Top 10 Biggest Banks in the US 2023/2024 by Total Assets
|Top 10 Largest Banks in the U.S|
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The “Big Four Banks” in America
Banks have been combining, cooperating, and growing for decades; as a result, the top four banks last year accounted for 50% of all US banking assets.
JPMorgan Chase, Bank of America, Wells Fargo, and Citibank are the "big four banks" in the US. These financial institutions are not only the biggest in the country but also among the most valuable globally, with JPMorgan Chase topping the list by market capitalization.
JPMorgan Chase, the biggest bank in the country, had assets worth roughly $3.38 trillion in total (as of August 2023). Despite having the largest market capitalization in the world, the bank's position in terms of global total assets, where the top four positions were all held by Chinese banks, was only fifth.
The largest banks in the United States according to asset size are regularly updated by the Federal Reserve. You can more fully comprehend the market and decide where to bank by becoming familiar with these key players.
According to the most recent data from the Federal Reserve, these are the largest banks in the United States by consolidated assets. These ten organizations are the biggest banks in the United States, from Chase Bank to TD Bank.
Top 10 Largest Banks in the U.S 2023/2024 by Total Assets
1. JPMorgan Chase
Assets: $3.38 trillion
Headquarters: New York
With nearly $3.3 trillion in assets, JPMorgan Chase, also known as Chase Bank, is the largest bank in the United States. More than 4,700 physical branches and more than 15,000 ATMs make up its extensive network.
The consumer banking arm of JPMorgan Chase is called Chase Bank. There are currently more than 16,000 ATMs and more than 4,700 branches.
Chase has locations in each of the 48 states that make up the continental United States, more than any other bank in the country.
JPMorgan Chase has outperformed its rivals by focusing on digitally savvy consumers and integrating artificial intelligence (AI) into its offerings. By attracting millennials through digital channels, JPMorgan is playing the long game in the hopes of eventually converting them into higher-value clients.
JPMorgan is also making significant investments in banking technology, and in 2019 it had the largest tech budget of any bank at $11.4 billion. Finding applications for AI techniques, such as using voice assistants to give investment banking clients access to analyst reports and stock market data, is a key focus of these funds.
2. Bank of America
Assets: $2.45 trillion
Headquarters: Charlotte, North Carolina
With more than $2.5 trillion in assets, Bank of America is one of the biggest U.S. banks after Chase. With a network of more than 3,800 branches across the United States and a few dozen abroad, it offers comprehensive banking services to both individuals and businesses.
Bank of America provides full-service banking as well as investment and wealth management services through Merrill (previously Merrill Lynch). With benefits for those who meet the requirements for its Preferred Rewards Program, Bank of America has an advantage for those who like the concept of relationship banking.
Chase is a well-liked option for customers across the nation thanks to its generous bonuses, promotions, and selection of products. In addition to consumer banking, it also provides services for business banking, community banking, asset management, and more.
A business-to-consumer (B2C) payout solution, a new credit card designed for business travelers, and a new credit card linked to a cash rewards program are just a few of the new financial services products that Bank of America launched this year.
Assets: $1.71 trillion
Headquarters: New York
As a member of Citigroup, Citibank is a top international bank that offers clients all over the world a range of financial products and services. Its assets total over $1.7 trillion, with the majority of these coming from clients in the United States.
Global financial services company Citigroup. About 673 locations in the United States and more than 1,800 branches abroad are part of its retail banking division. Customers in the United States have access to more than 65,000 fee-free ATMs.
The bank provides a variety of services, including wealth management, investment banking, commercial banking, and consumer banking.
To ensure "that every product we deliver at Citi is digital first," according to Michael Naggar, chief digital officer of Citibank's US consumer bank, is the key to ensuring growth in the future. "Today, being digital means digitizing transactions instead of sending them to a call center or branch. However, Naggar continues, "Our aim is to connect analog and digital so that people cannot tell where one ends and the other begins.
Citigroup is considering introducing cryptocurrency services like financing, trading, and custody as a result of growing customer interest. Additionally, it narrowly defeated Wells Fargo this year to claim the third-place asset ranking among the big four banks in 2024.
4. Wells Fargo
Assets: $1.67 trillion
Headquarters: San Francisco
Wells Fargo, which has its headquarters in San Francisco, is the fourth-largest bank in the United States with nearly $1.7 trillion in assets. It is a full-service institution that provides investment banking, wealth management, consumer and commercial banking, mortgage and home equity lending, and credit cards.
With roughly 4,600 branches and 12,000 ATMs spread out across the nation, Wells Fargo is a thriving American institution that stands out for in-person accessibility.
By using mobile financial services to market to millennials, Wells Fargo is following the example set by its leading rivals. Before logging into the app, users can access their most frequently used payment features by using the mobile service Pay with Wells Fargo. The Greenhouse app from Wells Fargo also assists customers in streamlining their bills and keeping track of their spending.
Wells Fargo has been streamlining its operations over the past year in order to concentrate on markets with significant potential for revenue generation, such as credit cards. For instance, according to Bloomberg, the financial services company has a new line of Visa credit cards that will directly compete with a joint card from PayPal, Synchrony Financial, and Citigroup's Double Cash.
Wells Fargo's position as a top bank has been strengthened as a result of its entry into the contactless payment market. This is not unexpected given that, according to Insider Intelligence research, 44% of US consumers prefer contactless payments and 78% of the top 100 US retailers now accept contactless payments.
5. U.S. Bancorp
Assets: $669.9 billion
The parent company of U.S. Bank and its bank holding company is called U.S. Bancorp. The First National Bank of Cincinnati, which is now the fifth-largest commercial bank by assets, was founded in 1863. The bank known today for its extensive branch network and investments in enhancing its digital offerings was created as a result of numerous mergers.
The announcements of financial services launches by Facebook, Amazon, Apple, and Google encouraged U.S. Bancorp to advance its own technology. U.S. Bancorp's chief financial officer, Terry Dolan, stated that "the bank plans to partner with fintechs in order to maintain competitive banking technology."
More than half of the 50 states have U.S. Bank locations.
6. PNC Financial Services
Assets: $554.1 billion
PNC was established in 1852 as Pittsburgh Trust and Savings Co. The size of the bank was roughly doubled by that transaction.
The combined bank now runs more than 2,000 branches across 15 states and Washington, D.C. It provides consumer and business banking, asset management, securities brokerage, mortgage, insurance, and other financial services.
In November 2020, PNC and BBVA USA reached a $11.6 billion deal, which was completed on June 1 of the following year.
7. Truist Financial
Assets: $546.8 billion
Headquarters: Charlotte, North Carolina
The bank created by the union of BB&T and SunTrust is called Truist. As of 2020, Truist offered financial services to about 12 million consumer households.
As of September 30, 2019, BB&T and SunTrust, which were ranked as the 11th and 12th largest banks by assets, respectively, now make up a top-10 bank. Together, those two banks have existed for about 275 years.
8. Goldman Sachs
Assets: $517.1 billion
Headquarters: New York
Goldman Sachs, a well-known global investment banking, management, and securities firm, is a recent addition to the top ten. According to Bankrate, it offers a range of financial services to its customers, including banking products through Marcus, its online banking division, which debuted in the fall of 2016 and started providing personal loans.
Due to credit card balances and higher interest rates, Goldman's consumer and wealth management revenue increased 18% YoY in Q3 2022 despite its investment banking division taking a hit. Furthermore, its fixed income saw a 41% YoY growth, which helped Goldman beat analyst expectations. To offset its losses in other areas, the company has also announced a complete overhaul of its products and services.
9. Capital One Financial
Assets: $465.0 billion
Headquarters: McLean, Virginia
A Fortune 500 company, Capital One has several subsidiaries, including Capital One Bank. It has branches not only on the East Coast but also in Louisiana and Texas. Customers of the Capital One bank can open accounts at Capital One Cafés, which are coffee shops with free Wi-Fi where guests can attend financial workshops.
The inclusion of Capital One on the list of top US banks is probably attributable to its ongoing dedication to digital transformation. From 2,500 in 2011 to 9,000 in 2019, Capital One's technology staff increased, contributing to the introduction of Eno, its AI-powered chatbot that competes with Bank of America's Erica.
10. TD Group Holdings
Assets: $374.3 billion
Headquarters: Cherry Hill, New Jersey
The commercial banking division of TD Bank Group in Canada is TD Bank in the United States. Mortgages, deposit accounts, credit cards, and products for commercial and small business clients are available to customers.
The bank offers access to more than 2,600 branches through its more than 1,100 locations along the East Coast.
Due to the incorporation of artificial intelligence and the effective application of digital technology, TD Bank has grown to become one of the biggest banks in the US.
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