While US banking saw a challenging 2023, faced with volatile economic headwinds and high interest rates – the market's largest institutions still sit at the pinnace of the global banking industry.
In this Top 10, we look at the leading US banks by total assets, as of Q1 2024.
10. TD Bank
Total assets: US$366bn
Based across the East and Northeast Coast, TD Bank is one of the largest US banks today with US$366bn in assets. A subsidiary of Canada’s Toronto-Dominion Bank, TD Bank’s roots stretch back 150 years, and, today, it serves 10 million local customers. With over 1,200 branches across the East Coast, TD remains committed to providing in-person banking services alongside online banking and other digital offerings.
9. Capital One
Total assets: US$468bn
Founded by Richard Fairbank and Nigel Morris – the latter now of QED Investors – in 1988, Capital One is a well-known institution specialising in credit cards. Primarily based online, Capital One’s hybrid approach with limited in-person presence has seen it attract a modern, digital-enabled customer base since its founding. The bank has recently announced plans to acquire Discover Financial in a landmark US$35.3bn deal, which would be one of the largest M&A deals in recent years and bring together America's two leading credit card companies.
8. Truist
Total assets: US$535bn
Indeed, it was another merger that created our eighth entry, Truist. Created in 2019 after BB&T and SunTrust Bank combined, Truist has a total of US$535bn in assets under its wing, with 2,000 branches across the US’s East and Southern regions. Led by experienced financial services leader William ‘Bill’ Rogers, Truist champions in-person banking with over 3,000 ATMs in addition to its 2,000 branches making it widely available in brick-and-mortar locations.
7. Goldman Sachs Bank
Total assets: US$538bn
Owned by Goldman Sachs, Goldman Sachs Bank specialises in investment banking and has US$538bn in total assets today. It has close ties to Marcus by Goldman Sachs, the online banking arm of the financial giant. Marcus by Goldman Sachs is positioned as a digital challenger bank, offering online savings accounts, no-fee personal loans for retail customers and a checking account. Since its creation, it has also introduced a consumer credit card in conjunction with Apple and launched a dedicated mobile banking app.
6. PNC Bank
Total assets: US$553bn
Pennsylvania’s most popular bank, PNC has US$553bn in total assets and operates over 2,600 branches nationwide. A subsidiary of PNC Financial Services Group, PNC offers financial services offerings through both personal and business lines, including checking options, credit cards, savings, home loans, retirement and auto loan options. Championing ‘boring banking’, PNC lives by the mantra that the safest financial plan is often the smartest one – regularly giving its customers financial advice via its website.
5. U.S. Bank
Total assets: US$657bn
Operated by its Minneapolis-based parent company U.S. Bancorp, U.S. Bank has achieved rapid growth in recent years through a series of acquisitions. One of the most notable deals in recent times was U.S. Bank’s deal to acquire MUFG Union Bank’s consumer business for US$8bn in 2021, its most significant M&A action since it merged with Firstar Corp for US$21bn (~US$35bn 2024) in 2001. With US$657bn in total assets today, U.S. Bank has gradually scaled to become the US’s fifth largest bank, operating over 2,300 branches nationwide.
4. Citibank
Total assets: US$1.6tn
One of the US’ foremost financial institutions, the 1812-founded Citibank – formerly City Bank of New York – has had its finger on the pulse of US financial services for generations, from helping pioneer the first ATM to leading the charge to digital transformation today. CEO Jane Fraser, one of the leading women in financial services, recently spoke about the importance of embracing and capitalising on Gen AI in finserv, as more fintechs begin rolling out core banking Gen AI solutions to support financial organisations. With US$1.6tn in total assets, Citibank is one of four leading US banks with over US$1tn in assets, and a leader in pioneering new banking innovations in an era of digital transformation.
3. Wells Fargo
Total assets: US$1.8tn
The US’s leading bank on the West Coast, Wells Fargo is one of the US’s most widely available banks with 7,300 branches and 12,000 ATMs nationwide, looking after around US$1.8tn in total assets. Headquartered in San Francisco, the bank has developed a robust online banking division in recent years, as part of its mission to meet customer needs and foster financial success. Since its founding in 1852, Wells Fargo has grown into a US banking behemoth, now serves one in three US households, and has expanded into 40 countries and territories.
2. Bank of America
Total assets: US$2.4tn
As one of the US’s leading financial institutions and among the world's largest, Bank of America’s clientele is vast – from personal accounts covering a range of product offerings and business accounts serving startups all the way up to large-scale enterprises. In fact, its customer count stands at a massive 56 million consumers and businesses. One of America’s original financial organisations, Bank of America has roots stretching back 240 years. The bank manages US$2.4tn of assets and is considered an economically important institution globally, providing insights into the global macroeconomic environment. As well as its full banking services, Bank of America offers investment and wealth management options through Merrill (formerly Merrill Lynch). A standout for relationship banking today, Bank of America offers a range of rewards and perks for those that qualify through its Preferred Rewards programme.
1. JPMorgan Chase
Total assets: US$3.38tn
JPMorgan Chase & Co stands as North America's largest bank with assets totalling US$3.67tn. Its roots trace back over 200 years to 1799, though the current entity emerged in 2000 through the generational merger of JPMorgan and Chase Manhattan Corporation. JPMorgan encompasses asset management and investment banking, while Chase represents its consumer banking division with nearly 5,000 branches. The institution employs approximately 290,000 individuals worldwide. In 2023, JPMorgan ascended three positions to claim the top spot in the 20th edition of the Forbes Global 2000 list, which ranks firms based on sales, profit, assets and market value. With close to US$3.4tn in total assets, JPMorgan Chase is also the world’s largest financial institution, and is perhaps the most economically important institution outside of central banks.
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