The United States banking industry is a financial powerhouse that drives the economic growth of the nation as well as the cornerstone of global finance. It is an aggregate of money market accounts that hold the chain for the distribution of wealth across the country.
Here’s a list of largest banks in the United States ranked by asset size.
- JP Morgan
- Bank of America
- Wells Fargo & Co.
- PNC Bank
- US Bancorp
- Truist Financial Corp.
- TD US Holdings
- Capital One Financial Corp.
- Goldman Sachs
- TD Bank
- Citibank, and
- National Bank.
These financial giants are pillars of economic stability and innovation. Their assets, as highlighted in the Federal Reserve Statistical Release, underscore their significance in shaping the country’s financial landscape.
In this article, we will delve into the trillion-dollar vault of this elite list, exploring their history, services, and the factors that keep them at the forefront of the industry.
What Does “Largest Bank” Mean for USA Citizens?
Behind every financial decision an American makes, from buying a home to saving for retirement, is the operations of a banking service. The “bank” is what a US citizen needs to provide financial services seamlessly. In commercial terms, this simply refers to the bank with the highest cumulative assets, market capitalization, and annual revenue.
Total assets reflect the bank’s overall financial strength and ability to meet its obligations, while market capitalization indicates the value placed on the bank by investors. Annual revenue, on the other hand, showcases the bank’s profitability and ability to generate income. Together, these factors serve as metrics for evaluating a bank’s reputation and ability to serve customers effectively.
Additionally, being a top bank entails having a vast network of branches and ATMs, ensuring accessibility and convenience for customers nationwide. This prominence extends to offering various financial products and services like mortgages, loans, and investment solutions.
Overall, this term or title resonates with stability, influence, convenience, and cutting-edge financial services, which most banking giants have.
Top 12 Largest Banks In The US
Now that we’ve established what these collective banks mean to the average citizen, let’s explore each of them individually.
Here are the 12 largest banks by assets, with their unique stories that carved them into the nation’s true financial powerhouses.
1. JPMorgan Chase & Co.
Assets: $3.38 Trillion
Headquarters: New York
Total Deposit: $2.4 Trillion
JP Morgan, the biggest US bank with a rising $3.8 trillion consolidated assets, is the undeniable emblem of power and influence in the financial industry. JP Morgan’s extensive ATM network from Wall Street to Main Street provides nationwide accessibility and is known as the hub of seamless financial services for big firms and individuals alike.
By cracking tech banking in 2019 with a $11.4 billion budget, Chase Bank has expanded its global leadership as the bedrock of digital banking and customer-focused services. In addition to safeguarding enormous wealth, JP Morgan is a powerful force driving innovation and economic stability.
2. Bank of America
Assets: $2.45 Trillion
Headquarters: Charlotte, North Carolina
Total Deposit: $1.93 Trillion
With a rich historical legacy dating back to 1904, Bank of America has emerged as a cornerstone of the American banking landscape with trillions in assets. Today, it is proudly ranked among the top three banks in the country, with prominence in domestic and international finance. This financial institution has evolved over time, adopting a customer-focused approach and leading global charge in innovation.
One such innovation is its widely acclaimed voice-enabled assistant, Erica, which has garnered over 15 million users since its inception, particularly amongst young and tech-savvy customers. Complementing this, Bank of America is at the forefront of Business-to-consumer (B2C) payout solutions, redefining convenience and efficiency in modern banking.
3. Wells Fargo & Co.
Assets: $1.76 Trillion
Headquarters: San Francisco, California
Total Deposit: $1.4 Trillion
From its modest beginnings, Wells Fargo & Co. has evolved into a financial giant and undisputedly one of the top four banks in America. With 4,528 domestic branches and a network of over 12,000 ATMs nationwide, Wells Fargo boasts extensive ATM availability, ensuring accessibility for its customers nationwide.
While the bank has faced controversies, including its hefty $3.7 billion fine in 2022 and infamous fake account scandals, it has not suffered the same fate as Silicon Valley Bank following its March 2023 close. Instead, it maintains its status quo by providing a wide range of financial services, such as its contactless payment solution and Greenhouse Fargo’s app feature, which allows customers to pay bills and track spending easily.
4. PNC Bank
Assets: $554 Billion
Headquarters: Pittsburgh, Pennsylvania
Total Deposit: $441 Billion
Evolving from a regional bank into national influence, PNC has grown into a leading financial power. PNC is renowned for its strategic mergers and acquisitions and is regarded as a prominent investment bank with Morgan Stanley Private Bank. In a milestone move, PNC’s largest acquisition occurred in 2020 when it acquired BBVA Bankshares for $11.6 billion.
Central to its success is a customer-centric approach, rolling out hybrid stations and offering comprehensive financial solutions that foster economic stability. PNC has also played a huge role in combating cyber-fraud with the introduction of its piloted cards, with the goal of protecting customer information. This has added an extra layer of customer loyalty, solidifying PNC’s reputation as a reliable and trustworthy financial institution.
5. US Bancorp
Assets: $680 Billion
Headquarters: Minneapolis, Minnesota
Total Deposit: $522 Billion
US Bancorp, a parent company of U.S Bank, is now a trailblazer in modern banking. The company stands out for its commitment to personalized experiences, community involvement, and technological innovation. Bancorp has set a new standard with its cutting-edge FinTech advancements, redefining the significance of technology innovation in the banking sector and paving the way for smaller banks.
One unique attribute of this bank is its strong focus on wealth control and dedication to private banking, similar to the policies of First Republic Bank and Bank of New York Mellon, where clients receive personalized financial solutions. This helps the bank build long-term relationships with its customers. Additionally, Bancorp’s commitment to digital banking solutions ensures a seamless experience for its large customer base.
6. Truist Financial Corp
Assets: $546.7 Billion
Headquarters: Charlotte, North Carolina
Total Deposit: $424 Billion
Truist is the bank formed through the merger of BB&T and SunTrust Banks, uniting two banks with rich legacies. The merger underscores the importance of forward-thinking strategies in the financial sector and is a testament to its role in shaping the future of banking. Truist’s commendable system is evident in its dedication to serving diverse communities and fostering an inclusive work environment.
As one of the financial giants in the world, it continues to set industry standards and drive economic growth. Together with Ally Bank, it champions innovative advancements through its investments in technology. Truist Bank prioritizes asset management and holds a substantial domestic asset base to maintain its reach as one of the US’s top 10 largest finance institutions.
7. TD Group US Holdings LLC
Assets: $374 Billion
Headquarters: Wilmington, Delaware
Total Deposit: $329.7 Billion
TD US Holdings makes it on our list of the largest banks in the US by assets. It is a subsidiary of Toronto-Dominion Bank, one of North America’s biggest banks. This unique blend of Canadian heritage and American financial power makes TD Group a well-rounded American banking sector contributor.
The bank’s core values capitalize on providing excellent customer service to meet the changing needs of its clients through an innovative banking approach. As a result, it has earned a spot on the list of companies with the highest customer satisfaction ratings in the industry. Its subsidiaries offer comprehensive services, including savings and current accounts, investment and financial services, online banking, and mortgage/non-mortgage loans.
8. Capital One Financial Corp
Assets: $465 Billion
Headquarters: McLean, Virginia
Total Deposit: $355 Billion
Capital One Financial Corp is one of the largest banks in the U.S. and a front-runner in consumer services. This institution specializes in credit cards, savings accounts, and auto loans. Further, it utilizes AI to improve customer experiences and boasts a network of over 750 branches and 2,000 ATMs. Huntington National Bank and Fifth Third Bank provide similar services.
Following the March 31, 2023, FDIC Board Meeting on Allowances for Credit Losses, Capital One is committed to staying at the forefront of regulatory compliance while continuing to be a major player in the industry. Among the list of the top 10 banks, Capital One stands out for its unique blend of traditional and digital banking services.
9. Goldman Sachs
Assets: $517 Billion
Headquarters: New York
Total Deposit: $352 Billion
Goldman Sachs Bank, founded in 1869, has rich historical roots linked with Goldman Sachs Group. It is globally recognized as a leading investment bank and financial services provider. In 2016, they launched Marcus by Goldman Sachs, an innovative online platform offering retail clients personal loans and savings accounts. With this innovative step, it not only communicates efficiently with its users but also empowers them with modern financial solutions.
Together with Citizens Bank and Cathay Bank, it is ranked among the largest US bank holding companies. Additionally, Sachs has a strong presence in the global market, with offices and operations in major financial centers of the world. This extensive reach and comprehensive suite of services underscore its significance as one of the biggest banks in the U.S.
10. TD Bank
Assets: $394.3 Billion
Headquarters: Cherry Hill, New Jersey
Total Deposit: $329.7 Billion
TD Bank, one of the 10 biggest firms in America, has a fascinating Canadian origin story. Founded as Toronto-Dominion Bank in 1955, it embarked on a journey to create a banking institution known for high-quality service. Over the years, they have expanded their presence and offerings, becoming one of the larger banks listed by total asset size.
Recently, the bank demonstrated its commitment to innovation by launching Clari, an AI-powered chatbot developed in collaboration with KAI Consumer Banking. Clari engages customers and simplifies banking interactions, consolidating TD Bank’s reputation for superior deposit accounts and overall banking services.
11. Citibank
Assets: $1.7 Trillion
Headquarters: New York
Total Deposit: $777 Billion
Citibank was founded in 1812 under Citigroup, a multinational bank and financial services company. With major technological and global advances, this bank has amassed great heights. In 2023, it surpassed Wells Fargo, ascending to the peak in major assets of the big four banks. Its success can be attributed to its adaptability in the ever-changing financial landscape, with a strong emphasis on digitalization.
Citi’s unwavering commitment to digital innovation is evident in its substantial $11 billion technology investment in 2022, along with plans to venture into the cryptocurrency market. This continuous stride to embrace new technologies and adapt to changing market demands positions Citibank as a leader in the financial sector.
12. National Bank
Assets: $44 Billion
Headquarters: Pittsburgh, Pennsylvania
Total Deposit: $1.2 Billion
National Bank, founded in 1864, embarked on a journey that led to its stature as one of the 20 biggest banks in America. It was founded in Pennsylvania, and its roots can be traced back to the establishment of the First National Bank of Cincinnati. National Bank’s footprint and services, including its signature bank, grew over time, establishing a legacy of commercial banking in financial growth.
Like many financial institutions, including HSBC Bank, National Bank grew through strategic acquisitions and mergers. Today, the bank continues to play a key role in the banking sector, providing reliable services to individuals and businesses and driving economic growth.
Product and Services That Provides Biggest Banks In The US.
Conclusion
Now that we have explored several banks in the top 15 and their unique stories, it is evident that they are formidable pillars of the economy. Many financial decisions in the world cannot be made without the active involvement of these financial institutions. Their influence extends far beyond national boundaries; they are also responsible for shaping global financial tides, facilitating international trade, and driving economic growth.
In the face of ever-changing financial landscapes, these banks have continuously evolved, embracing innovation and leveraging cutting-edge technology to expand their reach. They have successfully adapted to the needs of their customers while remaining competitive in the fiscal policy market. These bank giants’ significance lies in their current impact on the economy and their potential to lead in an interconnected financial future.
