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The 15 largest banks in the US
In the years since the Great Recession, the largest banks in the U.S. have grown substantially. The 15 largest banks now hold a combined total of $12.95 trillion in assets as of June 30, 2021.
Of course, every year there are changes to this exclusive club. Larger banks trade places with one another and smaller banks drop out, replaced by faster-growing rivals.
The smallest bank in this group has $185 billion in assets.
Here are the 15 largest banks in the U.S. by assets, according to the latest numbers from the Federal Reserve.
|Rank||Bank name||Total assets|
|1||JPMorgan Chase & Co.||$3.19 trillion|
|2||Bank of America Corp.||$2.35 trillion|
|3||Wells Fargo & Co.||$1.78 trillion|
|4||Citigroup Inc.||$1.70 trillion|
|5||U.S. Bancorp||$547.85 billion|
|6||Truist Bank||$510.29 billion|
|7||PNC Financial Services Group Inc.||$453.97 billion|
|8||TD Group US Holdings LLC||$415.51 billion|
|9||Bank of New York Mellon Corp.||$384.54 billion|
|10||Capital One Financial Corp.||$369.05 billion|
|11||Goldman Sachs Group Inc.||$351.16 billion|
|12||State Street Corp.||$322.96 billion|
|13||Fifth Third Bank||$203.98 billion|
|15||Citizens Financial Group||$185.04 billion|
1. JPMorgan Chase & Co.
Chase Bank is the consumer banking division of JPMorgan Chase. Unlike some of its competitors that are closing branches, Chase is expanding its branch network in key markets. It currently has nearly 5,000 branches and 16,000 ATMs. Nearly half of the country’s households are Chase customers, according to Chase. Read Bankrate’s review of Chase Bank.
Assets: $3.19 trillion trillion
Headquarters: New York
2. Bank of America Corp.
Bank of America serves about 66 million consumers and small business clients worldwide. Like many of the biggest banks, Bank of America is known for digital innovation. It has more than 37 million digital clients and is experiencing success after introducing its virtual assistant, Erica, that assists account holders with various tasks. Read Bankrate’s review of Bank of America.
Assets: $2.35 trillion
Headquarters: Charlotte, North Carolina
3. Wells Fargo & Co.
Wells Fargo was founded in 1852. Although the bank has focused on consolidating and eliminating branches, it still has the most branches of any bank in the country. In addition to its main app, Wells Fargo has introduced a savings app and a mobile banking app geared toward millennials. The bank has rebranded and is focusing on repairing its fractured relationship with customers after a series of missteps. Read Bankrate’s review of Wells Fargo.
Assets: $1.78 trillion
Headquarters: San Francisco
4. Citigroup Inc.
Citigroup is a global financial services corporation. Its retail banking division, Citibank, is based in Sioux Falls, South Dakota. Citibank has about 700 branches in the U.S. and more than 1,800 branches outside of the country. U.S. customers can also access more than 65,000 fee-free ATMs. Read Bankrate’s review of Citibank.
Assets: $1.7 trillion
Headquarters: New York
5. U.S. Bancorp
U.S. Bancorp is the bank holding company and parent company of U.S. Bank. What we’ve come to know as the fifth-largest commercial bank by assets began in 1863 as the First National Bank of Cincinnati. Multiple mergers led to the formation of the bank known today for its extensive branch network and investment in improving its digital offerings. Read Bankrate’s review of U.S. Bank.
Assets: $547.85 billion
6. Truist Financial Corp.
Truist is the bank formed by the merger of equals of BB&T and SunTrust. Truist provides financial services to about 10 million consumer households. BB&T and SunTrust, which were ranked the 11th and 12th largest banks by assets, respectively, as of Sept. 30, 2019, now form the sixth-largest bank.
Read Bankrate’s review of BB&T and SunTrust.
Assets: $510.29 billion
Headquarters: Charlotte, North Carolina
7. PNC Financial Services Group Inc.
PNC is a regional bank operating in parts of the Northeast, South and Midwest. It was founded as Pittsburgh Trust and Savings Co. and in 2008 acquired the troubled Cleveland-based National City Corp. That transaction roughly doubled the bank’s size. Today, the bank has around 2,300 branches.
PNC agreed to acquire BBVA USA for $11.6 billion in November 2020 and the deal closed June 1. The Federal Reserve’s latest quarterly report, dated June 30, however, still shows BBVA and PNC as separate banks. Once assets are combined PNC Bank is projected to be a top-five bank based on assets.
In 2018, PNC started to expand outside of its traditional market of 19 states, mostly east of the Mississippi River, and Washington D.C. The deal with BBVA USA would accelerate that expansion.
Assets: $453.97 billion
8. TD Group US Holdings LLC
TD Bank is the U.S. commercial banking arm of Canada’s TD Bank Group. Customers have access to mortgages, deposit accounts, credit cards and products for commercial and small business clients. The bank has about 1,300 branches along the East Coast. Read Bankrate’s review of TD Bank.
Assets: $415.51 billion
Headquarters: Cherry Hill, New Jersey
9. Bank of New York Mellon Corp.
When the New York Stock Exchange opened in 1792, the Bank of New York was the first company traded. Today, Bank of New York Mellon is an investment company that serves different corporations and institutions as well as individual investors. Private banking services are available for its wealthy clients.
Assets: $384.54 billion
Headquarters: New York
10. Capital One Financial Corp.
Capital One is a Fortune 500 company with subsidiaries that include Capital One Bank. In addition to branches on the East Coast and in Texas and Louisiana, bank customers in select cities have access to Capital One Cafes, coffee shops with free Wi-Fi where visitors can open accounts and attend financial workshops. Read Bankrate’s review of Capital One and its online banking products.
Assets: $369.05 billion
Headquarters: McLean, Virginia
11. Goldman Sachs Group Inc.
Goldman Sachs is a global investment banking, management and securities firm. Its clients have access to a variety of financial services, including banking products through Marcus, its online banking arm that made its debut in fall 2016 and began offering personal loans. Read Bankrate’s review of Marcus by Goldman Sachs.
Assets: $351.16 billion
Headquarters: New York
12. State Street Corp.
Founded in 1792, State Street Corp. is a financial services and asset management company with about 40,000 employees and a global presence in more than 100 markets. Services include investment research and trading and investment management. Its clients include asset owners, insurance companies and pension funds, among others.
Assets: $322.96 billion
13. Fifth Third Bancorp
Fifth Third Bancorp is the indirect parent company of Fifth Third Bank NA.
Fifth Third has about 1,100 branches Ohio, Florida, Georgia, Kentucky, Illinois, Indiana, Michigan, North Carolina, Tennessee and West Virginia. Read Bankrate’s review of Fifth Third Bank.
14. HSBC North America Holdings Inc.
HSBC North America Holdings Inc., is the holding company for HSBC Holdings in the U.S.
HSBC has branches in major U.S. cities, including New York, Los Angeles, Chicago, Atlanta, Houston, Miami, San Francisco, Seattle and Washington.
In May 2021, Citizens Financial Group agreed to acquire 80 HSBC branches on the East Coast, including 66 branches in the New York City area, nine in the mid-Atlantic and Washington, D.C., regions and five in South Florida. The transaction is expected to close in the first quarter of 2022.
HSBC Direct, HSBC’s online bank, is also being acquired by Citizens Bank.
Read Bankrate’s review of HSBC.
Assets: $194.76 billion
Headquarters: New York
15. Citizens Financial Group
Citizens has about 1,000 branches in 11 states in the New England, mid-Atlantic and Midwest. It also has about 3,100 ATMs. It is headquartered in Providence, Rhode Island.
Citizens Financial Group has agreed to acquire 80 East Coast HSBC branches and HSBC Direct in a deal that’s expected to close early in 2022.
Read Bankrate’s review of Citizens Bank.
Assets: $185.04 billion
Headquarters: Providence, Rhode Island
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