Largest Banks In The United States
The United States, no doubt, has some of the biggest financial institutions in the world. Though, currently there is a bank apocalypse going on, with the fall of Silicon Valley bank and Signature bank, which were both considered among the top 30 banks in the United States as of December 2022.
More seem to be going down as shares and assets continue to drop. It is believed that the pandemic and inflation are some of the major causes of the banking apocalypse in the United States.
We continued to witness mergers between two struggling banks and the buyout of small and growing banking institutions by the bigwigs. Though the banking industry is witnessing lots of hurdles and close-downs, there are still a number of banks that are thriving despite the hurdles they face; some of these banks are considered the biggest not only in terms of assets but in terms of their stocks and services as well.
In this post, we will be discussing the largest banks in the United States as well as their asset value. The ranking is based on market valuation and assets.
Top 10 Largest Banks In The United States
Here is the list of top 10 largest banks by asset value in the United States:
1. J.P. Morgan Chase (Chase Bank)
Chase Bank is a subsidiary of J.P. Morgan Chase, offering consumer and commercial banking services. The bank has branches across 48 states in the United States, amounting to over 4700 in number and with over 16,000 ATM points.
Chase bank is currently the biggest bank in the United States and is known to offer one of the best consumer banking services in the country. J.P. Morgan’s Chase bank is estimated to have assets worth $3.2 trillion and has its headquarters in New York.
2. Bank of America
Bank of America has over 67 customers worldwide, which include individuals and small, medium, and large businesses. The bank was able to achieve these feats due to the robust technology it employs to address customers’ needs.
The bank also reduced service charges for different transactions, hence attracting more customers to its existing ones.
Bank of America is currently the 2nd biggest bank in the United States and offers one of the best banking services. It is estimated to have assets worth $2.41 trillion and has its headquarter in Charlotte, North Carolina.
3. Citibank
Citibank is a banking subsidiary of Citigroup. The bank has over 670 branches in the United States and over 1,000 in several other countries. However, despite its low number of branches compared to other top banks, its customers in the United States can access its over 65,000 ATMs free of charge.
The bank is more concerned with offering quality services to its customers through digitalization and is even looking to start crypto banking in the future.
The bank’s success is attributed by many to it being the bank of some of the wealthiest persons in the United States; that’s why it got the nickname “the bank for huge net worth families.”
Citibank is currently the third-biggest bank in the United States, with a market value of $1.77 trillion. Its United States headquarter is situated in New York.
4. Wells Fargo
Wells Fargo is currently the fourth-largest bank in the United States. It was once at number 3, but due to the different issues it faced with both 2021 and 2022, it dropped to number 4.
Now the bank is focusing on mending issues with its millions of customers by creating different channels to make banking with Wells Fargo easy, fast, and reliable. Some of these include the introduction of a savings app aside from the normal mobile banking app.
It has also improved credit cards and payments through its payment options, features, and partnerships with payment gateway companies.
Wells Fargo Bank is currently estimated to be worth $1.72 trillion. Its headquarters is located in San Francisco.
5. US Bancorp
The US Bancorp birthed the popular US bank. The bank being established as far back as 1863 has seen multiple mergers and split to become today’s United States fifth biggest banks by assets. It has hundreds of branches in over 28 states in the United States.
Its over two hundred years of operation in the United States have earned it its rank, and it is currently partnered with several fintech companies. US Bancorp is also focused on employing more technologies to improve its banking services.
US Bancorp has a market value of $585.18 billion and has its headquarters situated in Minneapolis.
6. PNC Financials
Formerly the Pittsburgh Trust and Savings Company, PNC bank was formed in 1852 and is currently the sixth-biggest bank in the United States. PNC bank has over 2500 branches in about 28 states in the United States.
It is known to offer quality banking services to its numerous customers. The bank has also taken several steps towards ensuring the security of funds in their bank. It has also employed new digital technologies to ease payment and allow customers to make payments through different digital payment platforms, including Apple Pay.
PNC Bank is currently worth $552.31 billion in net assets. Its headquarters are situated in Pittsburgh.
7. Truist Bank
Truist Bank was founded in 2019 as a result of a merger between two banking giants, Suntrust Bank and BB&T, which were both rated as the 11th and 12th biggest banks before the merger happened in 2019. Both banks have an existential history of over two hundred years.
Today, the bank has over 12 million users and is now ranked the 7th largest bank in the United States. It has over 2,000 bank branches across 15 states and the capital, Washington, DC. Truist bank is recognized by many as offering the best financial and banking services. Other services it offers also include mortgage and insurance banking.
Truist Bank currently has a market value of $546.23 billion. Its headquarters is situated in Charlotte, North Carolina.
8. Goldman Sachs
Goldmann Sachs is a popular banking institution that offers services ranging from investment to securities brokerage and management.
Though a new banking institution in the league of the top 10 largest banks, Goldmann Search has proven that any bank can improve its market value and services if it does it well.
It introduced a banking product through Marcus in 2016 as its first online banking platform. Hence, it started offering personal loans to customers at reduced interest rates.
Despite facing market challenges in 2022’s third quarter, its wealth plummeted by 18% and revenues later increased by 41%.
Currently, Goldman Sachs is worth $486.97 billion in net assets, which puts it as the 8th largest bank in the United States. Its headquarter is situated in New York.
9. Capital One Bank
Capital One Bank is a child company of the Fortune 500 group, which has lots of other subsidiaries as well. The bank is loved by many due to its trust, security, and ease of banking. It has continued to employ more technologies to deepen its commitment to offering quality banking services to its millions of customers.
Most of its branches are located on the east coast, though it now has branches in both Louisiana and Texas. Customers in areas where Capital One branches are located have access to Capital One coffee shops and cafes where people can host business meetings, seminars, open accounts, and have access to free WiFi.
Capital One bank is currently worth $453.31 billion, making it the 9th largest bank in the United States. Its headquarters is situated in McLean, Virginia.
10. T.D. Bank
TD Bank is a subsidiary of the popular Canadian TD Bank Group of companies. The bank is known to offer a variety of banking services, including mortgages and commercial banking for small and large businesses.
Some of the success TD Bank has achieved can be attributed to its quality services aimed at ensuring that customers’ needs are met. It introduced several technologies, including AI chatbots, to ensure quick customer support reply. Also improved are areas like credit cards, the internet, and mobile banking services. TD Bank has over 2600 branches, with over 1100 located around the east coast.
TD bank is currently worth $386.80 billion, which currently puts it as the tenth largest bank in the United States. It has its US headquarters located in Cherry Hills, New Jersey.
Bottom Line
The United States banking industry is passing through what can be termed a “banking apocalypse.” Many have shut down already; some are almost bankrupt. Undoubtedly, the blame is often placed on the pandemic and inflation. However, some other top banks continue to scale up and leverage technology towards improving their operations and making policies that are influential to quality services and at the same time increase revenue.
Chase Bank, Bank of America, Citibank, Wells Fargo, and a few other banks in this list of the top 10 largest banks’ rankings are based on market valuation or total bank assets as of March 2023.