Sunday, March 12, 2023

11 Best Largest Banks In The US

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Banks play an important role in our daily lives. And this influence is only increasing as bank assets have increased significantly over the last decade. Who are the role modelers of banking in the US? To that end, we’ve compiled a list of the top 11 Best Largest Banks In the US based on total assets in 2021.

The largest banks in the United States have grown significantly in the years since the Great Recession.

After all, sure, this exclusive club changes every year. Larger banks swap places, and smaller banks drop out to be replaced by faster-growing competitors. Let’s jump right into it.

JPMorgan Chase & Co. 

JPMorgan Chase & Co.
  • Bank Headquarters: New York City, New York
  • Assets: $3.213 trillion

JPMorgan Chase’s consumer banking division is known as Chase Bank. JPMorgan and Chase merged just over 20 years ago. With Chase providing JPMorgan’s US consumer division. Their company is headquartered at 383 Madison Avenue in Midtown Manhattan, New York.

Apart from its rivals, Chase is expanding its branch network in major markets. Presently, the bank has nearly 5,000 branches and 16,000 ATMs. According to the bank, roughly half of all households in the country are Chase consumers. 

Bank of America Corp. 

Bank of America Corp.
  • Bank Headquarters: Charlotte, North Carolina
  • Assets: $2.32trillion

Bank of America Corp. is the second-largest bank in America. Approximately 66 million consumers include worldwide. It has at least 37 million digital clients.

Bank of America, like most of the largest banks, is recognized for its digital innovation. It has over 37 million digital customers. Bank has seen success since launching its virtual assistant, Erica, who assists account holders with a variety of tasks.

They have approximately 4,300 financial centers in the United States, including 2,700 lending centers.

Citigroup Inc.

Citigroup Inc.
  • Bank Headquarters: New York City, New York
  • Assets: $2.21trillion

When Citigroup and Travelers Group merged in 1998, Citigroup became a major financial player. Citigroup is a multinational financial services corporation. Citigroup, the company’s retail banking division, is headquartered in Sioux Falls, South Dakota. 

Citibank has nearly 700 branches in the United States. It has over 1,800 branches outside of the United States. Customers in the United States can also use over 65,000 fee-free ATMs.     

Their headquarters is based at 388-390 Greenwich Street in New York City. Citigroup’s retail banking division, recognized as Citibank, operates approximately 3,400 financial centers worldwide, with 700 branches in the United States.

Wells Fargo & Co. 

Wells Fargo & Co.
  • Bank Headquarters: San Francisco, California
  • Assets:$1.981 trillion

Wells Fargo & Company, founded in 1852, is a multinational financial services company headquartered in San Francisco, California, incorporated in Delaware, and introduced in more than 35 countries. 

Wells Fargo has created a savings app, and a mobile banking app focused on millennials in addition to its main app. Following a series of blunders, the bank has changed its name and is focusing on mending its strained relations with clients.

The company operates in three main segments: community banking, wholesale banking, and wealth, brokerage, and retirement services. Wells Fargo Bank, the company’s main subsidiary, has over 8,000 branches and 13,000 ATMs.

Goldman Sachs Group Inc.

  • Bank Headquarters: New York City, New York
  • Assets: $1.089 trillion

Goldman Sachs Group Inc.’s primary business is investment banking and financial services. Therefore, Their employee base is quite small in comparison to the other banks on this list, with just over 40,000 people working for them.

It is a global investment bank, asset management firm, and securities firm. Goldman Sachs Group Inc’s customers have access to a wide range of financial services, such as banking products through Marcus, its online banking arm that debuted in the fall of 2016 and started providing personal loans. 

U.S. Bancorp

U.S. Bancorp
  • Bank Headquarters: Minneapolis, Minnesota
  • Assets: $546 billion

U.S. Bancorp is the parent company of U.S. Bank and the bank’s holding company. The First National Bank of Cincinnati, which is known as the fifth-largest commercial bank by assets, was founded in 1863 as the First National Bank of Cincinnati.

 Numerous mergers lead to the formation of the bank that is now recognized for its vast branch network and investment in enhancing its digital offerings.

Their corporate headquarters are located on Lasalle Avenue in Minneapolis.

U.S. Bank serves approximately 18.7 million customers and employs over 70,000 people across the country. These customers use a network of over 3,000 branches and 4,842 automated teller machines spread across the Midwest and the Western United States.

Trust Bank

Truist Bank
  • Bank Headquarters: Charlotte, North Carolina
  • Assets: $506 billion

Trust Financial Corporation, which now serves a sizable 10 million customers, is the result of a 2019 merger between BB&T and SunTrust.

Their headquarters are in Charlotte, North Carolina, but their Trust Bank division has 2,049 branches primarily in the South and along the East Coast.

Truist is the result of a merger of equals between BB&T and SunTrust. Truist serves approximately 10 million consumer households with financial services. 

The new entity combines BB&T and SunTrust, which ranked 11th and 12th in bank assets as of September 30, 2019, to form the sixth-largest bank. Truist Bank, Truist Securities, and Truist Insurance Holdings are the three major divisions of this bank. These divisions employ at least 37,000 people in total.

PNC Financial Services Group Inc.

PNC Financial Services Group Inc.
  • Bank Headquarters: Pittsburgh, Pennsylvania
  • Assets: $457 billion

PNC is a regional bank that operates in the Northeast, South, and Midwest. It began as Pittsburgh Trust and Savings Co. and obtained the troubled Cleveland-based National City Corp. in 2008. 

PNC agreed to buy BBVA USA for $11.6 billion on November 16. After the completion deal, PNC Bank is expected to be a top-five bank in terms of assets.

PNC continues to grow outside of its traditional market of 19 states, primarily east of the Mississippi River, and Washington, D.C., in 2018. The agreement with BBVA USA would hasten that expansion. Since 2018, they’ve enlarged their reach from 19 to 21, but they’ve remained centered on the East Coast.

In conclusion, The bank’s size was roughly doubled as a result of this transaction. The bank now has approximately 2,300 branches.

TD Group US Holdings LLC 

TD Group US Holdings LLC
  • Bank Headquarters: Cherry Hill, New Jersey
  • Assets: $411.62 billion

TD Bank is “America’s Most Convenient Bank,” with approximately 1,300 branches along the East Coast.

Many TD banks are open Monday through Friday from 8:30 a.m. to 5:00 p.m., and some even have Saturday hours. TD Group US Holdings LLC’sthe lead headquarters location is in Cherry Hill, New Jersey, and is also centered on the East Coast.

Most importantly, their retail banking division has 1,301 places and serves 9.5 billion users.

This bank is the financial services arm of Canada’s TD Bank Groups in America. Mortgages, deposit accounts, credit cards, and products for commercial and small business clients are available to customers. 

Bank of New York Mellon Corp.

Bank of New York Mellon Corp.
  • Bank Headquarters: New York City, New York
  • Assets: $383.94 billion

The Bank of New York was the first company traded on the New York Stock Exchange when it opened in 1792. Bank of New York Mellon is now an investment firm that serves a variety of corporations and institutions, as well as private investors. Importantly, private banking services are provided to its high-net-worth clients.

In comparison to the other banks on this list, Bank of New York Mellon Corp. is a uniquely private custodian bank. At the same time, the bank employs over 50,000 people and conducts in 35 countries; their emphasis on institutional and corporate investments targets only wealthy clients.

BNY Mellon’s investment services account for approximately 72 percent of their revenue, which explains why the bank places such a strong emphasis on investments.

Capital One Financial Corp.

Capital One Financial Corp.
  • Bank Headquarters: McLean, Virginia
  • Assets: $369.91 billion

Capital One is a large company with several subsidiaries, one of which is Capital One Bank. Capital One Financial Corp. is a bank holding company that offers credit cards, savings accounts, and car loans. 

In recent years, they have maintained a sizable number of credit card holders, with over 60 million active cardholder accounts accounting for more than 11% of the total market share.

Capital One Cafes, coffee shops with free Wi-Fi where guests can open accounts and attend financial workshops, are available to bank customers in select cities in addition to branches on the East Coast, Texas, and Louisiana.

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