The Top 10 Banks in America . The largest banks in America have grown substantially since the Great Recession in 2008. By the end of the first quarter of 2021, the 10 biggest banks have a combined total of $11.7 trillion in consolidated assets.
Based on Federal Reserve data, the US has approximately 5,400 banks and savings institutions with $13 trillion in domestic deposits, $10 trillion in loans, and almost $21 trillion in total assets. This means that about 50% of these assets belong to the 10 biggest banks in the country.
Furthermore, the four leading banks alone have a total asset of $8.9 trillion.
Of course, there are a few changes every year as smaller banks get replaced by faster-growing rivals but as of March 31, 2021, you still need at least $369.91 billion to join the top 10:
- JPMorgan Chase & Co.
- Bank of America Corp.
- Wells Fargo & Co.
- Citigroup Inc.
- U.S. Bancorp
- Truist Financial Corporation
- PNC Financial Services Group Inc.
- TD Group US Holdings LLC
- Bank of New York Mellon Corp.
- Capital One Financial Corp.
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- Headquarters: New York, NY
- Assets: $3.21 trillion
- Domestic Branches: 4,878
The biggest and one of the oldest banks in the US, JPMorgan Chase has 4,878 domestic locations, 33 foreign branches, and more than 257,000 employees worldwide. Its primary services include consumer and investment banking, commercial banking, credit cards, and asset management services.
As the company’s consumer banking division, Chase Bank continues to expand its network in key markets and acquire millennial customers through digital banking services.
JPMorgan Chase is also known for aggressively investing in its banking technology. In 2019, it allocated $11.4 billion in tech budget to support its growing number of mobile customers.
- Headquarters: Charlotte, NC
- Assets: $2.32 trillion
- Domestic Branches: 4,238
Bank of America (BofA) provides retail banking, wealth management, real estate, and corporate banking services to over 66 million clients and small business customers around the globe. About 56% of these are digital clients.
BofA has also seen success with Erica, the bank’s mobile app assistant that enables customers to conduct bill payments and peer-to-peer fund transfers through their phones.
Also one of the biggest wholesale lenders in the United States, BofA originated more than 184,000 loans in 2020 with a total volume of $78 billion.
- Headquarters: San Francisco, CA
- Assets: $1.77 trillion
- Domestic Branches: 5,033
Founded in 1852, Wells Fargo has the highest number of domestic branches than any other bank in the country. It also has 268,000 employees and 13,000 ATMs that are accessible to about 80% of the country’s population.
Amid the COVID-19 pandemic, Wells Fargo’s contactless debit and credit cards have attracted consumers who prefer digital payment and banking methods. In particular, the bank’s Greenhouse app helps users track their spending and manage their bills.
Moreover, Wells Fargo is the country’s fourth-largest mortgage lender with a total volume of $137 billion in 2020.
Read more: 10 biggest wholesale lenders in 2021
- Headquarters: Sioux Falls, SD
- Assets: $1.68 trillion
- Domestic Branches: 697
Founded in 1998 through the merger of Citicorp and Traveler Group, Citigroup is now a global financial corporation and one of the largest banks in America.
In addition to its 697 domestic branches, it has 153 physical locations in Asia, Africa, Europe, Latin America, and the Middle East. Citigroup is also the world’s biggest credit card issuer with more than $500 billion in yearly purchase sales.
Both domestic and foreign customers can enjoy Citi’s excellent banking portal, financial management tools, and mobile banking app.
5. U.S. Bancorp
- Headquarters: Minneapolis, MN
- Assets: $542.57 billion
- Domestic Branches: 2,346
Historically known as the First National Bank of Cincinnati, US Bancorp began its operations in 1863. Mergers of multiple banks and financial groups led to US Bancorp’s extensive branch network and digital products.
In addition to retail and investment banking, the company also provides mortgage loans, wealth management, and payment services.
This commercial bank is also the parent company of US Bank that has more than 70,000 employees and 4,200 ATMs located mostly in the West and Midwestern states.
6. Truist Financial Corporation
- Headquarters: Charlotte, NC
- Assets: $506.47 billion
- Domestic Branches: 2,557
Truist Bank was formed in 2019 by the merger between Branch Banking and Trust Company (BB&T) and SunTrust. Respectively, these were the 11th and 12th biggest banks by total assets at the time.
Nowadays, the bank operates in more than 2,000 branches in Washington, D.C. and 15 states. Its core business lines include personal and commercial banking, asset management, real estate, and mortgage loans, securities brokerage, and insurance products.
Similar to most other banks on this list, Truist offers an expansive menu of digital banking features like Zelle mobile payments, remote check deposits, and online bill payment.
7. PNC Financial Services Group Inc.
- Headquarters: Pittsburgh, PA
- Assets: $469.30 billion
- Domestic Branches: 2,208
In 2008, Pittsburgh Trust and Savings Company acquired National City Corporation and rebranded itself as PNC Bank. This regional financial company initially operated in 19 states in the Midwest, Northeast, and Southern United States, but it also started expanding toward the east in 2018.
PNC is well-known for creating original products and offering specialized perks and services. For example, the company started offering mobile payment options to clients with Visa commercial cards and leveraging mobile wallets like Apple Pay.
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8. TD Group US Holdings LLC
- Headquarters: Cherry Hill, NJ
- Assets: $411.62 billion
- Domestic Branches: 1,224
TD Bank is the domestic commercial banking arm of TD Bank Group headquartered in Toronto, Canada. Its branches are mostly located along US East Coast.
It offers a wide variety of financial products including deposit accounts, mortgages, credit cards, and services for small businesses.
Calling itself “America’s Most Convenient Bank,” TD Bank has highly integrated digital banking technologies. For example, it has customer service chatbots that are powered by artificial intelligence (AI). This reduces call volume and increases the speed of responding to customer queries.
9. Bank of New York Mellon Corp.
- Headquarters: New York, NY
- Assets: $383.94 billion
- Domestic Branches: 2
Commonly known as BNY Mellon, this investment banking services and holding company is one of the oldest financial institutions in the United States. In fact, it was the first company traded when the New York Stock Exchange opened in 1792.
Now one of the country’s biggest banks, BNY Mellon offers private banking services to wealthy customers and investment services for both individuals and corporations.
It is also the world’s largest custodian bank with more than $40 trillion in assets administered. These include securities, stocks, and other assets in electronic form.
10. Capital One Financial Corp.
- Headquarters: McLean, VA
- Assets: $369.91 billion
- Domestic Branches: 372
A Fortune 500 company, Capital One prioritizes digital transformation and integrating AI with its banking services.
The bank recently tripled its technology staff and launched its AI-powered chatbot called Eno. Similar to Bank of America’s Erica, Eno provides automated assistance for customers who use the company’s mobile app. Clients also have the option to consult with human wealth managers online.
Despite a data breach in 2019, Capital One still made it to the list of biggest banks due to improved information security and fintech advancements.