The United States is home to the largest banks in the world. The top ten U.S. banks hold assets totalling approximately one-third of total global banking assets. The current financial health of these large banks is something that has been under increased scrutiny since the 2008 economic collapse.
The largest banks in the United States are Chase, Bank of America, Wells Fargo and Citigroup. These four institutions control over 50% of all U.S. banking assets as well as 60% of industry profits.
15 largest banks in the U.S. by assets
|Rank||Bank name||Headquarter||Total assets|
|1||JPMorgan Chase & Co.||$3.19 trillion|
|2||Bank of America Corp.||North Carolina||$2.35 trillion|
|3||Wells Fargo & Co.||San Francisco, California||$1.78 trillion|
|4||Citigroup Inc.|| ||$1.70 trillion|
|5||U.S. Bancorp||Minneapolis, Minnesota||$547.85 billion|
|6||Truist Bank||Charlotte, North Carolina||$510.29 billion|
|7||PNC Financial Services Group Inc.||Pittsburgh, Pennsylvania||$453.97 billion|
|8||TD Group US Holdings LLC||Cherry Hill, New Jersey||$415.51 billion|
|9||Bank of New York Mellon Corp.||New York City||$384.54 billion|
|10||Capital One Financial Corp.||McLean, Virginia||$369.05 billion|
|11||Goldman Sachs Group Inc.||New York City||$351.16 billion|
|12||State Street Corp.||Boston, Massachusetts||$322.96 billion|
|13||Fifth Third Bank||Cincinnati, Ohio||$203.98 billion|
|14||HSBC||New York City||$194.76 billion|
|15||Citizens Financial Group||Providence, Rhode Island||$185.04 billion|
The largest banks in the U.S. have been around in the years since the Great Recession.
The largest banks in the U.S. have grown substantially. The number of banks and savings institutions in the US has grown. As of December 31st, 2020, the number of commercial banks was 4,374, as well as 627 savings institutions across the U.S. insured by the Federal Deposit Insurance Corporation with US$21.9 trillion in assets. The number of insured banks has The 15 biggest banks currently have $12.95 trillion worth of financial assets on June 30th 2021.
1. JPMorgan Chase
JPMorgan Chase has been able to outperform its competitors by targeting digitally-savvy consumers with an Artificial Intelligence (AI) infused product. JPMorgan Chase has been able to take advantage of digital marketing. JPMorgan is investing heavily in banking technology and boasts the highest technology budget of all banks for 2019, with $11.4 billion. Chase Bank is the consumer bank part that is part of JPMorgan Chase. Contrary to some of its competitors which are closing branches Chase has expanded its branches across crucial markets. The
- Chase Bank is the best option for customers who require access to a variety of branches, but are not searching for the best rates of interest and who have sufficient funds to avoid paying a monthly charge.
- More than 4,800 in 47 states, and Washington, D.C., with a high concentration in California and along the East Coast and Texas; there are no branches located in Alaska as well as Hawaii.
- 16,000 ATM and some or all of the out-of-network ATM charges are waived for accounts that are premium.
By investing heavily in banking technology, they are equipped for whatever is coming next and hope that millennials will convert from lower-value customers later down the line as well. That’s what one of America’s largest banks is doing. By investing heavily in banking technology and artificial intelligence, JPMorgan has been able to create cutting edge products for its customers that are more relevant than ever before – all while outperforming its competitors without any unnecessary burden placed upon them. JPMorgan Chase currently has 16,000 ATMs and 5,000 branches. More than half of America’s homes are Chase customers According to Chase .
JPMorgan has found success by targeting digitally-savvy consumers and introducing artificial intelligence into its offerings which allows them better compete against other financial institutions currently offering similar services
2. Bank of America Corp
Bank of America is an international bank that has been offering banking services for more than 80 years. Out of the top three banks listed It has the smallest number of branches, but it has the highest number of ATMs
It serves about 66 million people and small business clients around the world. bank of America has been known for its digital innovation. Bank Of America currently has about 66-million customers worldwide with access to their products through both traditional channels like ATMs as well as exclusively online platforms or via mobile apps . Bank of America is one of the biggest banks in America. They have more than 37 million digital clients and are experiencing success after introducing their virtual assistant, Erica that assists account holders with various tasks. The new service from BofA’s Erica can answer questions about making payments or even schedule appointments online without having any knowledge on how the process works .
- But easy access and a solid digital experience come at the price of hefty fees and weak savings rates.
- Customers who want access to a large number of branches, are not looking for the highest interest rates and can keep a large enough balance to avoid a monthly fee .
Every year, there are modifications to the exclusive club. Larger banks exchange places with one another, and smaller banks leave to be replaced by more rapid-growing rivals.
The tiniest bank of the group is worth $185 billion of assets.
Here are the top 15 banks that are located in the U.S. by assets, as per the most recent data provided by the Federal Reserve.
The Federal Reserve has rolled out the list of the top U.S. banks in terms of assets, and we’ve analyzed exactly how these giants of financial services remain ahead of the pack. Over the past few years, banks have been combining, partnering and expanding, so they’ve become so dominant that four of the largest banks currently comprise 50% of the U.S. bank assets.
Which other things do these top 4 firms have in the same way? Apart from being able to hold more than one trillion dollars of consolidated domestic assets, JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup each made huge investments in technology.
The table below shows the 100 biggest bank holding companies within the United States ranked by total assets as of December 31st, 2020, as per the Federal Financial Institutions Examination Council and their market capitalization is also displayed. The list is not inclusive of certain large commercial banks which are not holding