America's 10 biggest banks

Updated: May 8, 2024

The banking industry in the United States is an integral part of the country's economy. It serves as the backbone of wealth management, mortgages and loans, and other financial transactions. As expected, many US banks have emerged as the top players not only in the country but also in the global market.

Their commendable financial performance is just one of the key elements that build the reputation of these banks. At their disposal are trillions of dollars in consolidated assets. Their reach is mostly within the US but can also extend internationally.

These banking giants have significant influence in the American financial sphere as well as the world financial industry. These banks are forerunners in the following:

• mortgage lending
• funding businesses
• allocating capital
• overall driving economic development

They also contribute to job creation, innovation, and the development of new industries by assisting entrepreneurs and corporations with loans.

With skyrocketing assets, they also have the financial strength to withstand economic downturns. As some may have observed, despite recessions and market crashes, we see these banks still standing today.

What is the no. 1 bank in the US?

The number one bank in the country is JPMorgan Chase. Aside from being the leading bank in the US, it is also number one in the world. Unsurprisingly, JPMorgan Chase also leads the Big Four banks in America.

This financial giant has dominated both local and global rankings in terms of consolidated assets and market capitalization.

What are the Big Four banks in the US?

The Big Four is a name given to the top four biggest banks in a country. Outside of the US, there are other countries that have their own Big Four.

Three out of four banks within America’s Big Four are also included in the top ten biggest mortgage lenders in the world by market capitalization. This speaks volumes about the size of these banking institutions, since they also rank internationally. Below are the Big Four banks of the US:

1. JPMorgan Chase (head office: New York, USA)

2. Bank of America (head office: North Carolina, USA)

3. Wells Fargo (head office: San Francisco, USA)

4. Citibank (head office: New York, USA)

What are the 10 largest banks in the US?

Completing the list, here are the top ten biggest banks in America based on their consolidated assets:

As you might have observed from the table above, a bank’s number of branches does not dictate its total assets. A bank can have billions of dollars in its arsenal like the Goldman Sachs Bank, yet it only has two branches. With this, we must understand that there are numerous elements that make up a bank’s financial status and size.

Let’s take a closer look at the top ten biggest banks in America based on data from Forbes Advisor:

1. JPMorgan Chase

Consolidated assets: $3.38 trillion
Total branches: over 4,800+

JPMorgan Chase, widely recognized as Chase Bank, holds the distinction of being the biggest bank in the US, with consolidated assets amounting to nearly $3.4 trillion.

It made headlines in 2023 by making more profit than any other mortgage bank in the country. With over 4,800 physical branches, it is also considered the largest bank in terms of branch network.

An investment banker and financier, J. P. Morgan, founded this financial institution in the late 19th century. The Chase Manhattan Company was created in 1799. The JPMorgan Chase that we now know of was a merger of the two in 2000.

2. Bank of America

Consolidated assets: $2.4 trillion
Total branches: 3,700+

Trailing closely behind in the second spot is Bank of America, another one of the major powerhouses in the US banking sector. It boasts a whopping $2.4 trillion in consolidated assets, with an extensive range of banking services catering to both individuals and businesses alike.

Bank of America is supported by a vast network of over 3,700 branches across the US, along with several foreign branches. On top of this, Bank of America boasts more than 15,000 ATMs that are accessible to its customers.

In 2008 and 2009, Bank of America created Merrill Lynch and Bank of America Merrill Lynch. The former, now called Merrill since it dropped Lynch off its name, was focused on investment management and wealth management. It was Bank of America’s stock brokerage and trading arm.

On the other hand, Bank of America Merrill Lynch, now known as BofA Securities, Inc., also deals in investment banking as well as global and capital finance markets.

3. Wells Fargo

Consolidated assets: $1.7 trillion
Total branches: 4,400+

Taking the third spot among America’s biggest banks is Wells Fargo, with $1.7 trillion in consolidated assets and more than 4,400 branches worldwide. Across the country, Wells Fargo also has a wide array of ATM locations. The banking giant has a network of over 12,000 ATMs for convenient access.

Providing financial aid to individuals and commercial entities, Wells Fargo is known to offer finance-related products and services such as:

• mortgage and home equity lending
• credit cards and personal banking
• investment banking
• wealth management
• commercial banking

4. Citibank

Consolidated assets: $1.6 trillion
Total branches: 650+

Standing as another prominent global bank known for its banking services targeting diverse clientele is Citibank. Despite having a smaller network of about 650 branches across the US, Citibank still made it to our list.

Citibank offers topnotch financial services such as:

• retail banking
• commercial banking
• investment banking
• trade and securities services
• wealth management
• mortgage and personal loans
• credit cards

Citibank is also a part of Citigroup Inc., a multinational investment bank and a diversified financial service holding corporation.

Quick historical fact about Citibank: it was formed as City Bank of New York back in 1812. Eventually, it was renamed First National City Bank of New York and, after a series of mergers and changes, it became the Citibank we know today.

5. U.S. Bank

Consolidated assets: $657 billion
Total branches: 2,300+

Ranked as the fifth-largest bank in the country, U.S. Bank operates under the oversight of its parent company, U.S. Bancorp. Its head office is located in Minneapolis. Over the years, U.S. Bank has successfully grown its size and reach due to its strategic acquisitions of several other banks. While these banks are relatively smaller, they helped U.S. Bank solidify its presence as a sizable and influential financial institution.

As for its consolidated assets, it has around $650 billion. This amount pales in comparison to the Big Four banks, each with over $1 trillion in their arsenals. Still, it’s a notable value that boomeranged U.S. Bank to its current position in the local and global market.

6. PNC Bank

Consolidated assets: $553 billion
Total branches: 2,400+

Up next is PNC Bank, another banking giant with consolidated assets amounting to $553 billion. The most distinguishable feature of this bank is that it centered its prominence in Pennsylvania alone. As such, PNC Bank showcases its deep-rooted connections and commitment to serving the financial needs of the local community in the state.

This bank has been operating as a subsidiary of PNC Financial Services Group, providing both commercial and personal banking services to its patrons.

7. Goldman Sachs Bank

Consolidated assets: $538 billion
Total branches: 2

At no. 7 is Goldman Sachs Bank, a banking firm that focuses on investment services and asset and wealth management. With consolidated assets exceeding $538 billion, Goldman Sachs Bank firmly establishes itself as one of the biggest financial institutions in the United States.

Goldman Sachs Bank is a subsidiary of The Goldman Sachs Group, Inc., a multi-market investment banking enterprise. As for its physical presence, it has the lowest number on our list with only two branches. The rest of its physical locations are offices both in and out of the US.

To know more about Goldman Sachs’ history, watch this video:

8. Truist Bank

Consolidated assets: $535 billion
Total branches: 2,000+

Securing the eighth spot is Truist Bank, a financial services group formed from the merger of BB&T and SunTrust Bank back in 2019. Truist Bank has approximately $535 billion in consolidated assets and is supported by a network of about 2,000 branches.

Some of its products and services are the following:

• online and mobile banking
• debit and credit cards
• mortgage lending
• individual and commercial loans
• insurance services

9. Capital One

Consolidated assets: $468 billion
Total branches: 280+

Capital One primarily functions within the United States compared to the other global banks on our list. Another element that sets Capital One apart from others is its way of operating. This highly innovative bank offers online accounts for its patrons while still maintaining its physical presence. It has about 280 branches locally.

Its $468 billion consolidated assets are largely due to its credit card services. It was so successful that Capital One became renowned for it.

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.

10. TD Bank

Consolidated assets: $366 billion
Total branches: 1,100+

Finally, we have TD Bank, a subsidiary of Toronto-Dominion Bank. It has over $366 billion in consolidated assets and a widespread presence of more than 1,100 branches.

Instead of focusing on commercial banking and investments, TD Bank sets itself apart through its commitment to personalized banking products. These services are tailored to meet the unique needs of its individual customers.

America’s biggest banks: making an impact at home and abroad

America's largest banks have a significant influence on the economy, with JPMorgan Chase making its mark as the biggest bank in the US and abroad. The remaining members of the Big Four—Bank of America, Wells Fargo, and Citibank—follow closely, also standing strong in global markets. Meanwhile, the rest of the top 10 continue to make an impact at home by offering financial services to support American individuals and businesses.

Despite differences in size or reach, America’s biggest banks remain pillars of the US economy by delivering financial services at home and abroad.

Have you ever made a transaction with any of America’s biggest banks? How was the experience? Feel free to share your story in the comment section below.