Banks are the backbone of a country’s economy. They are responsible for safeguarding the wealth of any country’s citizens and they have made lives much easier. Nowadays, one can not only deposit money in banks but take loans, pay bills and pending dues, make fixed deposits, all from one account, which is why banks serve many functions in society.
Also see: Largest States in the USA
Largest Banks In America
The United States is home to the largest financial services providers and banks. So, here is a look at the ten largest banks in America. The assets of these banks, combined, is around $10 trillion, which is a very large amount.
1. JP Morgan Chase & Co.
Formed in 1996 after the merger of the JP Morgan and Chase group, Chase bank, the consumer banking division of the company, has become the largest bank in the world with assists of $2.74 trillion. Chase bank employs more than 228,000 people and has branches in over 100 countries, which are more than 5,000 branches and 16,000 ATMs. It is said that half of the American citizens are customers of Chase. The newest mobile app of the bank which provides a personalization feature according to the location is one of the remarkable service features of Chase. Its headquarters are in New York.
2. Bank of America Corp.
With a total of 66 million consumers and clients, Bank of America Corp. is the second largest bank in America. It has assets of $2.38 trillion and deposits of $1.38 trillion as of May 2019. Found in October 1904, this bank was formerly known as the Bank of Italy. The virtual assistant, Erica, has become very renowned and is a reason why Bank of America Corp. has 37 million digital clients. Not only this, but this bank also provides jobs to about 151,000 people and is based in Charlotte, North Carolina.
3. Citigroup Inc.
A global financial services corporation, Citigroup Inc. is the parent company of the Citibank, which is based in Sioux Falls, South Dakota. The Citibank has 700 branches in the US, and 1,800 outside America. Citibank also has 65,000 fee-free ATMs and has assets worth $1.96 trillion and deposits worth $1.03 trillion. Even though it’s headquarters are in New York, Citibank claims to have 35 million users in its online divisions.
4. Wells Fargo & Co.
Found in 1852 by Henry Wells and William Fargo, Wells Fargo is among the largest banks in the world. It has more branches in the US than any other bank in the country. Even though it has been accused of tax frauds, it is taking steps in the interest of its consumers. It has launched a mobile app and a savings app to make banking more accessible to users. Headquartered in San Francisco, it has assets worth $1.89 trillion and deposits worth $1.26 trillion.
5. Goldman Sachs and Co.
Goldman Sachs and Co. is a global investment banking, management and securities firms, which provides financial services, banking through Marcus. Marcus is the online banking arm of the company which debuted in 2016. This service also offers personal loans. With assets worth $925.35 billion and deposits worth $164.14 billion, Goldman Sachs and Co. is the fifth largest bank with its headquarters in New York.
6. Morgan Stanley
The Sixth largest bank in America, Morgan Stanley is a financial services firm, with offices in more than 41 countries around the world. It was found in 1935 and has been going strong ever since despite the frequent lawsuits and controversies it has found itself in. Its assets are worth $875.96 billion and its deposits are worth $179.73 billion. The Morgan Stanley Headquarters are in New York. Morgan Stanley employs more than 55,000 people and was ranked 67th in Fortune 500 list of the largest US corporations by total revenue in 2018.
7. US Bancorp
US Bancorp is the parent company of the U.S. Bank. It is the seventh largest commercial banks by its assets, which are worth $475.78 billion. It was found in 1863 as the First National Bank of Cincinnati, and only multiple mergers later did the bank become as we know it today. The U.S. Bank serves 16 million customers and has deposits worth $348.09 billion. Even though the company headquarters are in Minneapolis, Minnesota, it is incorporated in Delaware.
8. PNC Financial Services Group Inc.
Founded by Pittsburgh Trust and Savings Co. in 2008, the eighth largest bank in America has about 2,480 branches and assets and deposits worth $392.84 billion and $271.22 billion. It is headquartered in Pittsburgh, Pennsylvania and it also acquired the Cleveland based National City Corp. The PNC groups operates in 19 states and the District of Columbia and provides various other services such as asset management, wealth management, estate planning, loan servicing, and information processing. Founded on April 10, 1846, it became operational on January 28, 1852. Currently, it has 2,459 branches and 9,051 ATMs.
9. TD Group US Holidays LLC
It is the US Commercial banking arm of Canada’s Toronto-Dominion Bank Group. Having about 1,300 branches along the East Coast, it is headquartered in Cherry Hill, New Jersey. It is known for its flexible hours and has assets worth $384.07 billion and deposits worth $267.27 billion. It was founded in January 1852 in Portland, Maine, US. It presently has more than 26,000 employees. In 2017, it blocked the purchase of bitcoins and various other cryptocurrencies from its credit cards.
10. Capital One Financial Corp.
It is the parent company of Capital One Bank, which is based in Mc Lean, Virginia. Founded in 1988, in Richmond, Virginia, US, it has 755 branches and nearly 2,000 ATMs. It has assets worth $373.19 billion and deposits worth $255.11 billion. Capital One is known for its credit cards, auto loans, banking, and savings account services. It conducts business in the United States, Canada, and the United Kingdom.
These are the ten largest banks in America and many of them have been providing services to customers for more than 100 years, while others have come into existence only a few years ago. If you are reading this article so that you know which bank is the best for you, you should head over to these banks’ reviews!