The Biggest Banks in the United States
With the advancement in internet banking, mobile banking and other digital technologies, the banking industry has been transformed. Banks and financial institutions have not only made transactions easier but also enabled customers to get access to more banking services than before. While technology has drastically changed the way people use banking services, Bank size is still a factor to consider when choosing a bank. Bigger banks have a higher number of financial products and services, higher capital base, more branches and ATMs, etc., Though the list of big banks keeps changing, there are still some banks that are considered to be the biggest banks in the United States.
What is a Big Bank and which Banks are Considered Big?
A big bank or a large bank is a financial institution that has a high amount of total assets. Biggest banks have more resources in terms of capital base, technology, number of customers, branches, etc., and therefore they can offer a variety of products and services including mortgages, retail and corporate banking, loan and deposit products, insurance, asset management, and more.
The top 10 banks in the US are considered to be the biggest banks. They are JPMorgan Chase and Co., Bank of America, Wells Fargo, Citigroup, US Bank, Bank of New York Mellon, Goldman Sachs, Morgan Stanley, PNC Bank, and TD Bank.
JPMorgan Chase & Co.
JPMorgan Chase & Co. is the largest bank in the US with a total asset of $2.73 trillion. It is a multinational investment bank and financial services company headquartered in New York City. The company offers various products and services such as consumer banking, corporate and investment banking, commercial banking, home mortgages, asset and wealth management, consumer lending, ATM banking, credit cards, and more.
Bank of America
Bank of America is the second largest bank in the US with total assets of $2.35 trillion. It is a national multinational investment bank headquartered in Charlotte, North Carolina. It offers banking services such as consumer banking, commercial banking, wealth management, retail banking, mortgages, insurance, online banking, and numerous credit and debit cards.
Wells Fargo
Wells Fargo is the third biggest bank in the US with a total asset of $1.95 trillion. It is a multinational financial services company that provides banking, investment, mortgage, and consumer/commercial finance services. It also offers a wide range of products and services such as consumer banking, commercial banking, asset management, credit cards, payments, loans, insurance, and more.
Citigroup
Citigroup is the fourth largest bank in the US with a total assets of $1.89 trillion. It is a multinational financial services corporation based in New York City. It provides a wide range of banking products and services including consumer banking, corporate banking, investment banking, wealth management, retail banking, mortgages, credit cards, and more.
US Bank
US Bank is the fifth biggest bank in the US with total assets of $468 billion. It is headquartered in Minneapolis, Minnesota and provides banking products and services such as consumer banking, commercial banking, mortgages, credit cards, online banking, loans, investments, insurance, and more.
Bank of New York Mellon
Bank of New York Mellon is the sixth largest bank in the US with a total asset of $456 billion. It is a financial services company headquartered in New York City and provides products and services such as banking, asset and wealth management, corporate trust, securities services, etc.
Goldman Sachs
Goldman Sachs is the seventh biggest bank in the US with a total asset of $405 billion. It is a multinational investment banking firm based in New York City and offers services such as underwriting, investment banking, asset management, securities services, merchant banking, and more.
Morgan Stanley
Morgan Stanley is the eighth biggest bank in the US with a total asset of $392 billion. It is a multinational investment banking and financial services firm based in New York City. Its services include investment banking, wealth management, securities products and services, asset management, commercial banking, institutional brokerage services, and more.
PNC Bank
PNC Bank is the ninth largest bank in the US with a total asset of $366 billion. It is a regional bank based in Pittsburgh, Pennsylvania and provides a variety of services such as consumer banking, corporate banking, mortgages, credit cards, wealth management, capital markets, and more.
TD Bank
TD Bank is the tenth largest bank in the US with a total assets of $229 billion. It is a Canadian based multinational bank headquartered in Toronto, Ontario and provides banking services such as consumer banking, commercial banking, small business banking, investing, finance and loan products.
There are many large banks operating in the United States, each offering various products and services. The top 10 largest banks in the US are JPMorgan Chase & Co., Bank of America, Wells Fargo, Citigroup, US Bank, Bank of New York Mellon, Goldman Sachs, Morgan Stanley, PNC Bank, and TD Bank. The size of a bank has a direct relation to its capital base, therefore, it is important to choose a larger bank to get access to more products and services and financial stability.
