Here is a list of the 10 largest banks in the United States according to their assets. JPMorgan Chase, Bank of America, Citigroup and Wells Fargo are the four biggest banks in the country. The U.S. banking system includes approximately 5,400 commercial banks and savings institutions with $10 trillion in loans, $13 trillion in domestic deposits and over $18 trillion in total assets. The Federal Reserve System (The Fed), founded in 1913, is the central bank of the country.
1. JPMorgan Chase & Co
JPMorgan Chase is the largest and one of the oldest banks in America. With corporate headquarters in New York and about 5,000 branches, it employs 257,000 people and serves millions of individual and corporate customers around the globe. The main business areas include investment banking, consumer and card services, commercial banking, treasury & securities products and asset management. In 2019, JPMorgan Chase recorded revenue of $116 billion, net income of $36 billion, deposits of $1.6 trillion, loans of $960 billion, stockholders’ equity of $261 billion, and debit and credit card sales volume of $1.1 trillion. The company’s market capitalization was $284 billion as of May 1, 2020.
2. Bank of America
Bank of America, headquartered in Charlotte, North Carolina, is the second largest bank in the nation by total assets, deposits, loans, revenue and number of employees. The company’s retail branch network covers more than 80% of the U.S. population. The Bank’s business segments include retail banking, preferred and small business banking, U.S. trust, commercial, corporate and investment banking, global markets and Merrill Lynch wealth management. With 208,000 employees, it serves over 65 million retail and SME customers through 16,800 ATMs and 4,300 branches and financial centers nationwide.
3. Citigroup Inc
Citigroup Inc, founded in 1998 through the fusion of Citicorp and Travelers Group, is the third largest banking institution in the United States with operations in North and Latin America, Europe, Asia, Africa and the Middle East. The company is the world’s largest credit card issuer with $535 billion in annual purchase sales. As of March 31, 2020, Citi reported $2.2 trillion in total assets, $1.2 trillion in deposits, and $700 billion in net loans. Citigroup operates over 2,300 branches and employs over 200,000 people.
4. Wells Fargo & Co
Wells Fargo, based in San Francisco, California, is one of the big four banks in the United States. The company’s core business lines are wholesale banking, community banking, and wealth and investment management. With 263,000 employees, it operates through a network of approximately 7,400 locations (including 5,330 retail branches) and 13,000 ATMs. In March 2020, it had total assets of $1.98 trillion, loans of over $1 trillion, total deposits of $1.4 trillion and total equity of $183 billion. The company was established in 1852 and today serves over 70 million customers.
5. Goldman Sachs
The Goldman Sachs Group, founded in 1869 by Marcus Goldman, a German financier, is the fifth-largest bank in America in terms of total assets. The company is one of the largest investment banks in the world with assets under management of over $1.6 trillion. It employs approximately 37,000 people and is headquartered in New York. David M. Solomon, an investment banker, is Chairman and CEO of the Goldman Sachs. The company trades on the New York Stock Exchange under the ticker symbol GS, with a market capitalization of $68 billion as of April 30, 2020.
6. Morgan Stanley
Morgan Stanley, established in 1935, is the sixth largest bank in the United States by assets. With over 60,000 employees, it provides a wide array of financial products and services to individuals, corporations, governments and financial institutions. It is active in the following areas: wealth management, investment banking & capital markets, sales & trading, and investment management. Total client assets amounted to $2.4 trillion as of March 2020. James P. Gorman is chairman and chief executive officer of Morgan Stanley.
7. U.S. Bancorp/U.S. Bank
U.S. Bancorp (NYSE: USB), headquartered in Minneapolis, Minnesota, is the seventh largest banking group in our list of the top 10 banks in the United States. With a history dating back to 1863, it operates in the following segments: retail and business banking, wealth management and investment banking, corporate and commercial banking, and payment services. With over 73,000 employees, it maintains a network of over 3,000 branches and 4,680 ATMs primarily in the Midwest and West regions of the United States. Andrew Cecere is Chairman, President and Chief Executive Officer (CEO) of U.S. Bancorp.
8. Truist Financial
Truist Financial Corporation (NYSE: TFC), located in Charlotte, North Carolina, is a bank holding company serving about 10 million households. It was created in 2019 through the merger of Winston-Salem based BB&T Corporation and Atlanta’s SunTrust Banks Inc. For the first quarter 2020, Truist reported $350.2 billion in deposits, $320 billion in loans, and $506 billion in assets.
9. Bank of New York Mellon
The Bank of New York Mellon Corporation (or BNY Mellon), headquartered in New York, is one of the oldest banking institutions in the United States. As of March 2020, it had $468 billion in total assets and $337 billion in deposits. It is also the largest custodian bank in the world with more than $35 trillion in assets under custody and administration.
10. PNC Financial Services
PNC Financial Services Group, located in Pittsburgh, Pennsylvania, employs 52,000 people and has a presence across the Mid-Atlantic, Midwest and Southeast. The company was founded in 1845 and today serves over 8 million customers through an extensive network of approximately 2,300 branches and 9,200 ATMs. As of March 31, 2020, the total assets, total deposits, net loans and shareholders’ equity amounted to $445 billion, $305 billion, $261 billion and $49 billion, respectively. William S. Demchak is Chairman, President and CEO of PNC Financial Services Group.
11. TD Bank
TD Bank N.A, a subsidiary of Canadian Toronto-Dominion Bank, is one of the top banking institutions in the United States as measured by deposits and assets. It was established in 1852 as Portland Savings Bank in Maine. Today it operates more than 1,230 retail branches and 2,640 ATMs across 15 states including Connecticut, New Jersey, Delaware, New York, Florida, Pennsylvania, North Carolina, Maine, Rhode Island, Maryland, Massachusetts, Vermont, South Carolina, New Hampshire and Virginia. TD Auto Finance was ranked highest in dealer satisfaction with floor planning, according to J.D. Power, one of the most prestigious marketing information companies.
12. Capital One Financial
Capital One Financial Corp., located in McLean, Virginia, is the twelfth largest bank in the U.S. by assets. With approximately 52,000 staff, it maintains a network of over 750 branches, including Capital One Cafés, and 2,000 ATMs. Capital One is also one of the largest car finance companies and issuers of Visa and MasterCard credit cards in the nation. Capital One 360 is the leading direct online bank in the U.S. As of March 31, 2020, it had $397 billion in total assets and $270 billion in total deposits.
See also: American Express, HSBC USA, BNY Mellon, Charles Schwab, First Republic, KeyBank, USAA, Citizens Financial, Credit One, New York Community Bank, American Savings Bank, Armed Forces Bank, Barclaycard US
The 10 Largest Banks by Total Assets
Following is a list of the 10 largest banks in the United States based on total assets.
|Rank||Bank||Total Assets, $b (March 31, 2020)|
|2||Bank of America||2,619.95|
|4||Wells Fargo & Co||1,981.35|
|8||Truist Financial Corp *||506.229|
|9||Bank of New York Mellon||468.155|
|10||PNC Financial Services||445.493|
* Truist Financial Corporation was formed in 2019 through the merger of BB&T and SunTrust Banks.
The 10 Largest Banks by Market Cap
Here is a list of the 10 largest banks in the United States ranked by market capitalization as of May 1, 2020. JPMorgan Chase is the largest bank in America based on market value.
|Rank||Bank||Market Capitalization ($b, 05/01/2020)|
|1||J.P.Morgan Chase||284.1 B|
|2||Bank of America||200.2 B|
|3||Wells Fargo & Co||113.0 B|
|4||Citigroup Inc||94.8 B|
|5||Goldman Sachs Group||63.5 B|
|6||Morgan Stanley||60.5 B|
|7||U.S. Bancorp||52.6 B|
|8||Truist Financial Corp||47.8 B|
|9||Charles Schwab Corp||46.9 B|
|10||PNC Financial Services Group||43.7 B|