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

Overview of Banks in the United States of America

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

After the financial crisis, the biggest banks have become so bigger than the total assets acquired by these in banks are US $11.9 trillion. The amount US $11.9 trillion is acquired by the top 10 banks in the United States of America. If we add up all the assets of all the US banks put together, it would be a huge affair. Even if the finance industry accounted for just 10% of total non-farm profits in the year 1947, after 50 years down the line, it has grown leaps and bounds. In the year 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 than most of the countries in the world. In the US banking system, 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).

If we compare the US banking system with the Canadian banking system we will see a significant difference. For example, Canada has 5 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 gone through some major changes like economic melt-down, mortgage booms to bust cycles, etc. The top 5 banks for the last 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.

Top Banks in the United States of America

Let’s look at the top 10 banks of the US in terms of total assets acquired at the end of June 2017 –

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#1. JPMorgan Chase & Co.

This is the largest bank of the United States of America in terms of total assets acquired. At the end of June 2017, the total assets acquired by this bank were the US $2,563.17 billion. The head-quarter of this bank is located in New York. JPMorgan Chase & Co has employed around 251,503 employees. At the end of the year 2016, the revenue and the operating income were US $95.668 billion and the US $34the .536 billion respectively. It is also the world’s sixth-largest bank in terms of total assets acquired.

#2. Bank of America

This is the second-largest bank of the United States of America in terms of total assets acquired. At the end of June 2017, the total assets acquired by this bank were the US $2,254.53 billion. The head-quarter of this bank is located in Charlotte. Bank of America has employed around 208,000 employees. At the end of the year 2016, the revenue and the net income were US $89.701 billion and the US $17.906 billion respectively. In the year 2016, it has got the 11th position in the list of world’s largest companies on Forbes Magazine Global 2000.

#3. Wells Fargo & Co.

This is the third-largest bank of the United States of America in terms of total assets acquired. At the end of June 2017, the total assets acquired by this bank were the US $1,930.87 billion. The head-quarter of this bank is situated in San Francisco. Wells Fargo & Co. has employed around 268,800 employees. At the end of the year 2016, the revenue and the operating income were US $88.26 billion and the US $32.12 billion respectively. In July 2015, Wells Fargo & Co. had become the world’s largest bank in terms of market capitalization.

#4. Citigroup Inc.

This is the fourth largest bank of the United States of America in terms of total assets acquired. At the end of June 2017, the total assets acquired by this bank were the US $1,864.06 billion. The head-quarter of this bank is located in New York. Citigroup Inc. has employed around 219,000 employees. At the end of the year 2016, the revenue and the operating income were US $69.87 billion and the US $21.47 billion respectively. In the year 2016, Citigroup Inc. was the 29th largest company in the Fortune 500 list.

#5. Goldman Sachs Group

This is the fifth-largest bank of the United States of America in terms of total assets acquired. At the end of June 2017, the total assets acquired by this bank were the US $906.518 billion. The head-quarter of this bank is located in New York. Goldman Sachs Group has employed around 34,400 people. At the end of the year 2016, the revenue and the operating income were US $37.71 billion and US $10.30 billion respectively. It was one of the oldest banks in the US. It was established in the year 1869, around 148 years ago.

#6. Morgan Stanley

This is the sixth-largest bank of the United States of America in terms of total assets acquired. At the end of June 2017, the total assets acquired by this bank were the US $841.016 billion. The head-quarter of this bank is located in New York. Morgan Stanley has employed around 55,311 people. At the end of the year 2016, the revenue and the operating income were US $37.95 billion and the US $8.85 billion respectively. It was established in the year 1935, around 82 years ago.

#7. US. Bancorp

This is the seventh-largest bank of the United States of America in terms of total assets acquired. At the end of June 2017, the total assets acquired by this bank were the US $463.844 billion. The head-quarter of this bank is situated in Minneapolis. U.S. Bancorp has employed around 71,191 people. At the end of the year 2016, the revenue and the operating income were US $21.494 billion and the US $8.105 billion respectively. It was established in the year 1968, around 49 years ago.

#8. PNC Financial Services:

This is the eighth largest bank of the United States of America in terms of total assets acquired. At the end of June 2017, the total assets acquired by this bank were the US $372.190 billion. The head-quarter of this bank is located in Pittsburgh. PNC Financial Services has employed around 49,360 people. At the end of the year 2016, the revenue and the net income were US $16.423 billion and US $3.903 billion respectively. It is one of the oldest banks in the US. It was established in the year 1845, around 172 years ago; it started operating since 1852.

#9. Bank of New York Mellon:

This is the ninth-largest bank of the United States of America in terms of total assets acquired. At the end of June 2017, the total assets acquired by this bank were the US $354.815 billion. The head-quarter of this bank is situated in New York. Bank of New York Mellon has employed around 52,000 employees. At the end of the year 2016, the revenue and the operating income were US $15.237 billion and the US $4.725 billion respectively. Its predecessor was one of the oldest banks in the US. Bank of New York was founded in 1784, almost 233 years ago. Mellon Financial is relatively new, it was founded just 10 years ago.

#10. Capital One Financial:

This is the tenth largest bank of the United States of America in terms of total assets acquired. At the end of June 2017, the total assets acquired by this bank were the US $350.593 billion. The head-quarter of this bank is located in McLean. Capital One Financial has employed around 47,300 employees. At the end of the year 2016, the revenue and the operating income were US $25.501 billion and the US $5.80 billion respectively. It is relatively a new bank, established in 1988, just 29 years ago.

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