A Breakdown Of America’s Banking Giants
The term “big four” within the banking industry refers to the four largest banks in the United States: JPMorgan Chase & Co., Bank of America, Wells Fargo, and Citibank . These institutions serve the majority of personal and business account holders in the U.S. The four banks collectively hold $4.6 trillion in customer deposits, or about 45 percent of deposits in the United States.
However, the nation has many other very large banks, all with total assets in the billions. These banks easily fall under the definition of big banks, and would presumably be considered by some as too big to fail. Become familiar with these banks so you can make better choices for your banking needs. After all, if you haven’t already, you’ll probably be doing business with one of the top 15 biggest banks in the future.
Total customer deposits: $1.56 trillion
Total assets: $2.68 trillion
Total customer deposits: $1.43 trillion
Total assets: $2.43 trillion
Us Banks With The Most Employees
While Wells Fargo Bank may only rank third by assets, this major banking player has more than 221,000 employees the most among U.S. banks.
|U.S. banks with the most employees|
|The Bank of New York Mellon||39,711|
|State Street Bank and Trust Company||29,444|
Banks that have a lot of branches that customers can visit tend to require a lot more staff to help run those in-person services. Because of this, some of the largest banks, such as Bank of America and Wells Fargo, are also some of the nations largest employers.
Alaska: First National Bank Alaska
- Total deposits inside market: $2.9 billion
- Total deposits overall: $2.9 billion
- Total deposits inside market: $12.2 billion
- Total deposits overall: $27.8 billion
- Total deposits inside market: $12 billion
- Total deposits overall: $20.1 billion
- Total deposits inside market: $94 billion
- Total deposits overall: $103.6 billion
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Who Is The Number 1 Bank In America
JP Morgan and Chase is arguably the largest bank in the US with a whopping 3.19 trillion in assets. Not only are they the wealthiest bank, but they are accessible to most consumers and small businesses across America. As the wealthiest bank in the US, they serve consumers with roughly 16,000 ATM locations and over 4,800 branches in most States. However, if youre in Alaska or Hawaii, this top bank ranking in US will not be available in your area.
European Lenders See Their Balance Sheets Shrink
European banks lost some of their dominance in global asset size rankings in 2021, while major Chinese lenders maintained their lead as the world’s biggest financial institutions.
Twenty-six of the 37 European lenders on the list of the world’s 100 largest banks slid down the rankings by between one and nine notches as of 2021-end from a year prior, according to S& P Global Market Intelligence. The total assets of all European banks on the list contracted 2.16% to $36.890 trillion in 2021 from $37.707 trillion a year earlier.
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Hurricane Ian: What To Expect In North Carolina
Maximum sustained winds from Hurricane Ian have picked up to 100 mph as of Monday evening as the storm is expected to impact western Cuba, according to the National Hurricane Center.
Significant wind and storm surge are expected for Cuba.
Track Tropical Storm Ian:
The storm is expected to be a major hurricane by the time if moves near or over western Cuba Monday night and then heads into the Gulf of Mexico Tuesday.
Ian is likely to produce significant wind and storm surge along Florida’s west coast. It is expected to turn northward as it heads toward Florida.
“It should again be stressed that there is still significant uncertainty in the track of Ian, especially in the 3-5 day time frame, and users should not focus on the details of the track forecast at longer time ranges,” the hurricane center said.
Parts of the Southeast, including the Carolinas, could be impacted later in the week.
China Construction Bank Corporation
The second-largest bank in China also happens to be the second-largest in the world. The China Construction Bank Corporation currently holds $3.02 trillion in assets. One of the older banks in China, CCB was founded in 1954. In 2005, Bank of America wanted to expand its business into China. So it purchased a 9% stake in CCB. That didnt work out so well, however. And BOA needed to sell most of its stake in 2009 during the US financial crisis. In 2013, Bank of America sold its remaining position in CCB and has focused its Asian operations in Hong Kong.
- Headquartered in Beijing, China
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Capital A Single Economic Corp
They have been about for rather a although and were named GMAC until 2009. They started off as a division of GM, and this was in New York, in the year 1919. The bank has no physical branch but is headquartered in Sandy, Utah. Spanish bank CaixaBank also was among the meteoric performers on the list, advancing from No. 65 to No. 45 bolstered by its merger deal with Bankia SA.
The bank was developed in 2005 right after a merger amongst two of Japans Biggest banks, the Mitsubishi Tokyo Financial Group and UFJ holdings. Headquartered in Manhattan, New York City, JPMorgan Chase & Co is now also 1 of the biggest investment providers in the world. JPMorgan Chase & Co was the result of quite a few big banks merging together in 2000 and is now one of the most highly-priced corporations in the globe. Headquartered in Paris, France, BNP Parabis employs over 190,000 people and receives the majority of its annual revenue from everyday client accounts.
Capital One Financial Corp
Based in Virginia, Capital One Financial is a diversified financial services holding company among banks in the USA. The company, along with its subsidiaries, offers a wide range of financial products and services to consumers, small businesses, and commercial clients through physical branches, the internet, and other distribution channels.
The bank operates through the following business segments Credit Card, Consumer Banking, Commercial Banking, and Others.
Net income: USD 2.71 billion
Total assets: USD 425.2 billion
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Total Assets Under Management
One agreed-upon metric to measure the size of a bank is by looking at their total assets under management how much money the bank manages.
Using this metric, we can measure the actual size of the bank, irrespective of how many employees, branches, or ATMs it has.
This list gives us several bank holding companies the companies that own the actual banks. In turn. The banks can include anything from commercial banks and retail banks to investment banks.
Investment banks are slightly different from the typical bank we turn to for opening our checking and savings accounts. For the most part, these large financial institutions offer services centered around complex asset management, with other banks and large institutions being their main customers.
High net worth individuals can also typically make use of the services offered by investment banks. For the bank, this means that the size of their total assets becomes much larger with fewer customers.
One other thing worth mentioning is that banks tend to be very complex institutions. Many decades-old banks have grown through countless mergers and acquisitions over time. This complex strategy of growth leads to several banks in America being subsidiaries of international banks.
Think of these subsidiaries as American branches of international banks, headquartered anywhere from Spain to Japan. Even so, these banks still have to abide by the rules set down by the federal reserve.
How Many Banks Are There In The United States
In 2021, the FDIC lists 4,983 banks in total in the U.S. That’s 100 fewer than the total number this time last year.
- The average asset size is $4 billion, largely driven up by the biggest four.
- The median asset size, by contrast, is $241 million.
- The smallest bank on the list is Emigrant Mercantile Bank, with $3.4 million in assets.
Did you know that 72% of consumers say they would switch their primary bank if it didnât connect to their favorite financial app? MX offers open finance APIs to enable companies to do more with financial data. Learn more about why open finance is the future of banking.
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No : The Bank Of New York Mellon
While New York is in the name, The Bank of New York Mellon services much more than just those in the Empire State. The financial institution doesnt have a lot of branches , so get ready to lean on its digital services if you choose to bank there. Among the top 10 in assets, this institution has the smallest number of customer accounts by far.
|The Bank of New York Mellon assets, numbers and more|
|2020 Bank of New York Mellon revenue||$15.8 billion|
Want to take your search for a new international bank? MagnifyMoney also has a list of the largest banks in the world.
First Republic Bank: $181b
First Republic Bank offers the fewest branches of the brick-and-mortar banks on this list. Its located mostly in California.
ATMs: None, but cash withdrawals are free at any ATM with some checking accounts.
Branches: 72 locations across 10 states mostly in California.
» Want to learn how your money is protected in a bank? Read about FDIC insurance
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Us Banks With The Most Branches
Chase Bank has the most branches in the U.S. by about 130, which isnt all that surprising considering it has the third-highest number of customer accounts. And the banks with the most branches are also the three with the most customer accounts, just in differing orders.
However, theres a wide gap in the number of branches by the bank first on the list Chase Bank, 5,031 and the one at 25th Texas-based Prosperity Bank, 294.
Like the most popular banks, the following analysis only includes banks in the top 100 in assets.
|U.S. banks with the most branches|
|First Citizens Bank||524|
|First National Bank of Pennsylvania||334|
Even though people visit in-person branches less often which makes sense amid the pandemic some still prefer a personal touch.
On the flip side, heres a MagnifyMoney study from late 2019 that examined lost bank branches.
Consolidated Assets: $3853 Billion
Capital One Bank rounds out the top 10 largest banks in the US. Headquartered in McClean, VA, it has 307 branches across seven states with the majority located in Louisiana, Maryland, Texas, New York and Virginia. Capital One Bank may have fewer traditional banking branches than most other members of this list, but they have a massive network of 70,000 ATMs, a mobile banking app, and Capital One Cafés in select cities. The first of the Capital One Lounges opened at the Dallas Fort Worth airport this year.
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Which Bank Has The Most Branches
As one of the largest banks in America, Wells Fargo trumps the top us banks by assets in their offering for branches instead. In terms of branch count, Wells Fargo Bank was the largest bank in the United States in 2021, boasting 5,039 across the country. Shortly behind were the popular banks, JPMorgan Chase Bank with 4,981 branches and the Bank of America at 4,215.
Bank Of New York Mellon Corp $34943 Billion
Bank of New York Mellon, commonly known as BNY Mellon, is an investment banking services holding company and one of the oldest banking corporations in the United States. Formed from the 2007 merger of The Bank of New York and the Mellon Financial Corporation, BNY Mellon offers corporate and individual investment services, as well as private banking services for wealthy clients.
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Careers In Investment Banking
To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map: For banking careers, you will have a significant edge over the competition with our financial modeling courses.
Biggest Banks In The Us
Below is a summary of the 25 largest banks in America. Click on any of the bank names to learn more about that institution:
The Big Four
The Big Four is a term used worldwide to refer to the biggest banks in the country according to recent banking statistics. Some countries have fewer such banks and may only include two or three. In this case, they refer to them as The Big Two or The Big Three.
The largest four banks that form The Big Four in America are as follows:
These Are The 15 Largest Banks In The Us
Read on to keep your money safe with the 15 largest banks in the US, ranked by assets. Table of Contents: Top 15 Banks in USA 2022 JPMorgan Chase & Co Bank of America Corp. Citigroup Inc. Wells Fargo & Co. Goldman Sachs Group Inc. Morgan Stanley U.S. Bancorp Truist Financial Corporation PNC Financial Services
Read on to keep your money safe with the 15 largest banks in the US, ranked by assets.
The major banks in the United States have grown significantly in the years after the Great Recession. Reported in June 2021, the top 15 banks had a combined asset value of $12.95 trillion.
Of course, the top banks list undergoes modifications every year. Larger banks swap positions, while smaller banks fade away to be replaced by faster-growing competitors. When it comes to saving for your next investment property, home upgrade, or are applying for a mortgage, these banks have a variety of options that may suit your needs. These are the top 15 us banks and a little bit about the major US banks you can find today.
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Consolidated Assets: $4174 Billion
Casting itself as “America’s Most Convenient Bank,” TD Bank is the US-based arm of the Canadian bank TD Bank Group. TD Bank has 1,100 branches located along the east coast from Maine to Florida — and most of them are open seven days a week . You can also access nearly 700 ATMs through the TD Bank network.
The Largest Banks In The Us
The U.S. banking industry currently includes approximately 4,800 commercial banks and savings institutions with over $23 trillion in total assets, $20 trillion in deposits, $11 trillion in loans, and 2.1 million employees. JPMorgan Chase, Bank of America, Citigroup and Wells Fargo are the four biggest banks in the nation. The Federal Reserve System is the central bank of the country. Here is a list of the largest and best banks in the United States in terms of total assets.
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No : Marcus By Goldman Sachs
The sole online-only bank to make the top 10 list of institutions with the most assets, Marcus by Goldman Sachs combines the power of establishment with modern banking amenities. What Marcus by Goldman Sachs lacks in branch locations , it makes up for in handy digital tools and perks like high-yield savings accounts.
|2020 Goldman Sachs Group revenue||$44.6 billion|
Goldman Sachs Group Inc
Goldman Sachs operates as an investment banking, securities, and investment management company worldwide through four segments Investment Banking, Institutional Client Services, Investing and Lending, and Investment Management. With 40,300 employees, it is headquartered in New York.
Net income: USD 9.46 billion
Total assets: USD 1.3 trillion
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Biggest Us Banks By Asset Size
We’ve found that it’s harder than it should be to obtain a current list of the largest banks by asset size, so we decided to put it here â data straight from the FDIC in April 2021.
For years, JPMorgan Chase, Bank of America, Wells Fargo, and Citi have dominated the industry, and this year is no different. The next tier includes U.S. Bank, PNC Bank, Capital One, and others â financial institutions that are innovating in their own right and for their own niche of the market.
We have ranked the top 250 banks in the U.S. by asset size below. To view more data, check out these other lists of top banks and credit unions: