest US corporations.
The firm’s core competencies lie in investment banking, securities trading, and asset management. It was formed in 1869 and has total assets worth $549 billion dollars. It plays a pivotal role in advising on mergers and acquisitions, underwriting securities, and managing vast sums of money.
In recent years, the firm has expanded its consumer-facing offerings through its Marcus brand, providing savings accounts, personal loans, and credit cards. However, these efforts are still a relatively small part of its overall business.
8. Truist Bank
Truist Bank, a relative newcomer compared to the giants we’ve discussed, has total assets worth $526 Billion. It was formed in 2019 through the merger of BB&T and SunTrust Banks. Despite its young age, Truist has quickly become a major player in the Southeast. With over 2781 branches concentrated across 15 states, Truist offers a strong physical presence for customers who value in-person banking.
Truist caters to a broad client base, providing consumer and commercial banking services, wealth management, and insurance solutions. One of their strengths is their focus on customer service, offering perks and benefits not commonly found in checking accounts. For example, some accounts waive overdraft fees, a significant advantage for budget-conscious customers.
Truist is still carving its own path, but they’ve made significant strides in integrating the legacy systems of BB&T and SunTrust. They also prioritize technological advancements, investing in digital banking tools to ensure convenient account management for their customers. However, some drawbacks include lower savings rates compared to competitors and account fees that require careful management to avoid.
9. Capital One
Capital One, established in 1988, offers a refreshing take on traditional banking and has total assets worth $479 billion dollars . They began as a credit card company and have since expanded into a diversified financial institution with a strong online presence.
Capital One is known for its innovative approach, embracing technology to simplify banking experiences for customers. Their mobile app is consistently ranked among the best, offering a user-friendly interface for managing accounts on the go.
Despite their digital focus, Capital One also maintains a network of over 400 physical branches in the US, primarily located in major metropolitan areas. This caters to customers who prefer a mix of online and in-person banking options. They offer a variety of financial products, including credit cards, savings accounts, loans, and investment services. Capital One is known for its focus on responsible lending and customer service, offering pre-approval tools and financial education resources.
However, Capital One’s credit card business has garnered some criticism for potentially aggressive marketing tactics. Additionally, as a younger institution compared to established giants, they have less of a physical footprint in some regions.
10. TD Bank
TD Bank with total assets including $369 billion, standing for Toronto-Dominion Bank, is a unique player in the US banking landscape. Founded in Canada in 1855, it boasts a long history of financial stability.
TD Bank entered the US market through a series of acquisitions, most notably the purchase of Commerce Bank in 2007. Today, TD Bank is the 14th largest bank holding company in the US by assets, with over 1,300 branches concentrated in the Northeast, Mid-Atlantic, and Southeast regions.
TD Bank offers a comprehensive range of financial products and services, including checking and savings accounts, loans, mortgages, and wealth management solutions. They are known for their competitive interest rates, particularly on savings accounts, which can be attractive for customers looking to grow their money.
While not as widely known as some US-based competitors, TD Bank leverages its Canadian heritage to offer a global perspective on financial services. They prioritize a customer-centric approach and are known for their efficient operations. However, their branch network is less extensive compared to some established players, and their focus on certain regions may limit their reach for some customers.
Conclusion
In conclusion, the largest banks of the USA play pivotal roles in shaping the nation’s financial landscape and supporting economic activities at both local and global levels. From traditional banking services to innovative digital solutions, these institutions serve a diverse clientele ranging from individuals and small businesses to large corporations and institutional investors.
Their extensive networks, substantial assets, and commitment to customer service underscore their influence and resilience in the financial sector.
FAQs
What criteria determine the largest banks in the USA?
The size of a bank is typically measured by its total assets and net revenue. Banks with the highest total assets are considered the largest in the USA. This includes assets held in various forms such as loans, securities, and reserves.
How do US banks impact the economy?
Large banks play a crucial role in the economy by providing essential financial services such as lending, investment banking, and wealth management. They facilitate economic growth by financing businesses, supporting consumer spending through loans and credit, and contributing to the stability of the financial system.
How do US banks ensure the security of customers’ funds and information?
Large banks invest heavily in cybersecurity measures to protect customers’ funds and personal information. They implement advanced encryption technologies, monitor for suspicious activities, and comply with strict regulatory requirements to safeguard against cyber threats and fraud.
How are US banks regulated to ensure financial stability?
Large banks in the USA are subject to rigorous regulatory oversight by federal agencies such as the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC).
What Is the Best Bank to Use for an LLC?
For a US LLC, the best bank options include Bluevine Business Checking, ideal for cashless businesses; NBKC Business Account, known for limited fees; and Relay Standard, which is best for no transaction limits.