Largest Banks in the U.S

Top 16 Largest Banks in the U.S.

Last Updated on 2023-10-25 by Admin

The banking sector plays a pivotal role in shaping and sustaining our economy. The United States is home to numerous financial institutions, each with its own unique legacy, services, and customer base. Here, we dive into the realm of finance to discover the top 16 largest banks in the United States, unraveling the powerhouses that fuel the nation’s financial stability.

1. JPMorgan Chase:

Kicking off our list is JPMorgan Chase, the largest bank in the United States in terms of assets. Known for its global reach and extensive range of services, this financial behemoth holds sway over the industry. It has a Assets (domestic) of $3.38 trillion.

Chase has branches in all of the 48 states in the continental U.S. and has more branches than any other bank in the U.S.

Assets: $3.38 trillion
Headquarters: New York

 

2. Bank of America:

As one of the most recognizable names in the banking arena, Bank of America secures the second spot, offering various retail banking services to cater to both individuals and businesses. It has a Assets (domestic) of $2.49trillion.

Assets: $2.45 trillion
Headquarters: Charlotte, North Carolina

 

3. Citigroup:

With a strong presence in over 160 countries, Citigroup earns its place among the top three. It offers a wide array of financial products and services, including credit cards, mortgages, and investment banking.It has a Assets (domestic) of $1.71 trillion.

Assets: $1.71 trillion
Headquarters: New York

 

4. Wells Fargo:

Renowned for its iconic stagecoach logo, Wells Fargo boasts a sprawling network of branches across the nation. Engaging in consumer banking, mortgage lending, and commercial banking, they have a broad customer base.It has a Assets (domestic) of $1.67 trillion.

Assets: $1.67 trillion
Headquarters: San Francisco

 

5. Goldman Sachs:

As a leading investment banking institution, Goldman Sachs excels in providing financial advisory, investment management, and securities underwriting services to corporations, governments, and individuals.It has a Assets (domestic) of $517.1 billion

Assets: $517.1 billion
Headquarters: New York

 

6. Bank of New York Mellon

Emerging as a force in the financial landscape,, the Bank of New York range of services encompass investment banking, wealth management, institutional securities, and more.

Assets: $348.6 billion
Headquarters: New York

 

7. U.S. Bancorp:

With a long heritage dating back over 150 years, U.S. Bancorp demonstrates strength in diverse areas such as consumer and business banking, trust services, and payment processing.

Assets: $669.9 billion
Headquarters: Minneapolis

 

8. TD Bank, N.A.:

Operational on both sides of the border, TD Bank, N.A. showcases a significant presence in the United States due to its widespread retail banking network and robust online offerings.

Assets: $374.3 billion
Headquarters: Cherry Hill, New Jersey

 

9. PNC Financial Services Group:

Known for its commitment to customer satisfaction, PNC Financial Services Group delivers a suite of banking products, wealth management, asset management, and more.

Assets: $554.1 billion
Headquarters: Pittsburgh

10. Capital One Financial:

Revered for its innovative approach to technology and digital banking, Capital One Financial encompasses a wide range of financial services, including credit cards, savings accounts, and auto loans.

Assets: $465.0 billion
Headquarters: McLean, Virginia

 

11. State Street

State Street Corp. is a financial services and asset management company with about 40,000 employees and a global presence in more than 100 markets. Services include investment research and trading and investment management. Its clients include asset owners, insurance companies and pension funds.

Assets: $290.9 billion
Headquarters: Boston

 

12.Truist Financial

Truist is the bank formed by the merger of BB&T and SunTrust. Truist provides financial services to about 12 million consumer households, as of 2020.

BB&T and SunTrust, which were ranked the 11th and 12th largest banks by assets, respectively, as of Sept. 30, 2019, now form a top-10 bank. Those two banks have around 275 years of combined history.

Assets: $546.8 billion
Headquarters: Charlotte, North Carolina

 

13 Citizens Financial

The bank has around 1,200 branches in 14 states, and its customers have access to around 3,300 ATMs. In February 2022, Citizens Financial closed the deal to acquire HSBC branches. The acquisition included HSBC online accounts.

Assets: $222.8 billion
Headquarters: Providence, Rhode Island

 

14.BMO

Recognized as one of the leading custody banks, BMO Harris has more than 500 branches in the U.S. Its branches are in Arizona, Illinois, Florida, Indiana, Kansas, Missouri, Minnesota and Wisconsin. primarily serves institutional investors and offers services such as securities lending and investment management.

Assets: $263.3 billion
Headquarters: Chicago

 

15. Ally Financial:

Known for its innovative digital banking solutions, Ally Financial ensures a simplified and customer-centric banking experience, offering services ranging from auto financing to online banking.

16. First Citizens Bank

Closing our list i

First Citizens Bank

Closing the list with,First Citizens Bank has been around for 125 years. In early 2022, CIT Bank merged with First Citizens Bank.

Assets: $209.4 billion
Headquarters: Raleigh, North Carolina

 

Conclusion

The top 16 largest banks in the United States collectively shape the financial landscape, catering to the varying needs of individuals, businesses, and institutions. From global giants to regional dominators, these banking institutions continuously adapt to the ever-evolving demands of the industry, maintaining their stronghold in the nation’s economy.

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