1. JPMorgan Chase & Co., 2. Bank of America, 3. Wells Fargo, 4. Citibank, 5. US Bancorp, 6. Truist Financial Corporation, 7. PNC Financial Services Group, 8. TD Group US Holdings, 9. Bank of New York Mellon, 10. Capital One. 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 goods 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 tens of thousands of locations, while others operate mostly (if not entirely) online. These banks are all FDIC-insured.The top ten largest banks in the United States are listed here, in order of asset size.
- JPMorgan Chase & Co.
- Bank of America
- Wells Fargo
- US Bancorp
- Truist Financial Corporation
- PNC Financial Services Group
- TD Group US Holdings
- Bank of New York Mellon
- Capital One
JPMorgan Chase & Co.
JPMorgan Chase is the largest and oldest bank in the United States, with 4,878 domestic locations, 33 international branches, and more than 257,000 employees globally. Consumer and investment banking, commercial banking, credit cards, and asset management are among the company’s core offerings.
Chase Bank, the company’s consumer banking subsidiary, is expanding its network in major areas and attracting younger consumers through digital banking services. JPMorgan Chase is also well-known for investing heavily in banking technology. It spent $11.4 billion on technology in 2019 to accommodate its expanding number of mobile consumers.
Headquarters: New York, NY
Assets: $3.21 trillion
Domestic Branches: 4,878
Bank of America
With $2.35 trillion in assets, Bank of America is the second-largest financial organization in the United States. It handles around 10.73 percent of all bank deposits in the United States and specializes in commercial banking, wealth management, and investment banking.
Bank of America, which was founded in 1784 and is headquartered in Charlotte, North Carolina, currently serves clients all over the world through over 5,000 financial retail locations. With approximately 208,000 employees, Bank of America is one of the largest corporations in the United States. It bought Merrill Lynch in 2008, making it the world’s largest wealth manager.
Merrill Lynch was bought by BAC in 2008, making it the world’s largest wealth manager. It is a component of the S&P 500 Index and the Dow Jones Industrial Average and is traded on the New York Stock Exchange (NYSE).According to recent data, Bank of America’s total asset balance is around $2.35 trillion. BofA, which is also one of the largest wholesale lenders in the United States, originated over 184,000 loans worth $78 billion in 2020.
Headquarters: Charlotte, NC
Assets: $2.32 trillion
Domestic Branches: 4,238
Wells Fargo is following in the footsteps of its biggest competitors by focusing on millennials with mobile banking services. Before enrolling into the app, consumers may utilize Pay with Wells Fargo to access their most frequently used payment options. Greenhouse, a Wells Fargo app, also helps consumers streamline their bills and keep track of their spending.
Wells Fargo, which was founded in 1852, has the most domestic branches of any bank in the country. Despite its efforts to consolidate and close offices, the bank still has the most branches of any bank in the country. Wells Fargo has launched a savings app and a mobile banking app for millennials in addition to its main app. After a series of missteps, the bank has rebranded and is focusing on mending its strained relationship with customers. Read Bankrate’s Wells Fargo review. It also employs 268,000 people and has 13,000 ATMs that serve around 80% of the country’s population.
Wells Fargo has been restructuring its operations over the last year to focus on industries with great revenue-generating potential, such as credit cards. According to Bloomberg, Wells Fargo introduced a new suite of Visa credit cards in response to its competitors, including a joint card from PayPal and Synchrony Financial, as well as Citigroup’s Double Cash. Wells Fargo’s position as a prominent bank has been boosted by its entry into the contactless payment sector, especially in light of the epidemic. Contactless credit and debit cards help attract customers who prefer digital banking methods, with 78 percent of the top 100 US shops allowing contactless transactions—and 44 percent of US consumers prefer contactless payments, according to Insider Intelligence.
Assets: $1.77 trillion
Domestic Branches: 5,033
Kiplinger’s Personal Finance has awarded Citibank the “Best Bank for High-Net-Worth Families” for the fourth year in a row. Customers who have $200,000 in deposit, retirement, or investment accounts are eligible for the bank’s Citigold Package.
Citi also grabbed the top rank for digital money management tools, according to Insider Intelligence’s Mobile Banking Competitive Edge Study. Citi has cemented its position as one of the finest banks in the United States by offering five of the category’s seven in-platform features, including the option to check recurring charges and see a financial health score.
According to Michael Naggar, chief digital officer of Citibank’s US consumer bank, the future of growth is all about ensuring “that every product we produce at Citi is digital first.” “Today, digital implies digitizing transactions that were formerly handled by call centers and branches. Our objective, though, is to integrate analog and digital such that no one can tell where one stops and the other begins.”
Citigroup is considering introducing crypto services, including as financing, trading, and custody, in response to growing client demand.
Headquarters: Sioux Falls, SD
Assets: $1.68 trillion
Domestic Branches: 697
Due to its dedication to compete with digital giants pushing their way into the banking business, U.S. Bancorp, the parent company of U.S. Bank National Association, earned a position on the list of top US banks.
With Facebook, Amazon, Apple, and Google all declaring plans to enter the financial services market, U.S. Bancorp opted to invest in its own technologies. The bank intends to cooperate with fintechs in order to preserve competitive banking technology, according to Terry Dolan, the company’s chief financial officer. US Bancorp, formerly known as the First National Bank of Cincinnati, commenced operations in 1863. US Bancorp’s enormous branch network and digital solutions are the result of several bank and financial group mergers.
The organization also offers home loans, asset management, and payment services in addition to retail and investment banking. This commercial bank is also the parent firm of US Bank, which employs over 70,000 people and has 4,200 ATMs mostly in the West and Midwest.
Headquarters: Minneapolis, MN
Assets: $542.57 billion
Domestic Branches: 2,346
Truist Financial Corporation
Truist Bank arose from the combination of Branch Banking and Trust Company (BB&T) and SunTrust in 2019. These were the 11th and 12th largest banks in terms of total assets at the time.
The bank now has over 2,000 branches in Washington, D.C., and 15 other states. Personal and commercial banking, asset management, real estate and mortgage loans, securities brokerage, and insurance products are among the company’s major business divisions.
Truist, like the majority of the other banks on our list, offers a wide range of digital banking services, such as Zelle mobile payments, remote check deposits, and online bill payment.
Assets: $506.47 billion
Domestic Branches: 2,557
PNC Financial Services Group
PNC Bank is a leading bank in the United States because it provides consumers with specific benefits and services while also producing unique products. PNC began introducing mobile payment alternatives to Visa business cardholders in 2017, allowing them to use popular mobile wallets such as Apple Pay.
PNC also trialled credit cards with card verification values that renew on a regular basis in 2019 in the goal of reducing fraud. Due to the restricted number of permutations, fraudsters may readily predict three-digit CVV codes; however, altering CVVs on a regular basis makes stolen data less useful.
PNC recently responded to the development of digital banking by introducing solution centers, which house self-service technologies including video teller machines, ATMs, and mobile workstations while in-person personnel assists with more complicated requirements. A great method that corresponds nicely with customer preferences is the hybrid approach. Customers will be less inclined to visit branches to handle accounts (6 percent) or check balances once the epidemic has passed, according to a 2020 KPMG poll (8 percent ).
Headquarters: Pittsburgh, PA
Assets: $469.30 billion
Domestic Branches: 2,208
TD Group US Holdings
TD Bank is TD Bank Group’s domestic commercial banking subsidiary, based in Toronto, Canada. Its branches are typically found along the East Coast of the United States. It provides a diverse range of financial services, including deposit accounts, mortgages, credit cards, and small business services.
TD Bank, which bills itself as “America’s Most Convenient Bank,” boasts a robust digital banking platform. It has artificial intelligence-powered customer care chatbots, for example (AI). This minimizes phone traffic and speeds up the response time to client inquiries.
TD Bank has grown to become one of the major banks in the United States as a result of its incorporation of artificial intelligence and the use of digital technologies. As they advertise, “America’s most convenient bank” collaborated with KAI Consumer Banking to bring Clari, an AI-powered chatbot, to Canada. Clari responds to consumers’ inquiries through text message and informs them when their credit card payments are due or how much they spent at a certain retailer. Clari’s success in Canada will likely persuade TD Bank to establish a chatbot for its US locations, as chatbots reduce phone volume.
In another collaboration, the corporation paired up with fintech firm Amount to use its digital lending technology, which includes fraud detection and account verification capabilities.
Assets: $411.62 billion
Domestic Branches: 1,224
Bank of New York Mellon
Alexander Hamilton, the first Secretary of the Treasury, was a co-founder of the Bank of New York in 1784. T. Mellon and Sons, a Pittsburgh institution that funded the steel and gasoline industries, merged with Bank of New York Mellon (BNY Mellon) to form Bank of New York Mellon (BNY Mellon). BNY Mellon is the country’s oldest financial firm, thanks to its lengthy history. It has branches in 29 U.S. cities, Washington, D.C., and three countries, with total assets of $384 trillion (Dubai, Grand Cayman and England). BNY Mellon Wealth Management, a division of BNY Mellon, provides investment management services.
BNY Mellon, or Bank of New York Mellon, is an investment banking services holding company and one of the United States’ oldest banking firms. BNY Mellon was formed in 2007 when The Bank of New York and Mellon Financial Corporation merged to become BNY Mellon. It provides corporate and individual investment services, as well as private banking services for high-net-worth individuals.
Assets: $383.94 billion
Domestic Branches: 2
Capital One made the top 100 US banks list, owing to its continued commitment to digital transformation. Capital One’s IT personnel grew from 2,500 in 2011 to 9,000 in 2019, allowing the company to introduce Eno, an AI-powered chatbot akin to Bank of America’s Erica.
Despite a massive data breach in mid-2019, the bank ranked #1 in our Banking Digital Trust Report, with top scores in all six trust pillars: security, privacy, reputation, dependability, simplicity of use, and feature breadth. Capital One’s excellent marks are likely due to the company’s recent large-scale cloud migration, which has enhanced service continuity and enabled updates, as well as reinforced security policies that have helped to improve consumer perceptions.
In 2019, Capital One purchased fintech United Income, a digital platform that provides financial management services to persons approaching retirement. Fintech blends technology skills with human aspects, such as offering access to a team of wealth managers, making it appealing to customers who still want to engage with people.
Headquarters: McLean, VA
Assets: $369.91 billion
Domestic Branches: 372