10 LARGEST US BANKS
Today, I will provide information related to the largest banks in the United States and some important information related to them.
By important information, I refer to the details such as total assets, market cap, countries served, products & services, etc.
Before getting to that, let us have a look at the general information related to some important definitions.
Disclaimer: All the details I provide within this article are up to date while writing this and are subject to changes by the time you read this.
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Total Assets and Net Worth
The term “total assets” refers to the value of all the assets held by a person, business, or entity.
As we are talking about banks, the total assets are the assets held by a banking institution. This term is usually used in the assessment of net worth and debt covenants.
While calculating total assets, the amount of depreciation related to such assets is subtracted.
Net worth is the amount calculated by subtracting the total liabilities of a company from the total assets that it owns.
In simple terms, net worth is the monetary value that an entity would have if all of its debts were paid off.
Assets Under Management (AUM)
Assets under management (AUM) is a term that refers to the total market value of all the assets managed by a financial institution or individual.
These assets are managed on behalf of a client (investor) or for themselves.
These assets can include stocks, bonds, mutual funds, real estate, and other types of investments.
An institution or an individual who manages assets for clients is often called an asset manager.
Assets under management is an important metric that can be used to evaluate the size and success of an asset management business.
The greater the assets under management, the more resources available to the asset manager to invest as well as the greater the potential for earning fees.
How do banks generate revenue?
Banks generate revenue in a multiple methods, including:
Interest income
Banks make money by charging interest on loans they provide to customers making it one of the popular methods of revenue.
The interest rate charged by the bank is higher than the rate at which the bank borrows money, which is known as the cost of funds.
Non-interest income
Banks generate revenue from fees charged for services like accounts, overdrafts, ATM usage, wire transfers, and credit cards.
Banks may also charge fees for services like investment advice, wealth management, and insurance.
Trading and investment income
The above mentioned methods are two common ways that a bank generates revenue.
Additionally, banks invest in financial markets and earn income from buying and selling securities, commodities, and other financial instruments.
This income is associated with high volatility and is often influenced by market conditions and economic trends.
Commission income
Banks earn commissions by acting as intermediaries between buyers and sellers of financial products, such as stocks, bonds, and derivatives.
Foreign exchange income
Banks earn income from currency exchange transactions, such as buying and selling foreign currency.
For instance, when you are sending money from one country to another, you will be charged a currency conversion fee.
Asset management income
Banks earn income by managing the assets of clients, such as mutual funds, hedge funds, and pension funds.
Overall, banks generate revenue by using their expertise in finance to help customers manage their money and invest in various financial instruments.
They earn money by charging interest and fees, investing in financial markets, and providing financial services to clients.
Largest Banks in the US
Now, let us have a look at the largest banks in the US along with some important information related to them.
JPMorgan Chase & Co. (NYSE: JPM)
Total Assets: $3.31 trillion
Total Deposits: $2.5 trillion (approx.)
Headquarters: New York City, New York
Countries served: more than 100
Branches in the US: 5,100
ATMs: more than 17,000 in the US
Market Cap: $418.43 billion (27 Feb. 23)
Share Price: $142.16 (27 Feb. 23)
Revenue in 2022: $128.67 billion
JPMorgan Chase & Co. is an American company that specializes in investment banking and financial services.
The headquarters of this banking giant is located in New York City, New York.
Comparatively, It is one of the largest banks in the world by total assets, with operations in over 100 countries.
The company’s history dates back to 1799 through the founding of the Bank of The Manhattan Company.
Later, this went on and became J.P. Morgan & Co. in the year 1871.
Today, JPMorgan Chase & Co. operates under various divisions that include:
— Asset Management
— Wealth Management
— Commercial Banking
— Consumer Banking
— Community Banking
— Corporate Banking
— Investment Banking
— Card Services
By the end of 2022, JPMorgan Chase & Co had total assets of approximately $3.31 trillion and employed over 250,000 people worldwide.
JPMorgan Chase & Co is also recognized for its corporate social responsibility initiatives.
This includes efforts to support sustainable finance, promote economic growth and development, and promote diversity and inclusion in the workplace.
Bank of America Corp
Total Assets: $2.41 trillion
Total Deposits: $2.03 trillion (approx.)
Headquarters: Charlotte, North Carolina
Countries served: around 35 countries
Branches in the US: 3,900+ (approx.)
ATMs: 16,000 (approx.) in the US
Market Cap: $273.82 billion (27 Feb. 23)
Share Price: $34.21 (27 Feb. 23)
Revenue in 2022: $94.95 billion
Bank of America is a multinational financial services corporation headquartered in Charlotte, North Carolina, USA.
It is among the largest banks in the United States and offers a wide range of banking and financial services.
The services of Bank of America Corp are targeted toward individuals, small businesses, corporations, and institutional investors.
Bank of America Corporation was formed in the year 1998 through the merger of NationsBank and Bank of America.
However, Bank of America has its roots dating back to 1904 when it was founded as the Bank of Italy in San Francisco by Amadeo Giannini.
Bank of America Corporation offers a range of financial services that include:
— Consumer Banking
— Business Banking
— Investment Banking
— Asset Management
— Wealth Management
Bank of America Corporation is one of the largest banks in the world, with over $2.41 trillion in assets by the end of 2022.
It operates in all 50 states in the US, as well as in over 35 countries globally.
Bank of America Corporation operates under several brand names such as Bank of America, Merrill Lynch, and U.S. Trust.
Bank of America Corporation is committed to promoting social and environmental responsibility through its operations and community investments.
It has set targets to reduce greenhouse gas emissions, promote sustainable finance, and support economic mobility and racial equity.
Ultimately, Bank of America Corporation is an industry-leading financial institution with a broad range of services and a commitment to responsible banking and corporate citizenship.
CitiGroup Inc. (NYSE: C)
Total Assets: $1.71 trillion
Total Deposits: $1.335 trillion (approx.)
Headquarters: New York
Countries served: around 160 countries
Branches in the US: 600+ (approx.)
ATMs: 2,300 (approx.) in the US, and adding to that, 60,000 surcharge-free ATM access through the MoneyPass network
Market Cap: $97.75 billion (27 Feb. 23)
Share Price: $50.47 (27 Feb. 23)
Revenue in 2022: $75.30 billion
Citigroup Inc. is a global financial service provider headquartered in New York City, USA.
It is one of the largest banks in the US and in the world and offers a range of financial services to individuals, small businesses, corporations, and institutional investors.
Citigroup was formed in 1998 through the merger of Citicorp and Travelers Group and has its roots in the City Bank of New York founded in 1812.
Citigroup offers a range of financial services that include (but are not limited to):
— Consumer Banking
— Corporate Banking
— Investment Banking
— Securities Brokerage
— Wealth Management
It is one of the largest banks in the world with over $1.71 trillion in assets by the end of 2022.
The operations of CitiGroup are carried out in over 160 countries and it is said to have more than 200 million customer accounts.
Citigroup operates under several brand names such as Citibank, Citi Private Bank, and CitiMortgage.
Citigroup is committed to promoting social and environmental responsibility through its operations and community investments.
It has set targets to reduce greenhouse gas emissions, promote sustainable finance, and support economic mobility and racial equity.
This company also provides online and mobile banking services that offer various banking services to its customers.
Some services include access to accounts, payment services, transfer of funds, etc., which can be done from computers or mobile devices.
Wells Fargo & Co
Total Assets: $1.71 trillion
Total Deposits: $1.434 trillion (approx.)
Headquarters: San Francisco, California
Countries served: around 30 countries
Branches in the US: 4,700 (approx.)
ATMs: 12,000+ (approx.) in the US
Market Cap: $177.48 billion (27 Feb. 23)
Share Price: $46.78 (27 Feb. 23)
Revenue in 2022: $73.78 billion
Wells Fargo & Co is a global financial services corporation headquartered in San Francisco, California, USA.
It is among the top ten largest banks in the United States and offers a range of financial services to individuals and other entities
Wells Fargo & Co was founded in 1852 as a bank and express delivery company in San Francisco during the California Gold Rush.
Gold Rush:The California Gold Rush was a significant event in the history of the United States that began in 1848 and lasted until 1855.
It started when gold was discovered in the Sierra Nevada foothills of Northern California.
This led to a massive influx of people from around the world to the region in search of fortune.
Wells Fargo grew rapidly over the next few decades through a series of mergers and acquisitions.
Wells Fargo & Co offers a wide range of financial services, which include:
— Consumer Banking
— Business Banking
— Investment Banking
— Asset Management
— Wealth Management
Wells Fargo & Co is one of the largest banks in the United States, with over $1.71 trillion in assets by the end of 2022.
The operations of this company are carried out in all 50 states in the US and it has a large international presence as well.
Wells Fargo & Co operates under several subsidiaries such as Wells Fargo Advisors, Wells Fargo Asset Management, and Wells Fargo Securities.
Wells Fargo & Co is committed to promoting social and environmental responsibility through its operations and community investments.
U.S. Bancorp (NYSE: USB)
Total Assets: $591.21 billion
Total Deposits: $484.19 billion (approx.)
Headquarters: Minneapolis, Minnesota
Countries served: N/A (13 according to some sources)
Branches in the US: 2,000 (approx.)
ATMs: 4,800+ (approx.) in the US, and adding to that, additional ATM services through the MoneyPass network
Market Cap: $72.58 billion (27 Feb. 23)
Share Price: $47.58 (27 Feb. 23)
Revenue in 2022: $24.18 billion
US Bancorp is an American bank holding company, which has its headquarters located in Minneapolis, Minnesota.
It provides a wide range of financial services that include banking, investment, mortgage, trust, and payment services.
By the end of 2022, US Bancorp had over 70,000 employees and more than 3,000 branches across 13 countries.
U.S. Bancorp operates through four business operations that include:
— Consumer Banking
— Business Banking
— Corporate Banking
— Commercial Banking
— Payment Services
— Wealth Management
— Investment Services
US Bancorp is consistently ranked among the largest banks in the United States by assets.
In 2022, the company reported total assets of $591.7 billion and earnings of $7.3 billion.
PNC Financial Services (NYSE: PNC)
Total Assets: $553.40 billion
Total Deposits: $444 billion (approx.)
Headquarters: Pittsburgh, Pennsylvania
Countries served: around 150 countries
Branches in the US: 2,600+ (approx.)
ATMs: 4,000+ (approx.) in the US, and adding to that, additional ATM services through the MoneyPass network
Market Cap: $63.03 billion (27 Feb. 23)
Share Price: $157.70 (27 Feb. 23)
Revenue in 2022: $21.14 billion
PNC Financial Services is a financial services company based in Pittsburgh, Pennsylvania, USA.
PNC Financial Services was founded in 1852 as the Pittsburgh Trust and Savings Company.
PNC has grown through several mergers and acquisitions over the years, including its acquisition of National City Corp in 2008.
The specific acquisition of National City Corp helped it increase its geographical footprint.
PNC offers a wide range of financial products and services, which include:
— Banking
— Lending
— Investment Management
— Wealth Management
— Asset Servicing
Apart from offering services to customers in the United States, PNC Financial Services also offers its services internationally.
By the end, PNC is among the top ten largest banks in the United States by assets, with total assets of over $553 billion.
PNC is also among the banks that have a strong commitment to sustainability and corporate responsibility.
It has set ambitious goals around reducing its carbon footprint, promoting diversity and inclusion, and supporting community development.
PNC has received numerous awards and recognitions over the years.
A major achievement of this banking institution is being named one of the World’s Most Admired Companies by Fortune magazine.
This financial institution was also named one of the Best Places to Work for LGBTQ Equality by the Human Rights Campaign.
Truist Financial (NYSE: TFC)
Total Assets: $534.19 billion
Total Deposits: $426.98 billion (approx.)
Headquarters: Charlotte, North Carolina
Branches in the US: 2,100+ (approx.)
ATMs: 4,000+ (approx.) in the US, and adding to that, additional ATM services through the MoneyPass network
Market Cap: $62.55 billion (27 Feb. 23)
Share Price: $47.14 (27 Feb. 23)
Revenue in 2022: $23.03 billion
Truist Financial is a financial services company based in Charlotte, North Carolina, USA.
It was formed through the merger of BB&T Corporation and SunTrust Banks, Inc. in 2019.
Truist Financial is among the top ten commercial banks in the United States by assets, with total assets of over $534 billion as of 2022.
Truist offers a wide range of financial products and services, which include:
— Banking
— Lending
— Investment Management
— Wealth Management
— Insurance
In addition to serving customers in the United States, Truist Financial offers its services internationally.
Truist, among some other large banks in the US, has a strong commitment to sustainability and corporate responsibility.
It has ambitious goals related to reducing its carbon footprint, promoting diversity, and supporting community development.
The merger of BB&T and SunTrust to form Truist was one of the largest bank mergers in US banking history.
This new company, i.e., Truist Financial, has a significant presence in many regions of the United States.
Goldman Sachs (NYSE: GS)
Total Assets: $513.91 billion
Total Deposits: $360.83 billion (approx.)
Headquarters: New York City, New York
Countries served: around 30
Branches in the US: 23 (approx.)
ATMs: N/A
Market Cap: $123.78 billion (27 Feb. 23)
Share Price: $365.53 (27 Feb. 23)
Revenue in 2022: $47.36 billion
Goldman Sachs is a global investment banking, securities, and investment management firm, which is headquartered in New York City, USA.
Goldman Sachs was founded in 1869 and has grown to become one of the largest and most influential investment banks in the world.
Goldman Sachs offers a wide range of financial products and services, which include:
— Investment Banking
— Securities Trading
— Asset Management
— Wealth Management
— Consumer Banking
Goldman Sachs primarily serves institutional clients such as corporations, governments, and high-net-worth individuals.
However, it also offers some retail banking services through its online bank, Marcus by Goldman Sachs.
Goldman Sachs is known for its expertise in financial markets and its high-profile involvement.
It is involved with many of the largest and most complex corporate and government transactions around the world.
However, Goldman Sachs has also been subject to criticism and controversy.
This controversy is related to its role in the global financial crisis of 2008 and its involvement in high-profile scandals such as the 1MDB scandal in Malaysia.
TD Bank (TSE: TD)
Total Assets: $394.33 billion
Total Deposits: $347.49 billion (approx.)
Headquarters: Cherry Hill, New jersey
Branches: 1,200 (approx.)
ATMs: 2,800+
Market Cap: $164.95 billion (27 Feb. 23)
Share Price: CAD90.55 (27 Feb. 23)
Revenue in 2022: $35.17 billion
TD Bank, N.A. (TD Bank) is the U.S. banking subsidiary of the Canadian multinational Toronto-Dominion Bank (TD Bank Group).
The headquarters of this bank is located in Cherry Hill, New Jersey, and it is one of the largest banks in the United States.
TD Bank has over 1,200 branches and over 2,800 ATMs across the United States, primarily along the East Coast, from Maine to Florida.
TD Bank’s financial products/services include:
— Personal Banking
— Business Banking
— Lending
— Credit Cards
— Insurance
— Investment Management
TD Bank is known for its convenience and customer service, with longer hours of operation and Sunday banking available in many locations.
TD Bank has received numerous awards and recognitions over the years.
This includes the bank being named one of the World’s Most Ethical Companies by the Ethisphere Institute.
Capital One Financial (NYSE: COF)
Total Assets: $391.81 billion
Total Deposits: $322.06 billion (approx.)
Headquarters: McLean, Virginia
Branches: 475 (approx.)
ATMs in the US: 800+
Market Cap: $164.95 billion (27 Feb. 23)
Share Price: $109.03 (27 Feb. 23)
Revenue in 2022: $34.25 billion
Capital One Financial Corporation is a diversified financial services company headquartered in McLean, Virginia, USA.
Capital One is one of the largest providers of credit cards in the US along with offering other financial products and services such as:
— Consumer Banking
— Commercial Banking
— Auto Loans
— Home Loans
Capital One operates over 475 branches and over 800 ATMs across the United States, primarily in the Northeast, South, and Midwest regions.
Capital One is known for its innovative and tech-focused approach to banking.
This company is said to be invested heavily in developing digital and mobile banking capabilities.
Capital One has received numerous awards and recognitions over the years.
Some of those achievements being named one of the World’s Most Admired Companies and Best Workplaces for Diversity.
However, the company has also faced controversy and legal challenges, particularly around its marketing and sales practices for credit cards and other products.
Bottom Line
All the information provided within this article is accurate and up to date at the time of writing this.
The main objective of this article is to provide a glimpse of the banking sector in the United States, which can be understood by the largest banks.
You should note that the parent companies, i.e., financial institutions responsible for the bank’s operations have been mentioned.
That being said, I strongly hope that the information provided in this article was helpful to you.
If you are looking for a financial expert to take care of your investment needs, then you are in the right place.
I offer high-net-worth services as well as expat wealth management services to my clients in many countries.
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