Top 10 Largest Banks in the U.S. | Assets, Branches, and More
The U.S. banking industry is one of the largest and most influential in the world. With a vast number of financial institutions operating across the country, the largest banks stand out due to their size, asset base, market influence, and services. The banking sector in the U.S. plays a vital role in supporting the economy, providing consumers and businesses with financial products ranging from savings accounts to investment opportunities and business loans. In this article, we explore the top 10 largest banks in the U.S., their assets, branches, and key details that make them dominant players in the financial landscape.
1. JPMorgan Chase & Co.
- Total Assets (2024): $3.9 trillion
- Headquarters: New York City, NY
- Number of Branches: Over 4,700 branches across the U.S.
- Employees: Over 250,000
JPMorgan Chase & Co. is the largest financial institution in the U.S. and the sixth-largest in the world by total assets. The company’s roots date back to the early 19th century, but its current form was solidified in 2000 through the merger of JPMorgan & Co. and Chase Manhattan Corporation.
Chase offers a wide range of services, including retail banking, credit cards, investment banking, and asset management. The bank is a major player in the financial markets and is well-known for its corporate and investment banking services. JPMorgan Chase also serves millions of consumers through its extensive network of branches and online platforms.
Key Services:
- Personal banking (checking accounts, savings, credit cards)
- Commercial banking and lending
- Investment services
- Asset management and private banking
JPMorgan Chase has a strong global presence, operating in over 100 countries, and continues to innovate with a focus on technology and customer-centric banking experiences.
2. Bank of America
- Total Assets (2024): $3.3 trillion
- Headquarters: Charlotte, NC
- Number of Branches: Approximately 4,300
- Employees: Over 200,000
Bank of America (BoA) is the second-largest bank in the U.S. by assets. Established in 1904 as the Bank of Italy, it became Bank of America in 1930. The bank’s retail and consumer banking services are expansive, and it also offers wealth management, commercial banking, and global investment banking services.
Bank of America is well-known for its strong focus on both retail banking and its investment services. The bank also maintains a significant presence in international markets, serving individual consumers, small businesses, and large corporations.
Key Services:
- Personal banking (checking accounts, savings, home loans, and credit cards)
- Small business banking
- Investment services
- Wealth management and financial planning
Bank of America has a significant digital presence, offering mobile and online banking solutions. It continues to focus on digital innovation to improve customer experiences, such as through the launch of AI-powered tools and mobile banking features.
3. Wells Fargo & Co.
- Total Assets (2024): $2.1 trillion
- Headquarters: San Francisco, CA
- Number of Branches: Over 4,700
- Employees: Over 250,000
Wells Fargo is one of the largest and most recognized banks in the U.S. It has been serving customers since 1852 and offers a wide range of financial services, including retail banking, mortgage, credit cards, investment management, and commercial banking.
Wells Fargo has a robust presence across the U.S., with its branches spanning the country. Despite facing a series of scandals and regulatory challenges in recent years, Wells Fargo continues to be a key player in the banking sector due to its diverse services and established client base.
Key Services:
- Personal banking (checking, savings, and credit cards)
- Home loans and mortgage services
- Commercial banking
- Investment management and financial advisory services
Wells Fargo’s large branch network is complemented by an advanced online banking platform that allows customers to manage their accounts, pay bills, and access a wide variety of financial services.
4. Citigroup Inc.
- Total Assets (2024): $2.3 trillion
- Headquarters: New York City, NY
- Number of Branches: Around 700 U.S. branches
- Employees: Over 200,000
Citigroup, or simply Citi, is the fourth-largest bank in the U.S. and a global financial powerhouse. Founded in 1812, Citi is well-known for its corporate and investment banking services but also offers retail banking, wealth management, and consumer financial products. Citi has a smaller branch network compared to the likes of JPMorgan Chase and Bank of America, but its global reach more than compensates for this.
Citi’s international footprint extends to more than 100 countries, and it serves over 200 million customer accounts globally. Its Citi Consumer Banking division offers digital and traditional banking services.
Key Services:
- Personal banking (checking, savings, and credit cards)
- Corporate banking and financial services
- Investment and wealth management
- Treasury and trade solutions
Citi is increasingly focusing on digital banking services and technology to expand its reach and improve customer convenience.
5. Goldman Sachs Group, Inc.
- Total Assets (2024): $1.5 trillion
- Headquarters: New York City, NY
- Number of Branches: Primarily an investment bank (limited retail branches)
- Employees: Over 45,000
Goldman Sachs, founded in 1869, is a leading global investment bank that provides a wide range of financial services, including investment banking, asset management, and securities. It is one of the most influential players on Wall Street and serves corporations, financial institutions, and government entities worldwide.
Although Goldman Sachs does not operate the large number of consumer branches that banks like JPMorgan Chase or Bank of America do, its impact is still immense. It is one of the primary banks to handle complex transactions for large-scale enterprises and government entities.
Key Services:
- Investment banking (mergers, acquisitions, capital raising)
- Asset management and wealth management
- Trading and market-making services
- Financial advisory services
Goldman Sachs has expanded its digital services through its online savings platform, Marcus by Goldman Sachs, which offers personal loans and high-yield savings accounts.
6. Morgan Stanley
- Total Assets (2024): $1.3 trillion
- Headquarters: New York City, NY
- Number of Branches: Limited retail branches
- Employees: Over 60,000
Morgan Stanley is another prominent American investment bank that primarily deals in wealth management, investment banking, and securities. Founded in 1935, Morgan Stanley has developed a reputation for its wealth management services, helping individuals and businesses grow and manage their financial assets.
Morgan Stanley operates through three business segments: Wealth Management, Investment Management, and Institutional Securities. While it doesn’t have the extensive branch network of commercial banks, it’s one of the leaders in investment banking and wealth management.
Key Services:
- Wealth management and financial planning
- Investment banking (advisory, underwriting)
- Asset management
- Trading and securities services
Morgan Stanley is increasingly focusing on providing digital solutions and expanding its services to online banking platforms and mobile apps.
7. U.S. Bancorp (U.S. Bank)
- Total Assets (2024): $650 billion
- Headquarters: Minneapolis, MN
- Number of Branches: Over 3,000
- Employees: Over 70,000
U.S. Bancorp is the parent company of U.S. Bank, a leading regional bank that offers a wide range of consumer, business, and wealth management services. U.S. Bank serves millions of customers across the United States and has a significant presence in midwestern and western U.S. markets. It offers traditional banking services, including savings, checking, credit cards, and loans, as well as more specialized services in wealth and asset management.
Key Services:
- Personal banking (checking, savings, and credit cards)
- Business banking and lending
- Investment services
- Wealth management
U.S. Bank has built a solid reputation for its customer service and has invested heavily in technology, offering a comprehensive mobile banking platform.
8. Truist Financial
- Total Assets (2024): $550 billion
- Headquarters: Charlotte, NC
- Number of Branches: Over 2,000
- Employees: Over 55,000
Truist Financial was formed by the merger of BB&T (Branch Banking and Trust Company) and SunTrust Banks in 2019. The bank offers a wide range of financial services, including personal and commercial banking, insurance, investment services, and more. Truist serves customers primarily in the southeastern U.S. but has expanded into national and global markets.
Key Services:
- Personal banking (checking, savings, and loans)
- Commercial banking
- Investment banking and wealth management
- Insurance and asset management services
Truist is heavily invested in integrating technology to provide more seamless banking experiences for its customers.
9. PNC Financial Services
- Total Assets (2024): $550 billion
- Headquarters: Pittsburgh, PA
- Number of Branches: Over 2,300
- Employees: Over 50,000
PNC is a regional bank with a strong presence in the U.S., particularly in the Midwest and East Coast. It offers a wide array of services, including retail banking, corporate banking, asset management, and wealth management. PNC has been known for its customer-first approach and its innovative digital banking solutions.
Key Services:
- Personal banking (checking, savings, and loans)
- Small business services
- Investment management and retirement planning
- Corporate banking and lending
PNC has also been expanding its digital presence, offering online and mobile banking services to make banking more accessible for its customers.
10. HSBC North America
- Total Assets (2024): $250 billion
- Headquarters: New York City, NY
- Number of Branches: Around 200
- Employees: Over 20,000
HSBC North America is a subsidiary of HSBC Group, a major international bank. HSBC provides a range of services, including retail banking, commercial banking, and wealth management. Its U.S. operations serve a niche but important segment of both domestic and international customers.
Key Services:
- Personal banking (checking, savings, credit cards)
- Corporate banking and trade finance
- Wealth management and financial planning
- Foreign exchange and international banking services
HSBC North America is known for catering to global clients and businesses needing international banking services.
Conclusion
The top 10 largest banks in the U.S. are key pillars of the global financial system. From the massive presence of JPMorgan Chase to the specialized services of investment banks like Goldman Sachs, these institutions offer a diverse range of products and services to millions of customers. While they vary in terms of services, asset sizes, and market presence, their collective importance to the U.S. economy cannot be overstated.