Banks are the lifeline of an economy, and the U.S. is no different. The country is home to some of the world’s largest financial institutions. Moreover, the size of these financial institutions, especially the top ones, have grown significantly since the Great Recession. As of September, the 15 largest
held a total of $12.13 trillion in assets. Detailed below are the ten biggest banks in the U.S.
DG Value Surges On Recovery Plays
According to a copy of the firm's February investor update, Dov Gertzulin's DG Value Partners returned +4.48% net for the month of February, which ValueWalk has been able to review. Q4 2020 hedge fund letters, conferences and more Following this performance, the firm has returned +8.32% net for the year to the end of February. Read More
Ten Largest Banks In The U.S.
Our list of the ten largest financial institutions the U.S. is based on their total assets. Their asset size, in turn, is based on the data from the Federal Reserve. Following are the ten biggest banks in the U.S.:
Bank of New York Mellon ($349.43 billion)
It was the first company to trade on the New York Stock Exchange on its debut in 1792. Presently, the financial institution serves corporations and institutions, as well as individual investors. It also offers private banking services to wealthy clients. The financial institution is headquartered in New York and has deposits worth $25.37 billion.
Capital One Financial ($360.26 billion)
It is a Fortune 500 company with subsidiaries, including Capital One Bank. The financial institution has branches on the East Coast, Texas and Louisiana. Also, it gives customers in select cities access to Capital One Cafes, coffee shops where users can open accounts and attend financial workshops. Capital One is also focusing on technology, increasing its technology staff from 2,500 in 2011 to 9,000 in 2019. It is headquartered in McLean, Virginia and has deposits worth $300.76 billion.
TD Group US Holdings LLC ($388.34 billion)
It is the U.S. commercial banking division of Canada’s TD Group. The financial institution is known as “America’s Most Convenient Bank” because of its flexible hours. It has around 1,300 branches along the East Coast. TD Bank offers a range of services, including mortgages, deposit accounts, credit cards, small business and more. It is headquartered in Cherry Hill, New Jersey and has deposits of about $370.41 billion.
PNC Financial Services Group ($457.45 billion)
PNC is a regional bank that operates in the Northeast, South and Midwest. The financial institution presently has about 2,300 branches. One major reason contributing to its success is that it offers specialized perks and services to customers, along with offering original products. To solicit corporate clients, the bank started with mobile payment options in 2017, allowing them to leverage mobile wallets like Apple Pay. It is headquartered in Pittsburgh and has deposits of about $370.41 billion.
Truist Financial Corporation (NYSE:TFC) ($488.02 billion)
It was founded with the merger of BB&T and SunTrust. The bank provides services to about 10 million consumer households. It offers a wide range of services, including retail, small business and commercial banking; commercial real estate; capital markets; mortgage; payments and more. Truist is headquartered in Charlotte, North Carolina and has deposits of about $385.45 billion.
U.S. Bancorp (NYSE:USB) ($530.50 billion)
It is the parent company of U.S. Bank National Association. It was started in 1863 as the First National Bank of Cincinnati. The bank is known for its extensive branch network, thanks to multiple mergers. Bancorp has pent up its technology following announcement from Facebook, Amazon, Apple, and Google to come up with banking services. It is headquartered in Minneapolis and has deposits of about $426.77 billion.
Citigroup (NYSE:C) ($1.65 trillion)
Citigroup’s retail banking division is called Citibank and it is based in Sioux Falls, South Dakota. The financial institution has about 700 branches in the country and over 1,800 branches outside of the U.S. Like other top financial institutions, Citi also witnessed a massive surge in digital banking users in 2019. Citigroup is headquartered in New York and has about $1.27 trillion in deposits.
Wells Fargo (NYSE:WFC) ($1.75 trillion)
Founded in 1852, it is one of the most popular financial institutions worldwide. Lately, the financial institution is working on consolidating and reducing branches, but it still has the highest number of branches in the U.S. To make banking easy and appeal to younger users, the financial institution offers not just the main app, but also a savings app and a mobile banking app. The financial institution is headquartered in San Francisco and has deposits worth $1.47 trillion.
Bank of America Corp. (NYSE:BAC) ($2.16 trillion)
Bank of America is adapting digital age strategies to appeal to young users. The financial institution serves its customers through two digital-only services, called Zelle and Erica. Zelle allows customers to digitally send real-time payments to friends and family. Erica is its virtual assistant, which helps account holders with various tasks. The financial institution serves about 66 million users and small businesses worldwide, and has over 37 million digital clients. Bank of America, which is headquartered in Charlotte, has deposits worth $1.81 trillion.
JPMorgan Chase & Co. (NYSE:JPM) ($2.87 trillion)
JPMorgan Chase’s Chase Bank is its consumer banking division. The financial institution has around 5,000 branches and 16,000 ATMs. Chase claims that about half of the country’s households are its customers. The financial institution is able to outperform rivals by targeting digitally-savvy consumers and using AI (artificial intelligence). Another smart strategy that the bank deploys is acquiring millennials, and then it works to convert them to higher-value customers. The bank is headquartered in New York and has deposits worth $2.105 trillion.