- Finance & Banking
As of 2019, at least 95% of United States households utilized bank accounts. Further, as of January 2021, a considerable 70% of Americans have credit cards.
Odds are, you probably remember that “coming-of-age” feeling when you opened your first bank account or applied for your first credit card.
Additionally, banks are constantly providing loans to people all over the US. For instance, over 85% of new cars, and almost 56% of used cars are financed through banks.
With that in mind, it’s undeniable that these lenders play an important role in our everyday lives. And this influence is only growing as, within the past decade, bank assets have risen substantially.
So who are the major players throwing around all this money? To answer that, we’ve assembled a list of the top 15 largest banks in America, based on their total assets in 2021:
America’s 15 Largest Banks: A Closer Look
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Headquarters: New York City, New York
Total Assets: $3.213 trillionJust over 20 years ago, JPMorgan and Chase merged, with Chase serving as the US consumer division of JPMorgan. They have at least 4,700 branches all over America, and their headquarters is located at 383 Madison Avenue in Midtown Manhattan, New York City.
JPMorgan Chase Co. is considered a universal and custodian bank, and their divisions include:
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Asset and wealth management
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Consumer and community banking
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Commercial banking
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Investment banking
As of 2019, JPMorgan Chase Co. employed over 250,000 employees across the US, and serviced clients from US households and the private sector.
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Headquarters: Charlotte, North Carolina
Total Assets: $2.619 trillionWith roughly 66 million consumers all over the world and at least 37 million digital clients, Bank of America Corp. has earned its place as the second-largest bank in America.
They have around 4,300 financial centers across the US, including 2,700 lending centers.
Bank of America Corp. provides services such as:
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Consumer banking
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Corporate banking
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Credit cards
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Insurance
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Investment banking
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Mortgage loans
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Private banking
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Private equity
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Wealth management
Within recent years, Bank of America Corp. has officially employed over 200,000 employees, and that number is growing.
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Headquarters: New York City, New York
Total Assets: $2.219 trillionCitigroup became a major financial player when Citicorp and Travelers Group merged in 1998. Their headquarters is located at 388-390 Greenwich St., New York City.
Citigroup’s retail banking division, known as Citibank, has around 3,400 financial centers around the world, with 700 branches in the US. This division of Citigroup maintains over 138 million accounts and provides an astounding 65,000 fee-free ATMs.
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Headquarters: San Francisco, California
Total Assets: $1.981 trillionHolding the title of the oldest living bank in America, the original Wells Fargo Co. was founded over a hundred years ago in 1852. As of 2021, the bank employs roughly 266,000 employees, and services at least 70 million people.
Though Wells Fargo Co. has focused on consolidating in recent years, they still have the most branches of any bank in the country with at least 8,050 remaining. Additionally, this consolidation effort has been highlighted by their creation of two new savings and mobile banking apps, which are intended to attract younger clients.
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Headquarters: New York City, New York
Total Assets: $1.089 trillionGoldman Sachs Group Inc. focuses primarily on investment banking and financial services. Their number of employees is actually rather small compared to other banks on this list, as they employ just over 40,000 people.
Some of the services Goldman Sachs provides include:
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Asset management
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Credit cards
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Commercial banking
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Commodities
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Investment banking
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Investment management
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Mutual funds
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Prime brokerage
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Personal loans
They have locations in 60 major cities around the world, including their headquarters located at 200 West Street, New York City.
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Headquarters: New York City, New York
Total Assets: $947 billion
Morgan Stanley is another major investment bank located in New York City, which was a result of a 1997 merger between the original Morgan Stanley and Dean Witter Discover Co. Today, they employ over 60,000 employees and have locations in 42 countries.
In general, Morgan Stanley utilizes three business segments known as Institutional Securities, Wealth Management, and Investment Management.
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Headquarters: Minneapolis, Minnesota
Total Assets: $546 billionU.S. Bancorp is a bank holding company and the parent company of their retail banking division known as U.S. Bank. Their headquarters is located on Lasalle Ave. in Minneapolis.
U.S. Bank serves roughly 18.7 million customers and provides over 70,000 jobs around the United States. These customers utilize a network of over 3,000 branches and 4,842 automated teller machines dotted around the Midwest and Western portion of the country.
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Truist Financial Corporation
Headquarters: Charlotte, North Carolina
Total Assets: $506 billionNow providing for a substantial 10 million consumers, today’s Truist Financial Corporation is the result of a 2019 merger between BBT and SunTrust.
Their headquarters is in Charlotte, North Carolina, but their division known as Truist Bank has 2,049 branches centered in the South and around the East Coast.
The three major divisions of this bank include: Truist Bank, Truist Securities, and Truist Insurance Holdings. Overall, these divisions employ at least 37,000 people, and provide services for the following:
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Commercial and consumer banking
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Investment banking
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Insurances
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Mortgages
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The PNC Financial Services Group
Headquarters: Pittsburgh, Pennsylvania
Total Assets: $457 billionPNC Financial Services Group Inc. is the only bank on this list founded in Pennsylvania. However, their retail banking division, PNC Bank, spans across 21 states and operates a considerable 2,296 branches. Since 2018, they’ve expanded their reach from 19 states to 21, but still maintained themselves around the East Coast.
On November 16, 2020, PNC made a deal to acquire BBVA USA for $11.6 billion. Once the deal is finalized, PNC’s total assets will rise significantly.
As of right now, though, PNC employs just over 50,000 employees and has around 8 million consumers.
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Headquarters: Cherry Hill, New Jersey
Total Assets: $447 billionAlso centered around the East Coast, TD Group US Holdings LLC is headquartered in Cherry Hill, New Jersey. Their retail banking division, TD Bank has 1,301 locations and services 9.5 million customers.
TD Bank is known for its flexible hours, as its slogan is “America’s Most Convenient Bank”. Many TD banks are open 8:30 am – 5:00 pm on weekdays, and even have hours on Saturday. Overall, they provide deposit accounts, credit cards, mortgages, and resources for private business clients.
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Headquarters: McLean, Virginia
Total Assets: $396 billionCapital One Financial Corp. is a bank holding company that specializes in credit cards, savings accounts, and auto loans. Within recent years, they’ve maintained a substantial number of credit card holders, with over 60 million active cardholder accounts representing over 11% of the total market share.
One of their subsidiaries, Capital One Bank, has a unique technology and WiFi centered approach to banking. The bank offers 755 branches, including 30 café style locations with free WiFi for their customers.
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Headquarters: San Francisco, California
Total Assets: $370 billionThough they have intentions to move to Westlake, Texas, in conjunction with a potential merger acquisition of TD Ameritrade, Charles Schwab Corporation is currently headquartered in San Francisco, California.
This multinational financial services company specializes in:
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Commercial banking
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Stock brokerage
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Wealth management
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Electronic trading platforms
Though Charles Schwab only has 345 branches, in 2019 their client assets reached a whopping $3.3 trillion.
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Headquarters: Boston, Massachusetts
Total Assets: $359 billionHolding the title of the second oldest bank in America, State Street Corp.’s predecessor, Union Bank, was founded an astounding 229 years ago in 1792. Unsurprisingly, the bank’s headquarters is also located in Boston, MA, one of the oldest cities in the US.
State Street Corp. provides jobs for almost 40,000 employees, and their clients are mainly asset holders, insurance companies, and pension funds. The bank specializes in:
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Investment management
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Stock trading
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Foreign exchange markets
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Custodian banks
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Securities lending
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Headquarters: New York City, New York
Total Assets: $349 billionBank of New York Mellon Corp. is a uniquely private custodian bank compared to the other banks on this list. While the bank employs over 50,000 people and operates in 35 countries, their focus on institutional and corporate investments gears them toward exclusively wealthy clients.
BNY Mellon’s investment services account for roughly 72% of their income, which is why the bank focuses so heavily on investments.
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Headquarters: New York City, New York
Total Assets: $297 billionHSBC Bank USA, headquartered in New York City, New York, is actually a subsidiary of UK-based HSBC. The bank has 159 branch locations in major US cities such as Los Angeles, Atlanta, Houston, Miami, San Francisco, Chicago, Seattle, and Washington D.C.
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- Finance & Banking
Author
Jack Flynn is a writer for Zippia. In his professional career he’s written over 100 research papers, articles and blog posts. Some of his most popular published works include his writing about economic terms and research into job classifications. Jack received his BS from Hampshire College.
