USA’s Top 10 Largest Banks List

News: As of June 30, 2023, the aggregate assets of the United States’ 10 largest banks amount to a staggering $11.9 trillion.

This exclusive cadre of leading banks in the U.S. undergoes occasional reshuffling, where the larger ones exchange positions, and smaller ones may be replaced by more rapidly growing competitors. Factors such as mergers, acquisitions, and occasional bank failures contribute to these dynamics.

For instance, on May 1, JPMorgan Chase absorbed all deposits and nearly all assets of First Republic Bank, which was the 14th largest bank by consolidated assets as of March 31, 2023. This event marked the second-largest bank failure since the acquisition of Washington Mutual by JPMorgan Chase in 2008.

Silicon Valley Bank, ranked 16th by consolidated assets as of December 31, 2022, experienced the second-largest bank failure in U.S. history and the first since October 2020. Signature Bank, the 29th largest bank based on total assets as of March 31, 2023, was the second bank to fail in 2023 and the third-largest bank failure ever.

1. JPMorgan Chase

JPMorgan Chase’s consumer banking division, Chase Bank, boasts more than 4,700 branches and over 16,000 ATMs nationwide. With assets totaling $3.38 trillion, it holds the top position.

2. Bank of America

Serving approximately 67 million consumers and small businesses worldwide, Bank of America, headquartered in Charlotte, North Carolina, possesses assets worth $2.45 trillion.

3. Citigroup

As a global financial services corporation, Citigroup’s retail banking division operates in about 673 locations across the U.S., with assets totaling $1.71 trillion.

4. Wells Fargo

Established in 1852, Wells Fargo, headquartered in San Francisco, has assets amounting to $1.67 trillion. The bank has introduced digital tools and is actively working to mend its relationship with customers.

5. U.S. Bancorp

Originating in 1863 as the First National Bank of Cincinnati, U.S. Bancorp, the parent company of U.S. Bank, is the fifth-largest commercial bank with assets totaling $669.9 billion.

6. PNC Financial Services

Founded in 1852 as Pittsburgh Trust and Savings Co., PNC Financial Services operates in 28 states and Washington, D.C., with assets amounting to $554.1 billion.

7. Truist Financial

Formed by the merger of BB&T and SunTrust, Truist provides financial services to approximately 12 million consumer households. With assets of $546.8 billion, it is now a top-10 bank.

8. Goldman Sachs

A global investment banking and securities firm, Goldman Sachs has assets totaling $517.1 billion and offers banking products through Marcus, its online banking arm.

9. Capital One Financial

With assets of $465.0 billion, Capital One is a Fortune 500 company offering banking services through Capital One Bank, along with unique branches called Capital One Cafés.

10. TD Group Holdings

TD Bank, the U.S. commercial banking arm of Canada’s TD Bank Group, has assets of $374.3 billion, providing various financial products to customers along the East Coast.