The United States has a highly developed and diverse banking system, with numerous banks operating at the national, regional, and local levels. In this article, we will take a look at the top 10 largest banks in the United States based on assets, deposits, and other financial indicators.
Top 10 Largest Banks in USA
1. JPMorgan Chase & Co.
JPMorgan Chase is the largest bank in the United States by assets, with a total of $3.13 trillion as of the end of 2020. It is a multinational investment bank and financial services company headquartered in New York City. The bank was formed in 2000 through the merger of Chase Manhattan Corporation and J.P. Morgan & Co. It is a universal bank that offers a wide range of financial products and services to individuals, small businesses, and large corporations. Its services include investment banking, asset management, wealth management, retail banking, commercial banking, and more.
2. Bank of America
Bank of America is the second-largest bank in the United States by assets, with a total of $2.38 trillion as of the end of 2020. It is a multinational investment bank and financial services company headquartered in Charlotte, North Carolina. The bank was formed in 1998 through the merger of NationsBank and Bank of America. It is a universal bank that offers a wide range of financial products and services to individuals, small businesses, and large corporations. Its services include investment banking, asset management, wealth management, retail banking, commercial banking, and more.
3. Citigroup
Citigroup is the third-largest bank in the United States by assets, with a total of $1.91 trillion as of the end of 2020. It is a multinational investment bank and financial services company headquartered in New York City. The bank was formed in 1998 through the merger of Citicorp and Travelers Group. It is a universal bank that offers a wide range of financial products and services to individuals, small businesses, and large corporations. Its services include investment banking, asset management, wealth management, retail banking, commercial banking, and more.
4. Wells Fargo
Wells Fargo is the fourth-largest bank in the United States by assets, with a total of $1.89 trillion as of the end of 2020. It is a multinational investment bank and financial services company headquartered in San Francisco, California. The bank was founded in 1852 and is known for its focus on retail banking, including mortgages, credit cards, and personal loans. It is a universal bank that offers a wide range of financial products and services to individuals, small businesses, and large corporations. Its services include investment banking, asset management, wealth management, retail banking, commercial banking, and more.
5. Goldman Sachs
Goldman Sachs is the fifth-largest bank in the United States by assets, with a total of $1.69 trillion as of the end of 2020. It is a multinational investment bank and financial services company headquartered in New York City. The bank was founded in 1869 and is known for its focus on investment banking and asset management. It is a universal bank that offers a wide range of financial products and services to individuals, small businesses, and large corporations. Its services include investment banking, asset management, wealth management, retail banking, commercial banking, and more.
6. Morgan Stanley
Morgan Stanley is the sixth-largest bank in the United States by assets, with a total of $1.06 trillion as of the end of 2020. It is a multinational investment bank and financial services company headquartered in New York City. The bank was founded in 1935 and is known for its focus on investment banking and wealth management. It is a universal bank that offers a wide range of financial products and services to individuals, small businesses, and large corporations, including investment banking, asset management, wealth management, retail banking, commercial banking, and more.
7. Bank of New York
Mellon Bank of New York Mellon is the seventh-largest bank in the United States by assets, with a total of $977 billion as of the end of 2020. It is a multinational investment bank and financial services company headquartered in New York City. The bank was formed in 2007 through the merger of The Bank of New York and Mellon Financial Corporation. It is a universal bank that offers a wide range of financial products and services to individuals, small businesses, and large corporations, including investment banking, asset management, wealth management, retail banking, commercial banking, and more.
8. State Street Corporation
State Street Corporation is the eighth-largest bank in the United States by assets, with a total of $361 billion as of the end of 2020. It is a multinational investment bank and financial services company headquartered in Boston, Massachusetts. The bank was founded in 1792 and is known for its focus on asset management and investment servicing. It is a universal bank that offers a wide range of financial products and services to individuals, small businesses, and large corporations, including investment banking, asset management, wealth management, retail banking, commercial banking, and more.
9. U.S. Bancorp
U.S. Bancorp is the ninth-largest bank in the United States by assets, with a total of $467 billion as of the end of 2020. It is a regional bank headquartered in Minneapolis, Minnesota. The bank was founded in 1929 and is known for its focus on retail banking, including mortgages, credit cards, and personal loans. It is a universal bank that offers a wide range of financial products and services to individuals, small businesses, and large corporations, including investment banking, asset management, wealth management, retail banking, commercial banking, and more.
10. PNC Financial Services
PNC Financial Services is the tenth-largest bank in the United States by assets, with a total of $475 billion as of the end of 2020. It is a regional bank headquartered in Pittsburgh, Pennsylvania. The bank was founded in 1852 and is known for its focus on retail banking, including mortgages, credit cards, and personal loans. It is a universal bank that offers a wide range of financial products and services to individuals, small businesses, and large corporations, including investment banking, asset management, wealth management, retail banking, commercial banking, and more.
In conclusion, the top 10 largest banks in the United States are JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, State Street Corporation, U.S. Bancorp, and PNC Financial Services. These banks are among the largest and most influential financial institutions in the world, offering a wide range of financial products and services to individuals, small businesses, and large corporations.
