Top 10+ Largest Finance Companies in the U.S - By Revenue
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What Are Financial Services?
Most Americans rely heavily on financial institutions like banks, credit card companies, and mortgage lenders without even realizing it.
Who is giving you access to credit, helping you secure a mortgage, and covering your medical expenses?
Sectors of the economy contain various types of businesses. Sometimes this word is used as a synonym for "industry." The products and services offered by businesses in the same industry tend to be consistent.
The financial industry is an example of a standalone market. A wide variety of service industries, such as banking and insurance, fall under this category.
When considering total market value, it is among the most vital economic subsectors. There are a number of financial institutions that generate the most income and have a disproportionate impact on the market.
Here is a rundown of the top 10 (and beyond!) most profitable finance firms in the United States.
Quick Facts: Largest Finance Companies In The USA• The largest finance company in the U.S. is Berkshire Hathaway, with a revenue of $302.089 billion. • The U.S. finance & insurance industry has a market size of $5.4 trillion (2022) • The U.S. finance industry has a market size of $5.4 trillion. This industry makes up a sizeable portion of the U.S. economy. The finance industry continues to grow, with a CAGR of 5.4% through 2028. |
1. Berkshire Hathaway
2022 Revenue: $302.089 billion
Market Cap: $683.10 billion
Employee numbers: Close to 372,000 employees
Headquarters location: Omaha, Nebraska
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| Warren Buffet - CEO of Berkshire Hathaway |
An American holding company for multinational conglomerates, Berkshire Hathaway. Warren Buffet, a well-known investor in the business who joined in the 1960s, serves as its CEO.
Berkshire Hathaway began as a collection of textile mills in 1839. It is currently one of the biggest publicly traded companies in the world as of 2020.
Notable brands like GEICO, Dairy Queen, Fruit of the Loom, and Duracell are among its subsidiaries. But insurance firms make up the majority of Berkshire Hathaway's subsidiaries.
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2. JPMorgan Chase
2022 Revenue: $154.792 billion
Market Cap: $393.34 billion
Employee numbers: Over 240,000 employees
Headquarters location: New York, NY
JPMorgan Chase is not only among the largest and oldest financial institutions in the United States, but also among the oldest.
The ancestors of JPMorgan Chase as it exists today can be traced back to 1799 and include numerous banks and investment firms.
Even Aaron Burr and Alexander Hamilton were among the founders of the Manhattan Company, the earliest predecessor organization to JPMorgan Chase.
Today, the company manages client assets worth over $2.6 trillion, operates in more than 100 countries, and has over 250,000 employees. The most well-known JPMorgan Chase subsidiaries are Chase Bank, J.P. Morgan Company, and WePay, among its more than 40 other companies.
3. Bank of America
2022 Revenue: $115.053 billion
Market Cap: $265.70 billion
Employee numbers: Over 165,000 employees
Headquarters location: Charlotte, NC
With a 240-year history, Bank of America is another one of the country's oldest financial institutions. However, BankAmerica and NationsBank merged in 1998 to form Bank of America, which became the country's first coast-to-coast bank.
As the first bank in the United States to offer a general-use credit card with revolving credit, credit limits, and floor limits—which later evolved into Visa—Bank of America.
Currently, Bank of America serves about 66 million customers across more than 35 nations. Merrill, BofA Securities, and Balboa Insurance Company are some of its subsidiaries.
4. State Farm
2022 Revenue: $89.3 billion
Employee numbers: About 97,000 employees
Website: www.statefarm.com
Headquarters location: Bloomington, IL
The Bloomington, Illinois, headquarters of State Farm Insurance, a network of mutual insurance companies serving customers across the country, is located there. It was established in 1922 and has since grown to become the largest provider of property, casualty, and auto insurance in the United States.
When it comes to auto, property, and casualty insurance, State Farm is now a major player. It also offers banking and investment management services in addition to other financial services such as insurance.
In 2022, total revenue of $89.3 billion came in, up from $82.2 billion in 2021. This figure includes premium revenue, earned investment income, and realized capital gains (losses).
When it comes to auto and home insurance in the United States, State Farm is by far the market leader. According to Fortune's 2022 ranking of the 500 largest American corporations by total revenue, State Farm comes in at number 42.
5. Citigroup
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| Citigroup |
2022 Revenue: $75.34 billion
Market Cap: $87.60 billion
Employee numbers: More than 220,000 employees
Headquarters location: New York, NY
A global investment bank and financial services company, Citigroup was created in 1998 as a result of the merger of Citicorp and Travelers Group.
The company serves a sizable international customer base in 160 countries and jurisdictions, is the largest credit card issuer in the world, and has physical offices in 97 of those nations. Particularly prevalent there are in Asia and Mexico.
There are 14 subsidiaries of Citigroup, including the well-known consumer bank Citibank.
The 204,000 employees of Citigroup offer their clients loan, deposit, investment banking, brokerage, and wealth management services. Citibank, Banamex, Diners Club International, and Aeroméxico are some of its subsidiaries.
6. Wells Fargo
2022 Revenue: $73.8 billion
Market Cap: $157.34 billion
Employee numbers: Over 247,000 employees
Headquarters location: San Francisco, California
Financial services provider Wells Fargo provides a broad range of services, including investment banking, brokerage services, financing, insurance, and more. Numerous consumer banking services and products are also available.
During the Gold Rush in 1852, Wells Fargo was founded to offer banking services to the West and to connect it to the rest of the nation through shipping and delivery services.
The business expanded until it controlled the biggest stage line in the world and turned into the first nationwide express company. The stagecoach and horses in the Wells Fargo logo are a nod to this history.
As a global provider of banking, credit card, loan, mortgage, and other financial services, the company now has over 65 million customers worldwide.
Abbot Downing, Wells Capital Management, Wells Fargo Advisors, and Evergreen Investments are some of Wells Fargo's subsidiaries.
7. MetLife
2022 Revenue: $69.9 billion
Market Cap: $57.10 billion
Headquarters location: New York
Metropolitan Life Insurance Company, also referred to as MetLife, is a subsidiary of holding company MetLife, Inc. Despite being primarily a life insurance provider, MetLife also provides accident, health, dental, and vision insurance.
MetLife, Inc. offers a range of insurance, retirement, and savings services to customers in more than 40 countries. Families, governments, and businesses from the Americas, Asia, Europe, the Middle East, and Africa are among the company's clients.
8. Morgan Stanley
2022 Revenue: $53.7 billion
Market Cap: $143.78 billion
Employee numbers: More than 60,000 employees
Headquarters location: New York, NY
Global financial services and investment company Morgan Stanley. They collaborate with people, businesses, and governments all over the world. They primarily work in wealth management and investing.
In 1935, following the requirement that all commercial and investment banking businesses be split up, the original founders of JP Morgan Co. founded Morgan Stanley. The company now has 35 locations around the world and manages $715 billion in assets for its customers.
The Morgan Stanley Building on Broadway in New York City, however, is the place where Morgan Stanley is best known. E-Trade, Morgan Stanley Dean Witter Online, Inc., and Graystone Consulting are just a few of the company's numerous subsidiaries.
9. American Express
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| American Express |
2022 Revenue: $50.68 billion
Market Cap: $109.93 billion
Headquarters location: New York
American Express is a multinational financial services corporation best known for its charge cards, credit cards, and traveler’s cheques.
The company started in 1850 as an express mail business, and its founders included Henry Wells and William G. Fargo, who both founded Wells Fargo as well.
As of 2019, American Express has over 114.4 million cards in use in the world, and it is one of the 30 components of the Dow Jones Industrial Average along with Goldman Sachs and JPMorgan Chase.
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10. Goldman Sachs
2022 Revenue: $47.37 billion
Market Cap: $117.24 billion
Headquarters location: New York
The international investment bank and financial services provider Goldman Sachs was established in 1869 and provides its customers with investment management, securities, asset management, prime brokerage, investment banking, and securities underwriting services.
Nearly 40,000 people work for the company, which also has more than 40 international locations and subsidiaries like Marcus by Goldman Sachs, Goldman Sachs Personal Financial Management, Goldman Sachs Bank USA, Goldman Sachs Capital Partners, and Ayco.
11. Capital One
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| Capital One Bank |
2022 Revenue: $34.3 billion
Market Cap: $35.49 billion
Headquarters location: McLean, Virginia
Credit cards, consumer banking, commercial banking, and auto loans are among the financial services provided by Capital One, a bank holding company that was founded in 1994.
The business, which is run by its founder Richard Fairbank, was instrumental in boosting credit cards' acceptance during the 1990s.
Despite being a relatively new financial institution, Capital One is the fifth-largest credit card issuer in the nation and does business in both the UK and Canada in addition to the US.
Wikibuy, ShareBuilder, Paribus, United Income, and Blue Tarp are all divisions of Capital One.
12. Fannie Mae
2022 Revenue: $29.74 billion
Market Cap: $521.85 million
Headquarters location: Washington, D.C.
Actually known as the Federal National Mortgage Association, Fannie Mae was established in 1938 as a component of the New Deal by President Franklin D. Roosevelt.
The organization's goal is to make housing more affordable for more Americans by developing a secondary mortgage market that will increase the number of loans that are available.
By buying mortgage loans from lenders, Fannie Mae frees up those lenders to offer more loans to homebuyers.
This business stands out because it is both publicly traded and federally sponsored, which is unusual.
Freddie Mac and Ginnie Mae are two additional sister companies of Fannie Mae.
13. U.S. Bancorp
2022 Revenue: $24.3 billion
Market Cap: $66.73 billion
Headquarters location:Minneapolis, Minnesota
The First National Bank of Minneapolis was founded in 1864, the Farmers and Millers Bank in Milwaukee was founded in 1853, and the United States National Bank of Portland was founded in 1891. Together, these three banks make up the bank holding company known as U.S. Bancorp.
Over the years, these organizations expanded and merged, and in 1968 they amalgamated to form U.S. Bancorp.
The business is now best known for its subsidiary U.S. Bank National Association, also known simply as U.S. Bank, which provides clients with banking, investment, mortgage, trust, and payment services.
The subsidiaries of U.S. Bancorp also include Syncada, Elavon, and talech.
14. Freddie Mac
2022 Revenue: $21.3 billion
Market Cap: $297.34 million
Headquarters location: Tysons Corner, Virginia
Short for Federal Home Loan Mortgage Corporation, Freddie Mac is Fannie Mae’s brother company. They both perform similar functions, but while Fannie Mae works with large retail banks, Freddie Mac works with smaller thrift ones.
Freddie Mac has $2.063 trillion in assets under its management as it works to keep the U.S. housing market liquid, stable, and affordable by buying mortgage loans from lenders. This increases the number of loans lenders cab give out, helping more homebuyers afford housing.
Freddie Mac was chartered by Congress in 1970 and is government-sponsored but, like Fannie Mae, it is also publicly traded.
15. The PNC Financial Services Group
2022 Revenue: $21.1 billion
Market Cap: $66.87 billion
Headquarters location: Pittsburgh, Pennsylvania
PNC started in 1852 as the Pittsburgh Trust and Savings Company. After a few more mergers and name changes, the bank became Pittsburgh National Corporation and merged with Provident National Corporation, giving the company its current name, PNC.
PNC’s approximately 52,000 employees provide retail banking, asset management, and corporate and institutional banking to the company’s clients. PNC manages $300 billion in assets and has 2,200 branches across the U.S. as well as offices in Canada, China, Germany, and the United Kingdom.
In November of 2020, PNC acquired BBVA USA Bancshares, Inc. and its subsidiary, BBVA USA. Its other subsidiaries include PNC Bank, Harris Williams and Co., PNC Real Estate, PNC Capital Advisors, LLC, and Hawthorn PNC Family Wealth.
In Conclusion
The financial services industry is still in high demand, and high-interest rates are helping these financial firms thrive.
However, digitization and user-focused approaches to personal financing will impact the industry moving forward.
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