Here is a list of the 10 largest banks in the United States according to their assets. JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and Goldman Sachs are the 5 biggest banks in the U.S. The banking system in the United States includes approximately 5,400 commercial banks and savings institutions with $10 trillion in total loans, $12.6 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
With a history dating back to 1799, JPMorgan Chase is the largest and one of the oldest banks in America. With corporate headquarters in New York and 5,036 branches, it employs more than 255,000 people and serves millions of individual and corporate customers around the globe. The main business areas include investment banking, consumer financial services, card services, commercial banking, treasury & securities products and asset management. The Board of Directors consists of 12 members. James Dimon is Chairman and Chief Executive Officer (CEO) of JPMorgan Chase. Marianne Lake is Chief Financial Officer. For the fiscal year ended December 31, 2018, JPMorgan Chase recorded total net revenue of $109 billion, net income of $24.4 billion, total deposits of $1.471 trillion (including $1.2 trillion in domestic deposits), total loans of $984.6 billion, stockholders’ equity of $257 billion, and debit and credit card sales volume of $271 billion. The company’s market capitalization was $376 billion as of September 30, 2019.
2. Bank of America
Headquartered in Charlotte, North Carolina, Bank of America 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. For the year ended December 31, 2018, Bank of America had $2.4 trillion in assets, $1.382 trillion in deposits, $947 billion in loans, $91 billion in total revenue and $28 billion in net income. With 205,000 employees, it serves more than 65 million retail and small business customers through 16,378 ATMs and 4,350 branches and financial centers nationwide.
3. Citigroup Inc
Founded in 1998 through the fusion of Citicorp and Travelers Group, Citigroup is the third largest banking institution in the United States with operations in North and Latin America, Europe, Asia, Africa and the Middle East. Citi is the world’s largest credit card issuer with $535 billion in annual purchase sales. As of March 31, 2019, the company reported $1.958 trillion in total assets, $1.03 trillion in deposits, and $670 billion in loans. Citigroup operates approximately 2,400 branches and employs over 200,000 people.
4. Wells Fargo & Co
Based in San Francisco, California, Wells Fargo in 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 259,000 employees, it operates a network of approximately 7,900 locations (including 5,518 retail branches) and 13,000 ATMs. In March 2019, it reported total assets of $1,890 billion, loans of $938 billion, deposits of $1,264 billion and total equity of $199 billion. The company was established in 1852 and today serves over 70 million customers.
5. Goldman Sachs
Founded in 1869 by Marcus Goldman, a German financier, the Group 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 Group plc. The company trades on the New York Stock Exchange under the ticker symbol GS, with a market capitalization of US$80 billion as of October 25, 2019.
6. Morgan Stanley
Established in 1935, Morgan Stanley 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 $2.3 trillion as of December 2018. James P. Gorman is Chairman and Chief Executive Officer of Morgan Stanley.
7. U.S. Bancorp/U.S. Bank
Headquartered in Minneapolis, Minnesota, U.S. Bancorp (NYSE: USB) is the seventh largest banking group in the 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 country. Andrew Cecere is Chairman, President and Chief Executive Officer (CEO) of U.S. Bancorp.
8. PNC Financial Services
Located in Pittsburgh, Pennsylvania, PNC Financial Services Group 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, 2019, the total assets, deposits and loans amounted to $393 billion, $271 billion and $230 billion, respectively. William S. Demchak is Chairman, President and CEO of PNC Financial Services Group.
9. TD Bank
TD Bank N.A, a subsidiary of Canadian Toronto-Dominion Bank, is one of the top 10 banking institutions in the United States as measured by deposits and assets. It was established in 1852 as Portland Savings Bank in Maine. Today, with approximately 28,000 staff and 10 million clients, 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. As of January 31, 2019, TD Bank reported $314 billion in total assets, $266 billion in total deposits and $156 billion in total loans. The company is headquartered at 1701 Route 70 East, Cherry Hill, New Jersey. Gregory B. Braca is President and Chief Executive Officer (CEO) of TD Bank. Bharat Masrani is Chairman of the Board.
10. Capital One Financial Corp
Located in McLean, Virginia, Capital One is the eleventh largest bank by assets and tenth largest by market cap. With approximately 50,000 staff, it maintains a network of over 750 branches, including Capital One Cafés, and 2,000 ATMs. Capital One is one of the leading car finance companies and credit card issuers in the nation. As of June 30, 2019, it had $373.6 billion in total assets.
The 10 Largest Banks by Total Assets
Following is a list of the 10 largest banks in the United States based on total assets as of June 30, 2019.
|Rank||Bank||Total Assets ($b, 06/30/2019)|
|2||Bank of America||2,395.89|
|4||Wells Fargo & Co||1,923.39|
|8||PNC Financial Services||405.761|
|9||TD Group US Holding||387.660|
|10||Bank of New York Mellon||381.168|
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 September 30, 2019. JP Morgan Chase is the largest bank in America based on market value.
|Rank||Bank||Market Capitalization ($b, 09/30/2019)|
|1||J.P.Morgan Chase||376.4 B|
|2||Bank of America||273.2 B|
|3||Wells Fargo & Co||223.4 B|
|4||Citigroup Inc||156.9 B|
|5||U.S. Bancorp||87.4 B|
|6||Goldman Sachs Group||78.2 B|
|7||Morgan Stanley||70.8 B|
|8||PNC Financial Services Group||62.5 B|
|9||Charles Schwab Corp||54.1 B|
|10||Capital One Financial||43.0 B|