Top Biggest banks in the United States by assets

Last Updated on January 24, 2025 by admin

The landscape of the largest banks in the United States has evolved significantly over the past decade, with a notable increase in total assets. As of 2024, the top banks have amassed substantial asset holdings, reflecting both organic growth and strategic mergers and acquisitions.

The largest bank, JPMorgan Chase, leads the pack with total assets of approximately $3.5 trillion, showcasing its dominance in the financial sector. This growth trend is indicative of the broader consolidation within the banking industry, where the largest institutions continue to expand their asset bases

The ranking of the biggest banks in the United States is primarily determined by their total assets, which serve as a key indicator of their size and influence. Other factors such as market capitalization, revenue, and profitability also play a role, but total assets remain the most significant metric.

Economic conditions, regulatory changes, and strategic decisions such as mergers and acquisitions can impact these rankings over time. The top banks have consistently maintained their positions by leveraging their extensive resources and global presence

The United States banks have been dominated by JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and U.S. Bancorp based on their assets and balance sheet according to data straight from US Federal Deposit Insurance Corporation.

The U.S Bank is supervised by a central bank which is known as Federal Reserve Bank, and it came into existence after the passage of the Federal Reserve Act in 1913.

This article is designed to provide a guide to the Future of Banking and the total number of banks in the United States and their assets as FDIC lists 4,983 banks in total.

The Top Banks in the USA by assets

1.JPMorgan Chase

JPMorgan Chase is the highest in united states and 5th largest in the world with a balance sheet and total assets of US$3.5 trillion (2024).The bank headquartered is located in New York, was founded in 1799

2. Bank of America

Bank of America is the second largest bank in the United states. It has a Total assets of USD 2.55 trillion (2024)and its headquarters is located in Charlotte, North Carolina. IT financial services and products are carried out through four business segments – Consumer Banking, Global Wealth and Investment Management, Global Banking, and Global Markets.

3. Wells Fargo & Co

The bank has a total assets of $1.74 Trillion and it was founded in 1852 with Headquarters in San Francisco

4. citi Bank

Citibank headquarters is located in New York with a total assets of USD 1.69 trillion. The multinational investment banking and financial services has its presence in 19 countries through 2,303 branches.

5.Goldman Sachs Group Inc.

The investment banking, securities, and investment management company has a total assets of USD 1.3 trillion as of 2021 With 40,300 employees, it is headquartered in New York.

6. Morgan Stanley

Morgan Stanley service and products include investment banking, securities, wealth management, and investment management services with a total assets of USD 1.12 trillion

7. U.S. Bancorp

The U.S. Bank National Association has a total assets of USD 553.4 billion.It Headquarters is located at Minneapolis

8. Truist Bank

The Truist Financial Corporation headquarter is located in Charlotte, North Carolina with a total assets of $506.47 billion

9. PNC Bank

The PNC Financial Services Group Inc has a total assets of Assets: $469.30 billion as a regional bank operating in parts of the Northeast, South and Midwest.It Headquarters is located in Pittsburgh in the state of Pennsylvania in the United States.

10. TD Bank

TD Group US Holdings is headquartered in Cherry Hill, New Jersey. it’s commercial banking arm of Canada’s TD Bank Group with a total Assets of $411.62 billion

11. Capital One Financial Corp

Capital One Financial Corp operates through the following business segments – Credit Card, Consumer Banking, Commercial Banking, and Others.It has a total assets of USD 425.2 billion. The Headquarters of the bank is located McLean, Virginia

12. Bank of New York Mellon Corp

The BNY Mellon, is an investment banking services holding company.The investment bank headquarter is located in New York with a total Assets of $383.94 billion

Other on the list are:

17. Charles Schwab Bank- $342,023,000
18. Morgan Stanley Bank- $175,627,000
19. Ally Bank- $172,019,000
20. The Northern Trust Company- $169,571,085
21. KeyBank National Association- $168,974,607
22. BMO Harris Bank National Association- $154,260,389
23. Regions Bank- $146,476,000
24. First Republic Bank- $142,502,134
25. Manufacturers and Traders Trust Company- $142,219,684
26. American Express National Bank- $132,754,617
27. MUFG Union Bank- $132,111,226
28. The Huntington National Bank- $122,837,617

29 Silicon Valley Bank- $113,839,098
30 Discover Bank- $111,335,503
31 USAA Federal Savings Bank- $108,929,905
32 Capital One Bank (USA)- $108,388,248
33 BBVA USA- $101,630,248
34 Bank of the West- $96,057,998
35 Santander Bank, N.A.- $89,502,032

The concentration of assets among the largest banks highlights the ongoing trend of consolidation in the U.S. banking sector. This trend has been driven by various factors, including regulatory changes and the pursuit of economies of scale. As a result, the top five banks now hold a larger share of total commercial banking assets, underscoring their growing influence and market power. This consolidation has implications for competition, financial stability, and the availability of banking services across the country