The Largest Banks in the US: A Comprehensive List
When it comes to banking in the United States, a number of large financial institutions dominate the industry. These banks are known for their size, reach, and economic influence. In this article, we'll take a closer look at the largest banks in the US, ranked by total assets.
1.JPMorgan Chase & Co.
JPMorgan Chase & Co. is a multinational investment bank and financial services company headquartered in New York City. The company was formed in 2000 following the merger of J.P. Morgan & Co. and Chase Manhattan Corporation. It is one of the largest banks in the world, with total assets of over $3.7 trillion as of 2021.
JPMorgan Chase operates in over 100 countries worldwide and has a diverse range of business activities, including investment banking, commercial banking, asset management, and private banking. The company has a strong presence in the United States, with over 5,000 branches and 16,000 ATMs across the country. It is also a major player in the global financial markets, providing services to corporations, governments, and institutions.
The company's investment banking division provides services such as underwriting and advisory services for corporate clients, as well as trading and market-making activities in fixed-income, equity, and other financial markets. Its commercial banking division provides services such as lending, treasury services, and merchant services to businesses of all sizes.
JPMorgan Chase's asset management division is responsible for managing over $3.7 trillion in assets for institutional and individual clients worldwide. The division offers a range of investment products, including mutual funds, exchange-traded funds (ETFs), and alternative investments.
The company has a strong commitment to corporate social responsibility and sustainability, with initiatives focused on community development, environmental sustainability, and economic inclusion. JPMorgan Chase has pledged to invest $30 billion over five years in various sustainability initiatives, including renewable energy and sustainable transportation.
In recent years, JPMorgan Chase has been involved in a number of controversies and legal issues, including the 2012 London Whale trading scandal, which resulted in a $6 billion trading loss for the company. The company has also faced criticism for its role in the 2008 financial crisis and for various regulatory violations.
Despite these issues, JPMorgan Chase has maintained its position as one of the world's leading financial institutions, with a strong reputation for innovation and excellence in its business operations. The company has received numerous awards and accolades, including being named the Best Investment Bank in North America by Global Finance magazine.
NOW in 2023 With total assets of $3.2 trillion, JPMorgan Chase & Co. is the largest bank in the United States. The bank was founded in 1799 and has since grown to become a global financial institution, offering a wide range of banking and financial services to individuals, businesses, and institutions.
- Bank of America Corp.
Bank of America Corp. is a multinational financial services company headquartered in Charlotte, North Carolina. It is one of the largest banks in the United States and the world, with total assets of over $2.9 trillion as of 2021. The company was founded in 1904 as the Bank of Italy in San Francisco by Amadeo Giannini and has since expanded through a series of mergers and acquisitions.
Bank of America provides a wide range of financial services to individual consumers, small and middle-market businesses, and large corporations. Its consumer banking division offers checking and savings accounts, credit cards, home loans, auto loans, and other financial products and services. The company's small business banking division provides loans, lines of credit, and other financial solutions to businesses with annual revenues of up to $5 million.
Bank of America's wealth management division offers a range of investment and financial planning services to high-net-worth individuals and institutions, including private banking, investment management, and trust and estate planning. Its global banking and markets division provides a variety of services to institutional clients, including investment banking, trading and sales, research, and market-making activities in various financial markets.
In addition to its financial services, Bank of America has also demonstrated a strong commitment to corporate social responsibility and sustainability. The company has pledged to invest $1.5 trillion over a ten-year period in initiatives focused on climate change, sustainable finance, and economic opportunity. Bank of America has also committed to becoming carbon neutral and powering its operations with 100% renewable energy by 2023.
Like other major financial institutions, Bank of America has faced a number of controversies and legal issues over the years. These have included allegations of predatory lending practices, foreclosure abuses, and violations of consumer protection laws. The company has also faced criticism for its role in the 2008 financial crisis and its handling of various regulatory investigations.
Despite these challenges, Bank of America has maintained its position as one of the leading financial institutions in the world, with a strong reputation for innovation and excellence in its business operations. The company has received numerous awards and accolades, including being named the 2021 Global Bank of the Year by The Banker magazine.
Bank of America Corp. is a multinational financial services company headquartered in Charlotte, North Carolina. It is one of the largest banks in the United States and the world, with total assets of over $2.9 trillion as of 2021. The company was founded in 1904 as the Bank of Italy in San Francisco by Amadeo Giannini and has since expanded through a series of mergers and acquisitions.
Bank of America provides a wide range of financial services to individual consumers, small and middle-market businesses, and large corporations. Its consumer banking division offers checking and savings accounts, credit cards, home loans, auto loans, and other financial products and services. The company's small business banking division provides loans, lines of credit, and other financial solutions to businesses with annual revenues of up to $5 million.
Bank of America's wealth management division offers a range of investment and financial planning services to high-net-worth individuals and institutions, including private banking, investment management, and trust and estate planning. Its global banking and markets division provides a variety of services to institutional clients, including investment banking, trading and sales, research, and market-making activities in various financial markets.
In addition to its financial services, Bank of America has also demonstrated a strong commitment to corporate social responsibility and sustainability. The company has pledged to invest $1.5 trillion over a ten-year period in initiatives focused on climate change, sustainable finance, and economic opportunity. Bank of America has also committed to becoming carbon neutral and powering its operations with 100% renewable energy by 2023.
Like other major financial institutions, Bank of America has faced a number of controversies and legal issues over the years. These have included allegations of predatory lending practices, foreclosure abuses, and violations of consumer protection laws. The company has also faced criticism for its role in the 2008 financial crisis and its handling of various regulatory investigations.
Despite these challenges, Bank of America has maintained its position as one of the leading financial institutions in the world, with a strong reputation for innovation and excellence in its business operations. The company has received numerous awards and accolades, including being named the 2021 Global Bank of the Year by The Banker magazine.
NOW in 2023 Bank of America Corp. is the second-largest bank in the US, with total assets of $2.7 trillion. The bank was founded in 1904 and has since grown to become a significant player in the financial industry, offering banking, investment, and other financial services to millions of customers around the world.
3. Wells Fargo & Co.
Wells Fargo & Co. is a multinational financial services company headquartered in San Francisco, California. It is one of the largest banks in the United States and the world, with total assets of over $1.8 trillion as of 2021. The company was founded in 1852 as a banking and express delivery service provider and has since grown through a series of mergers and acquisitions.
Wells Fargo provides a wide range of financial services to consumers, small businesses, and large corporations. Its consumer banking division offers checking and savings accounts, credit cards, home loans, auto loans, and other financial products and services. The company's commercial banking division provides loans, lines of credit, and other financial solutions to businesses with annual revenues of up to $2 billion.
Wells Fargo's wealth and investment management division offers a range of investment and financial planning services to high-net-worth individuals and institutions, including private banking, investment management, and trust and estate planning. Its corporate and investment banking division provides a variety of services to institutional clients, including investment banking, trading and sales, research, and market-making activities in various financial markets.
In addition to its financial services, Wells Fargo has also demonstrated a strong commitment to corporate social responsibility and sustainability. The company has pledged to invest $200 billion over a ten-year period in initiatives focused on climate change, sustainable finance, and social impact. Wells Fargo has also committed to becoming carbon neutral and powering its operations with 100% renewable energy by 2050.
Like other major financial institutions, Wells Fargo has faced a number of controversies and legal issues over the years. These have included allegations of fraudulent account opening practices, improper mortgage lending practices, and violations of consumer protection laws. The company has also faced criticism for its role in the 2008 financial crisis and for various regulatory violations.
Despite these challenges, Wells Fargo has maintained its position as one of the leading financial institutions in the world, with a strong reputation for innovation and excellence in its business operations. The company has received numerous awards and accolades, including being named the Most Valuable Banking Brand in North America by Brand Finance in 2021.
NOW in 2023 Wells Fargo & Co. is the third-largest bank in the US, with total assets of $1.9 trillion. The bank was founded in 1852 and has since grown to become one of the most recognized and respected financial institutions in the world, with a wide range of banking, investment, and other financial services.
4. Citigroup Inc.
Citigroup Inc. is a multinational financial services company headquartered in New York City, New York. It is one of the largest banks in the United States and the world, with total assets of over $2.3 trillion as of 2021. The company was formed in 1998 through the merger of Citicorp and Travelers Group and has since grown through a series of acquisitions and divestitures.
Citigroup provides a wide range of financial services to consumers, small businesses, and large corporations. Its consumer banking division offers checking and savings accounts, credit cards, home loans, auto loans, and other financial products and services. The company's commercial banking division provides loans, lines of credit, and other financial solutions to businesses with annual revenues of up to $1 billion.
Citigroup's wealth management division offers a range of investment and financial planning services to high-net-worth individuals and institutions, including private banking, investment management, and trust and estate planning. Its institutional client group provides a variety of services to institutional clients, including investment banking, trading and sales, research, and market-making activities in various financial markets.
In addition to its financial services, Citigroup has also demonstrated a strong commitment to corporate social responsibility and sustainability. The company has pledged to invest $1 trillion over a ten-year period in initiatives focused on climate change, sustainable finance, and social impact. Citigroup has also committed to achieving net-zero greenhouse gas emissions across its operations and supply chain by 2050.
Like other major financial institutions, Citigroup has faced a number of controversies and legal issues over the years. These have included allegations of improper lending practices, money laundering, and violations of consumer protection laws. The company has also faced criticism for its role in the 2008 financial crisis and its handling of various regulatory investigations.
Despite these challenges, Citigroup has maintained its position as one of the leading financial institutions in the world, with a strong reputation for innovation and excellence in its business operations. The company has received numerous awards and accolades, including being named the Best Bank in Asia Pacific and the Best Investment Bank in North America by Euromoney in 2020.
NOW IN 2023 Citigroup Inc. is the fourth-largest bank in the US, with total assets of $1.8 trillion. The bank was founded in 1812 and has since grown to become a global financial institution, offering a wide range of banking and financial services to individuals, businesses, and institutions.
5. Morgan Stanley
Morgan Stanley is a multinational investment bank and financial services company headquartered in New York City, New York. The company was founded in 1935 and has grown into one of the largest investment banks in the world, with total assets of over $1.3 trillion as of 2021.
Morgan Stanley provides a wide range of financial services to clients around the world, including individuals, institutions, corporations, and governments. The company's wealth management division offers a range of investment and financial planning services to high-net-worth individuals and institutions, including private banking, investment management, and trust and estate planning. Its institutional securities division provides a variety of services to institutional clients, including investment banking, trading and sales, research, and market-making activities in various financial markets.
Morgan Stanley's investment management division manages a range of investment funds and products, including mutual funds, exchange-traded funds (ETFs), and alternative investments. The company also offers a range of financing and advisory services to corporations, including mergers and acquisitions, initial public offerings (IPOs), and debt and equity financing.
In addition to its financial services, Morgan Stanley has also demonstrated a strong commitment to corporate social responsibility and sustainability. The company has pledged to invest $250 billion over a ten-year period in initiatives focused on climate change, sustainable finance, and social impact. Morgan Stanley has also committed to achieving net-zero greenhouse gas emissions across its operations and supply chain by 2050.
Like other major financial institutions, Morgan Stanley has faced a number of controversies and legal issues over the years. These have included allegations of insider trading, conflicts of interest, and violations of consumer protection laws. The company has also faced criticism for its role in the 2008 financial crisis and for various regulatory violations.
Despite these challenges, Morgan Stanley has maintained its position as one of the leading investment banks and financial services companies in the world, with a strong reputation for innovation and excellence in its business operations. The company has received numerous awards and accolades, including being named the Best Investment Bank in North America by Global Finance in 2021.
NOW IN 2023, Morgan Stanley is the fifth-largest bank in the US, with total assets of $1.5 trillion. The bank was founded in 1935 and has since grown to become a major player in the financial industry, offering banking, investment, and other financial services to customers around the world.
6. Goldman Sachs Group Inc.
Goldman Sachs Group Inc is a multinational investment bank and financial services company headquartered in New York City, New York. The company was founded in 1869 and has grown into one of the largest and most influential investment banks in the world, with total assets of over $1.3 trillion as of 2021.
Goldman Sachs provides a wide range of financial services to clients around the world, including individuals, institutions, corporations, and governments. The company's investment banking division offers a range of services, including mergers and acquisitions, initial public offerings (IPOs), and debt and equity financing. Its securities division provides a variety of services to institutional clients, including trading and sales, research, and market-making activities in various financial markets.
Goldman Sachs' asset management division manages a range of investment funds and products, including mutual funds, exchange-traded funds (ETFs), and alternative investments. The company also offers a range of financing and advisory services to corporations, including debt and equity financing, and risk management solutions.
In addition to its financial services, Goldman Sachs has also demonstrated a strong commitment to corporate social responsibility and sustainability. The company has pledged to invest $150 billion over a ten-year period in initiatives focused on climate change, sustainable finance, and social impact. Goldman Sachs has also committed to achieving net-zero greenhouse gas emissions across its operations and supply chain by 2030.
Like other major financial institutions, Goldman Sachs has faced a number of controversies and legal issues over the years. These have included allegations of improper lending practices, conflicts of interest, and violations of consumer protection laws. The company has also faced criticism for its role in the 2008 financial crisis and its handling of various regulatory investigations.
Despite these challenges, Goldman Sachs has maintained its position as one of the leading investment banks and financial services companies in the world, with a strong reputation for innovation and excellence in its business operations. The company has received numerous awards and accolades, including being named the Best Investment Bank in North America by Euromoney in 2020.
NOW in 2023, Goldman Sachs Group Inc. is the sixth-largest bank in the US, with total assets of $1.4 trillion. The bank was founded in 1869 and has since grown to become one of the most well-respected and influential financial institutions in the world, offering a wide range of financial services to individuals, businesses, and institutions.
7. U.S. Bancorp
U.S. Bancorp is a large bank holding company headquartered in Minneapolis, Minnesota, with total assets of over $560 billion as of 2021. The company operates in 25 states across the United States and provides a wide range of financial services to individuals, businesses, and institutions.
U.S. Bancorp's retail banking division offers a variety of services to consumers, including checking and savings accounts, mortgages, personal loans, credit cards, and investment products. The company's commercial banking division provides services to businesses of all sizes, including deposit accounts, credit products, cash management services, and financing solutions.
In addition to its banking services, U.S. Bancorp also offers a range of investment and wealth management services through its subsidiary, U.S. Bancorp Wealth Management. This division provides investment management, trust and estate planning, and financial planning services to individuals and institutions.
U.S. Bancorp also has a strong commitment to corporate social responsibility and sustainability. The company has established a number of programs and initiatives aimed at reducing its environmental footprint, supporting local communities, and promoting diversity, equity, and inclusion. U.S. Bancorp has been recognized for its sustainability efforts, receiving a score of 100 on the 2021 Corporate Equality Index and being named one of the World's Most Ethical Companies by Ethisphere Institute for the eighth consecutive year in 2021.
Like other major banks, U.S. Bancorp has faced a number of legal and regulatory challenges over the years. These have included allegations of improper lending practices, violations of consumer protection laws, and money laundering. The company has also faced criticism for its role in financing controversial industries such as fossil fuels.
Despite these challenges, U.S. Bancorp has maintained its position as one of the largest and most respected banks in the United States, with a strong reputation for customer service, financial stability, and community involvement. The company has received numerous awards and accolades, including being named one of the World's Most Admired Companies by Fortune in 2021.
NOW in 2023, U.S. Bancorp is the seventh-largest bank in the US, with total assets of $526 billion. The bank was founded in 1863 and has since grown to become a major player in the financial industry, offering banking, investment, and other financial services to customers around the world.
8. PNC Financial Services Group Inc.
PNC Financial Services Group Inc. is a bank holding company headquartered in Pittsburgh, Pennsylvania, with total assets of over $550 billion as of 2021. The company operates in 21 states across the United States and provides a wide range of financial services to individuals, businesses, and institutions.
PNC's retail banking division offers a variety of services to consumers, including checking and savings accounts, mortgages, personal loans, credit cards, and investment products. The company's commercial banking division provides services to businesses of all sizes, including deposit accounts, credit products, cash management services, and financing solutions.
In addition to its banking services, PNC also offers a range of investment and wealth management services through its subsidiary, PNC Wealth Management. This division provides investment management, trust and estate planning, and financial planning services to individuals and institutions.
PNC has also demonstrated a strong commitment to corporate social responsibility and sustainability. The company has established a number of programs and initiatives aimed at reducing its environmental footprint, supporting local communities, and promoting diversity, equity, and inclusion. PNC has been recognized for its sustainability efforts, receiving a score of 100 on the 2021 Corporate Equality Index and being named one of the World's Most Ethical Companies by Ethisphere Institute for the ninth consecutive year in 2022.
Like other major banks, PNC has faced a number of legal and regulatory challenges over the years. These have included allegations of improper lending practices, violations of consumer protection laws, and money laundering. The company has also faced criticism for its role in financing controversial industries such as fossil fuels.
Despite these challenges, PNC has maintained its position as one of the largest and most respected banks in the United States, with a strong reputation for customer service, financial stability, and community involvement. The company has received numerous awards and accolades, including being named one of the World's Most Admired Companies by Fortune in 2021. In November 2020, PNC announced that it would acquire BBVA USA Bancshares Inc., a subsidiary of BBVA, making PNC the fifth-largest U.S. commercial banking organization by assets.
PNC Financial Services Group Inc. is a bank holding company headquartered in Pittsburgh, Pennsylvania, with total assets of over $550 billion as of 2021. The company operates in 21 states across the United States and provides a wide range of financial services to individuals, businesses, and institutions.
PNC's retail banking division offers a variety of services to consumers, including checking and savings accounts, mortgages, personal loans, credit cards, and investment products. The company's commercial banking division provides services to businesses of all sizes, including deposit accounts, credit products, cash management services, and financing solutions.
In addition to its banking services, PNC also offers a range of investment and wealth management services through its subsidiary, PNC Wealth Management. This division provides investment management, trust and estate planning, and financial planning services to individuals and institutions.
PNC has also demonstrated a strong commitment to corporate social responsibility and sustainability. The company has established a number of programs and initiatives aimed at reducing its environmental footprint, supporting local communities, and promoting diversity, equity, and inclusion. PNC has been recognized for its sustainability efforts, receiving a score of 100 on the 2021 Corporate Equality Index and being named one of the World's Most Ethical Companies by Ethisphere Institute for the ninth consecutive year in 2022.
Like other major banks, PNC has faced a number of legal and regulatory challenges over the years. These have included allegations of improper lending practices, violations of consumer protection laws, and money laundering. The company has also faced criticism for its role in financing controversial industries such as fossil fuels.
Despite these challenges, PNC has maintained its position as one of the largest and most respected banks in the United States, with a strong reputation for customer service, financial stability, and community involvement. The company has received numerous awards and accolades, including being named one of the World's Most Admired Companies by Fortune in 2021. In November 2020, PNC announced that it would acquire BBVA USA Bancshares Inc., a subsidiary of BBVA, making PNC the fifth-largest U.S. commercial banking organization by assets.
NOW in 2023, PNC Financial Services Group Inc. is the eighth-largest bank in the US, with total assets of $478 billion. The bank was founded in 1852 and has since grown to become a major player in the financial industry, offering banking, investment, and other financial services to millions of customers around the world.
9. Capital One Financial Corp.
Capital One Financial Corp. is a bank holding company headquartered in McLean, Virginia, with total assets of over $400 billion as of 2021. The company provides a wide range of financial services to consumers, small businesses, and commercial clients across the United States, Canada, and the United Kingdom.
Capital One's retail banking division offers a variety of services to consumers, including checking and savings accounts, mortgages, personal loans, credit cards, and investment products. The company's commercial banking division provides services to businesses of all sizes, including deposit accounts, credit products, cash management services, and financing solutions.
In addition to its banking services, Capital One also offers a range of investment and wealth management services through its subsidiary, Capital One Investing. This division provides investment management, trust and estate planning, and financial planning services to individuals and institutions.
Capital One has also demonstrated a strong commitment to innovation, particularly in the area of digital banking. The company has invested heavily in technology and has developed a number of digital products and services, including a mobile banking app and a digital wallet. Capital One has also partnered with other companies in the technology and fintech industries to develop new products and services.
Like other major banks, Capital One has faced a number of legal and regulatory challenges over the years. These have included allegations of improper lending practices, violations of consumer protection laws, and data breaches. The company has also faced criticism for its role in financing controversial industries such as fossil fuels.
Despite these challenges, Capital One has maintained its position as one of the largest and most respected banks in the United States, with a strong reputation for customer service, financial stability, and innovation. The company has received numerous awards and accolades, including being named one of the World's Most Admired Companies by Fortune in 2021. In addition, Capital One has been recognized for its commitment to sustainability, receiving a score of 100 on the 2021 Corporate Equality Index and being named to the Dow Jones Sustainability Index for the fifth consecutive year in 2021.
NOW in 2023, Capital One Financial Corp. is the ninth-largest bank in the US, with total assets of $364 billion. The bank was founded in 1988 and has since grown to become a major player in the financial industry, offering banking, credit card, and other financial services to millions of customers around the world.
10. TD Group US Holdings LLC
TD Group US Holdings LLC, also known as TD Bank, is a bank holding company headquartered in Cherry Hill, New Jersey, with total assets of over $400 billion as of 2021. The company is a subsidiary of Toronto-Dominion Bank, one of Canada's largest banks.
TD Bank operates in 15 states across the Eastern United States, providing a wide range of financial services to consumers, small businesses, and commercial clients. The company's retail banking division offers checking and savings accounts, credit cards, mortgages, personal loans, and investment products. Its commercial banking division provides services to businesses of all sizes, including deposit accounts, credit products, cash management services, and financing solutions.
TD Bank has also developed a strong online and mobile banking platform, allowing customers to manage their accounts and conduct transactions from their computers or mobile devices. The company has invested heavily in technology and has developed a number of digital products and services, including a mobile banking app and a digital wallet.
TD Bank has demonstrated a strong commitment to sustainability and corporate social responsibility. The company has established a number of initiatives aimed at reducing its environmental footprint, supporting local communities, and promoting diversity, equity, and inclusion. TD Bank has been recognized for its sustainability efforts, receiving a score of 100 on the 2021 Corporate Equality Index and being named to the Dow Jones Sustainability Index for the tenth consecutive year in 2021.
Like other major banks, TD Bank has faced a number of legal and regulatory challenges over the years. These have included allegations of improper lending practices, violations of consumer protection laws, and data breaches. The company has also faced criticism for its role in financing controversial industries such as fossil fuels.
Despite these challenges, TD Bank has maintained its position as one of the largest and most respected banks in the Eastern United States, with a strong reputation for customer service, financial stability, and community involvement. The company has received numerous awards and accolades, including being named one of the World's Most Admired Companies by Fortune in 2021.
NOW in 2023, TD Group US Holdings LLC is the tenth-largest bank in the US, with total assets of $365 billion. The bank was founded in 1852.
Here are some Frequently Asked Questions (FAQs) about Banks in the United States:
- What is the FDIC, and what does it do?
The FDIC (Federal Deposit Insurance Corporation) is a US government agency that provides insurance to depositors in case their bank fails. The FDIC insures deposits up to $250,000 per depositor, per bank, and helps to maintain stability and public confidence in the US banking system.
- What is a routing number, and why is it important?
A routing number is a 9-digit code that identifies a bank or financial institution in the US. It's used to facilitate electronic funds transfers and other transactions between banks. Routing numbers are important because they ensure that money is transferred to the correct bank and account.
- What is a credit score, and how is it calculated?
A credit score is a numerical representation of a person's creditworthiness, based on their credit history and other financial data. Credit scores range from 300 to 850, with higher scores indicating better creditworthiness. Credit scores are calculated by credit bureaus such as Equifax, Experian, and TransUnion, using a variety of factors such as payment history, credit utilization, length of credit history, and types of credit.
- What is a checking account, and how does it differ from a savings account?
A checking account is a type of bank account that's designed for frequent transactions such as deposits, withdrawals, and payments. Checking accounts typically have low or no interest rates, and may have fees associated with them. A savings account, on the other hand, is designed for longer-term savings and typically offers higher interest rates than checking accounts. Savings accounts may have limits on the number of withdrawals and transfers that can be made each month.
- What is online banking, and how does it work?
Online banking is a service offered by banks that allow customers to access their accounts and perform transactions through the Internet. Online banking typically requires customers to set up an online account and may require additional security measures such as two-factor authentication. Customers can use online banking to check account balances, transfer funds, pay bills, and perform other transactions from their computer or mobile device.
