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Top 10 Banks in the United States of America (USA)

Updated on May 31, 2024
Article byWallstreetmojo Team
Edited byAaron Crowe
Reviewed byDheeraj Vaidya, CFA, FRM

Overview of Banks in the United States of America

In December 2011, the five biggest banks in the United States of America accounted for 56% of the total economy. So you can imagine how big the US banking sector is from these numbers.

After the financial crisis, the biggest banks have become so big that these banks’ total assets are $11.9 trillion. The top 10 banks acquired $11.9 trillion in the United States of America. It will be a huge affair if we combine all the US banks’ assets. Even if the finance industry accounted for just 10% of total non-farm profits in 1947, it has grown leaps and bounds after 50 years. In 2010, the finance industry accounted for 50% of total non-farm profits.

Structure of Banks in the United States of America

The US banking system is quite different from most countries in the world. There are very small numbers of large banks (around 20 to 50), and there are huge numbers of small banks (5,000 to 10,000).

We will see a significant difference if we compare the US and Canadian banking systems. For example, Canada has five major banks (Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, and Toronto-Dominion Bank) and around 200 small to medium banks and trusts.

In the last 40 years, the US banking structure has undergone major economic melt-downs, mortgage booms to bust cycles, etc. The top 5 banks for the previous few years which inter-change their places every year among the top 10 positions are Bank of America Corporation, Citigroup Inc., JPMorgan Chase & Co., U.S. Bancorp, Wells Fargo & Co.

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Top Banks in the United States of America

Let us look at the top 10 banks of the US in terms of total assets acquired in the recent years – 2019, 2020, or 2021: –

Top-Banks-in-United-state-of-America

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#1. JPMorgan Chase & Co.:

JP Morgan Chase & Co. is the largest bank in the United States of America regarding total assets acquired. In 2021, the total assets acquired by this bank were $3.76 trillion. The headquarter of this bank is located in New York. JPMorgan Chase & Co. employed around 255,351 employees in 2020. At the end of 2020, the revenue and the operating income were $119.54 billion and $35.40 billion, respectively. It is also the world’s sixth-largest bank in total assets acquired.

#2. Bank of America

Bank of America is the second-largest bank in the United States of America regarding total assets acquired. At the end of 2020, the total assets acquired by this bank were $3.17 trillion. The headquarter of this bank is located in Charlotte. Bank of America has employed around 200,000 employees. In 2020, the revenue and the net incomes were $85.52 billion and $17.89 billion, respectively. In 2016, it got the 11th position in the list of the world’s largest companies on Forbes Magazine Global 2000.

#3. Wells Fargo & Co.:

Wells Fargo & Co. is the third-largest bank in the United States of America regarding total assets acquired. In 2020, the total assets acquired by this bank were $1.955 trillion. The head-quarter of this bank is situated in San Francisco. Wells Fargo & Co. has employed around 268,800 employees. At the end of 2020, the revenue and the operating incomes were $72.34 billion and $581 million, respectively. In July 2015, Wells Fargo & Co. became the world’s largest bank in market capitalization.

#4. Citigroup Inc.:

Citigroup Inc. is the fourth largest bank in the United States of America regarding total assets acquired. In 2020, the total assets acquired by this bank were $2.260 trillion. The headquarter of this bank is located in New York. Citigroup Inc. has employed around 210,000 employees. At the end of 2020, the revenue and the operating incomes were $74.3 billion and $13.6 billion, respectively. In 2016, Citigroup Inc. was the 29th largest company on the Fortune 500 list.

#5. The Goldman Sachs Group, Inc.:

The Goldman Sachs Group, Inc. is the fifth-largest bank in the United States of America regarding total assets acquired. In 2020, the total assets acquired by this bank were $1.2 trillion. The headquarter of this bank is located in New York. Goldman Sachs Group has employed around 40,500 people. At the end of 2020, the revenue and the operating incomes were $44.6 billion and $12.5 billion, respectively. It was one of the oldest banks in the US. It was established in 1869, around 153 years ago.

#6. Morgan Stanley:

Morgan Stanley is the sixth-largest bank in the United States of America regarding total assets acquired. At the end of 2020, the total assets acquired by this bank were $1,118 billion. The headquarter of this bank is located in New York. Morgan Stanley has employed around 68,097 people. In 2020, the revenue and the operating income were $48.2 billion and $13.648 billion, respectively. It was established in 1935, around 87 years ago.

#7. U.S. Bancorp:

U.S. Bancorp is the seventh-largest bank in the United States of America regarding total assets acquired. At the end of 2021, the total assets acquired by this bank were $573.284 billion. The headquarter of this bank is situated in Minneapolis. U.S. Bancorp employed around 70,000 people in 2019. At the end of 2021, the revenue was $22.724 billion, and the operating incomes were $8.105 billion in 2016. It was established in the year 1968, around 54 years ago.

#8. PNC Financial Services Group, Inc.:

PNC Financial Services Group, Inc. is the eighth largest bank in the United States of America regarding total assets acquired. At the end of 2021, the total assets acquired by this bank were $560 billion. The headquarters of this bank is located in Pittsburgh. PNC Financial Services employed around 62,418 people in 2021. At the end of 2020, the revenue and the net income were $16.901 billion and $7.558 billion, respectively. It is one of the oldest banks in the US. It was established in 1845, around 177 years ago; it started operating in 1852.

#9. The Bank of New York Mellon Corporation:

The Bank of New York Mellon Corporation is the ninth-largest bank in the United States of America regarding total assets acquired. At the end of 2019, the total assets acquired by this bank were $381.50 billion. The headquarter of this bank is situated in New York. Bank of New York Mellon has employed around 48,400 employees. At the end of 2019, the revenue and the operating incomes were $20.82 billion and $5.58 billion, respectively. Its predecessor was one of the oldest banks in the U.S. The Bank of New York Mellon Corporation was founded in 1784, almost 238 years ago. On the other hand, Mellon Financial is relatively new; it was founded 15 years ago.

#10. Capital One Financial Corporation:

Capital One Financial Corporation is the tenth largest bank in the United States of America regarding total assets acquired. At the end of 2020, the total assets acquired by this bank were $421.602 billion. The headquarter of this bank is located in McLean. Capital One Financial has employed around 51.985 employees. At the end of 2020, the revenue and the operating income were $26.033 billion and $3.203 billion, respectively. It is relatively a new bank, established in 1994, just 28 years ago.

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