Largest Banks in the U.S
JPMorgan Chase, Bank of America, Citibank, and Wells Fargo have dominated the sector for years and have continued to do so in 2023. In addition to their heavy investment in technology, each of these bank have more than a trillion dollars in consolidated domestic assets.
The implication of this is that if you put your money with one of the major banks, you’ll have more access to in-person services at branches, a vast ATM network, and a diverse range of products and services, which might be useful if you want to handle all of your banking in one spot.
We looked at domestic asset sizes of institutions that serve both consumers and small companies to discover the largest banks in the United States. Customers’ deposit accounts, as well as loans, mortgages, and credit card accounts, are included in a bank’s assets. Some of these banks have thousands of locations, while others operate primarily (if not entirely) online. These banks are all FDIC-insured.
The largest banks in the United States have grown significantly in the years since the Great Recession. As of November 2023, the 10 largest banks had a combined asset value of $12.27 trillion.
The 10 largest banks in the United States ranked by total assets in 2023/24 are listed below.
1. JPMorgan – $3.3 trillion total assets
JPMorgan Chase’s consumer banking division is known as Chase Bank. Chase is increasing its branch network in important markets, unlike some of its competitors who are closing locations. JPMorgan (Chase Bank) presently has over 16,000 ATMs and 4,700 branches, making it the bank with the most domestic branches in America. According to Chase, about half of the country’s households are Chase customers. The company’s headquarters is in New York.
2. Bank of America – $2.5 trillion total assets
Bank of America has a global customer base of over 66 million consumers and small businesses. Bank of America, like many of the world’s largest banks, is noted for its digital innovation. It has over 37 million digital clients and has seen success since introducing Erica, a virtual assistant that helps account holders with a variety of chores. The company’s headquarters is in Charlotte, North Carolina with a presence in 3,800 other locations in the USA.
3. Citibank – $1.7 trillion total assets
Citigroup is a multinational financial services firm. Citibank, the company’s retail banking subsidiary, is headquartered in Sioux Falls, South Dakota. Citibank has over 660 locations in the United States and over 1,800 branches worldwide. Customers in the United States can also use over 65,000 fee-free ATMs. The headquarters is in New York.
4. Wells Fargo – $1.7 trillion total assets
Wells Fargo was established in 1852. Despite its efforts to consolidate and close offices, Wells Fargo is second only to JP Morgan as the bank with the most domestic branches with 4,600. Wells Fargo has launched a savings app and a mobile banking app for millennials in addition to its main app. The company’s headquarters is in San Francisco.
5. U.S. Bank – $590 billion total assets
U.S. Bancorp is the parent company of U.S. Bank and is a bank holding corporation. The First National Bank of Cincinnati, presently the fifth-largest commercial bank by assets, was founded in 1863. The bank was formed through a series of mergers, and it is renowned today for its wide branch network and focus on improving its digital capabilities. The company’s headquarters is in Minneapolis, with over 2,200 branches.
6. Truist Bank – $565 billion total assets
Truist Bank is the result of a merger of equals between BB&T and SunTrust. Truist serves about ten million families with financial services, across its 2,ooo branches. The company’s headquarters is in Charlotte, North Carolina.
7. PNC Bank – $556 billion total assets
PNC Bank is a regional bank with locations in the Northeast, South, and Midwest. It began as Pittsburgh Trust and Savings Co., then in 2008, it purchased the ailing National City Corp. of Cleveland. The bank’s size was almost doubled as a result of this transaction. The bank now has roughly 2,500 locations. In November 2020, PNC bought and merged with BBVA USA for $11.6 billion.
PNC began expanding outside of its main market of 19 states, mostly east of the Mississippi River, and Washington, D.C. in 2018. This expansion would be accelerated by the agreement with BBVA USA. The headquarters is in Pittsburgh.
8. Goldman Sachs Bank – $490 billion total assets
Goldman Sachs is a global investment banking, management, and securities corporation with a market capitalization of $58 billion. Its customers have access to a wide range of financial services, including banking products through Marcus, the company’s online banking arm, which launched in the fall of 2016 and began offering personal loans. Despite having only 2 branches, Goldman Sachs Bank stands as one of the largest banks in America.
9. Capital One Bank – $469 billion total assets
Capital One Financial Corp is a Fortune 500 firm with Capital One Bank as a subsidiary. Customers in select cities have access to Capital One Cafes and coffee shops with free Wi-Fi where visitors can open accounts and attend financial workshops. In addition, the bank has over 290 branches, with its headquarters at McLean, Virginia
10. TD Bank – $401 billion total assets
TD Bank is the commercial banking subsidiary of Canada’s TD Bank Group in the United States. Mortgages, deposit accounts, credit cards, and goods for commercial and small business clients are available to customers. Along the East Coast, the bank has branches across 1,100 locations. The company’s headquarters is stationed at Cherry Hill, New Jersey.