JPMorgan Chase emerges as the largest bank in the United States, boasting a substantial balance sheet of $3.31 trillion. In this article we will discuss which are the largest banks in the US.
A comprehensive analysis conducted by Fuelcoin reveals intriguing insights into the country’s top 10 banks in terms of their assets, shedding light on the factors propelling their current standing and future endeavors.
Over the years, the banking landscape has witnessed a significant trend of mergers and partnerships, with the top quartet of banks now controlling more than half of the nation’s banking assets. This consolidation has played a pivotal role in their enduring relevance within the fiercely competitive industry.
To stay ahead of the curve, these leading banks have proactively invested in cutting-edge technology to enhance their operational efficiency and effectively contend with other financial institutions. By embracing digital advancements, the top four banks have successfully gained a competitive edge over their counterparts.
This highlights the criticality of digital payment solutions not only within the traditional banking sector but also in the increasingly dominant mobile-first world. The following chart presents a comprehensive overview of the 10 largest banks in the United States, ranked by their asset sizes.
10 largest banks in the US
The list below shows the 10 largest banks in the US in descending order:
JPMorgan Chase
Chase Bank is a consumer banking subsidiary of JPMorgan Chase. It has about 5,000 branches and over 17,000 ATMs. Unlike its competitors, it is not closing any of its branches. According to Chase, almost half of the country’s households are Chase Bank customers.
- Assets: $3.31 trillion
- Headquarters: New York
Bank of America
Bank of America is one of the largest financial institutions in the world, serving 67 million customers. It has a robust digital toolset that includes a mobile app. In response to the industry trend, it recently announced that it would no longer charge an NSF fee and reduce its fees for an overdraft.
- Assets: $2.41 trillion
- Headquarters: Charlotte, North Carolina
Citigroup
One of the world’s largest financial institutions, Citigroup, is based in New York. Its retail banking division, known as Citibank, is located in South Dakota. It has over 700 branches in the US and over 1,800 in other countries. Its customers can also access over 65,000 fee-free ATM machines.
- Assets: $1.71 trillion
- Headquarters: New York
Wells Fargo
Founded in 1852, Wells Fargo is one of the oldest banks in the country. Despite the bank’s efforts to shrink its branch network, it still has more branches than any other financial institution in the country. It has also launched a variety of new banking apps designed to help millennials.
- Assets: $1.71 trillion
- Headquarters: San Francisco
U.S. Bancorp
US Bank is a subsidiary of US Bancorp. The company was founded in 1863 and became known as the First National in Cincinnati. It has a large branch network and is focused on providing innovative financial services. The bank was created through multiple mergers and acquisitions.
- Assets: $591.21 billion
- Headquarters: Minneapolis
PNC Financial Services
Founded in 1852, Pittsburgh Trust & Savings Co. became known as Pittsburgh National Bank in 1854. The acquisition of BBVA USA in 2020 made it one of the largest financial institutions in the country. It has over 2,500 branches in 28 states and the District of Columbia.
- Assets: $553.40 billion
- Headquarters: Pittsburgh
Truist Financial
Truist is the bank formed by the merger of equals of BB&T and SunTrust. Truist provides financial services to about 10 million consumer households. BB&T and SunTrust, which were ranked the 11th and 12th largest banks by assets, respectively, as of Sept. 30, 2019, now form the sixth-largest bank.
- Assets: $534.19 billion
- Headquarters: Charlotte, North Carolina
Goldman Sachs
The Goldman Sachs Group is a global financial services firm that provides a variety of products and services to its clients. Its online banking division, Marcus, was launched in 2016.
- Assets: $513.91 billion
- Headquarters: New York
TD Group US Holdings
The US operations of Toronto-Dominion Bank (TD Bank) are focused on providing a variety of financial services to its customers. It has over 1,300 branches in the East Coast.
- Assets: $394.33 billion
- Headquarters: Cherry Hill, New Jersey
Capital One Financial
Capital One is a Fortune 500 financial services company that has branches in Louisiana, Texas, and the East Coast. Its customers can also access its services through coffee shops and cafes, which feature free Wi-Fi.
- Assets: $391.81 billion
- Headquarters: McLean, Virginia
Takeaway
This article talks about the largest banks in the US and gives the details of their headquarters and assets owned by them. I hope you found this article useful. If you found the information useful then please share the article with your friends and family and read other blogs from here.
FAQs
Who is bigger Chase or Bank of America?
Compared to Bank of America, Chase has a larger number of branch locations. It has about 4,800 locations while Bank of America has about 3,800. Both of these banks have the same checking account fee. However, Bank of America has a better chance of getting it waived.
What are the big 4 banks in USA?
The four largest banks in the US are: JPMorgan Chase, Wells Fargo, Bank of America, and Citibank.
What is the strongest bank in us?
JPMorgan Chase is the top largest bank in the US, with a balance sheet total of $3.31 trillion.
Which is the No 1 bank in the world?
China’s Industrial & Commercial Bank of China Ltd. is the world’s largest bank by assets under management. It offers various financial services such as loans and credit cards to individuals and businesses.
Is Wells Fargo bigger than Chase?
No, as per the latest FED report Chase bank is the biggest bank in the USA.
What bank do rich Americans use?
Several banks, including HSBC, Bank of America, and Union Bank, have created special accounts for ultra-high net worth individuals. These accounts come with various perks, such as free banking and the ability to place trades.
Hi there, my name is Shivani and I’m the founder of Fuelcoin and co-founder of Thefinanceopedia. I created this blog to share my knowledge and experience in cryptocurrency, banking, personal finance, and the stock market, and to help others build wealth.
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