Largest Banks in the USA 2024: The 15 largest banks in the United States (U.S.) hold a combined total of $13.6 trillion in assets as of March 31, 2023. Every so often there are changes to this exclusive club. Larger banks trade places with one another and smaller banks drop out, replaced by faster-growing rivals. Mergers and acquisitions also might play a part in this.
Or a bank failure could cause consolidation, like on May 1 when JPMorgan Chase assumed all of First Republic Bank’s deposits and nearly all of its assets. First Republic is the second-largest bank failure since Washington Mutual in 2008, which JPMorgan Chase also acquired.
Silicon Valley Bank was in the news for being the second-largest bank to fail in U.S. history and the first to fail since October 2020. It was the 16th largest bank in the U.S., based on total assets, as of Dec. 31, 2022, placing it just outside this list. Earlier in 2022, it was on this list as the 14th largest bank as of Sept. 30, 2022.
Signature Bank, the second bank to fail in 2023 and the third-largest bank failure ever, was the 29th largest bank in the U.S., based on total assets, as of March 31, 2023.
Here are the biggest banks in the U.S. by consolidated assets, according to the latest numbers from the Federal Reserve.
| RANK | BANK NAME | TOTAL ASSETS | PREVIOUS RANK |
|---|---|---|---|
| 1 | JPMorgan Chase | $3.27 trillion | 1 |
| 2 | Bank of America | $2.52 trillion | 2 |
| 3 | Citigroup | $1.72 trillion | 3 |
| 4 | Wells Fargo | $1.69 trillion | 4 |
| 5 | U.S. Bancorp | $590.46 billion | 5 |
| 6 | Truist Bank | $564.84 billion | 7 |
| 7 | PNC Financial Services | $556.31 billion | 6 |
| 8 | Goldman Sachs | $490.80 billion | 8 |
| 9 | Capital One Financial | $469.43 billion | 9 |
| 10 | TD Group US Holdings | $401.25 billion | 10 |
| 11 | Bank of New York Mellon | $341.46 billion | 11 |
| 12 | State Street | $287.07 billion | 12 |
| 13 | BMO Harris | $265.45 billion | N/A |
| 14 | First Republic Bank | $232.94 billion | 14 |
| 15 | Citizens Financial | $221.96 billion | 13 |
Here are the List of Largest Banks in the USA 2024
JPMorgan Chase
JPMorgan Chase, the consumer banking division of JPMorgan Chase, stands at the forefront with over 4,700 branches and a massive network of 16,000 ATMs. As the largest bank in the US, it covers all 48 contiguous states, outpacing other banks in branch presence. With assets totaling $3.27 trillion, it continues to play a pivotal role in the financial landscape from its headquarters in New York.
- Consumer banking division of JPMorgan Chase.
- Over 4,700 branches and 16,000 ATMs make it Largest Banks in the USA.
- Largest branch network among all US banks.
- Total Assets: $3.27 trillion.
- Headquarters: New York.
Bank of America
Serving approximately 67 million consumers and small business clients globally, Bank of America is renowned for its robust digital tools, including a versatile mobile app. The bank took a customer-friendly approach by eliminating nonsufficient funds (NSF) fees and reducing overdraft fees in early 2022. With assets worth $2.52 trillion, it operates from its headquarters in Charlotte, North Carolina.
- Serves around 67 million consumers and small business clients worldwide.
- Offers robust digital tools, including a versatile mobile app, and it makes 2nd largest bank in the USA.
- Eliminated nonsufficient funds (NSF) fee and reduced overdraft fee in 2022.
- Total Assets: $2.52 trillion.
- Headquarters: Charlotte, North Carolina.
Citigroup
As a global financial services corporation, Citigroup’s retail banking division operates around 673 locations in the US, accompanied by access to over 65,000 fee-free ATMs. With assets amounting to $1.72 trillion, Citigroup serves its clients from its headquarters in New York.
- Global financial services corporation.
- Retail banking division has about 673 locations in the US.
- Provides access to over 65,000 fee-free ATMs.
- Total Assets: $1.72 trillion.
- Headquarters: New York.
Wells Fargo
Established in 1852, Wells Fargo has introduced various digital tools, including a savings app and mobile banking app targeted at millennials. The bank has been focusing on rebuilding customer relationships after facing challenges in the past. Its assets total $1.69 trillion, and its headquarters are located in San Francisco.
- Founded in 1852.
- Introduced a savings app and a mobile banking app for millennials.
- Focusing on rebuilding customer relationships after past missteps.
- Total Assets: $1.69 trillion.
- Headquarters: San Francisco.
U.S. Bancorp
U.S. Bancorp, the parent company of U.S. Bank, has its roots dating back to 1863 as the First National Bank of Cincinnati. Today, it boasts an extensive branch network and ongoing investment in digital offerings. With assets amounting to $590.46 billion, U.S. Bancorp serves customers in more than half of the US states, operating from Minneapolis.
- Bank holding company and parent company of U.S. Bank.
- Started as the First National Bank of Cincinnati in 1863.
- Extensive branch network and investment in digital offerings.
- Total Assets: $590.46 billion.
- Headquarters: Minneapolis.
Truist Financial
Formed by the merger of BB&T and SunTrust, Truist Financial caters to around 12 million consumer households as of 2020. The combined history of the two banks spans around 275 years, resulting in a top-10 bank with assets totaling $564.84 billion. Truist Financial is headquartered in Charlotte, North Carolina.
- Formed by the merger of BB&T and SunTrust.
- Provides financial services to about 12 million consumer households.
- Resulted in the formation of a top-10 bank with a combined history of around 275 years.
- Total Assets: $564.84 billion.
- Headquarters: Charlotte, North Carolina.
PNC Financial Services
Founded in 1852 as Pittsburgh Trust and Savings Co., PNC Financial Services expanded significantly through the acquisition of BBVA USA in June 2021. With assets worth $556.31 billion, PNC operates around 2,570 locations across 28 states and Washington, D.C. Its headquarters are in Pittsburgh.
- Founded as Pittsburgh Trust and Savings Co. in 1852.
- Expanded through the acquisition of BBVA USA in June 2021.
- Total Assets: $556.31 billion.
- Headquarters: Pittsburgh.
Goldman Sachs
A global investment banking, management, and securities firm, Goldman Sachs offers a wide range of financial services through its online banking arm, Marcus. Launched in 2016, Marcus provides personal loans among other products. With total assets of $490.80 billion, Goldman Sachs is headquartered in New York.
- Global investment banking, management, and securities firm.
- Offers banking products through Marcus, its online banking arm.
- Total Assets: $490.80 billion.
- Headquarters: New York.
Capital One Financial
As a Fortune 500 company, Capital One Financial, with its subsidiary Capital One Bank, operates branches along the East Coast, Texas, and Louisiana. Notably, customers in select cities can access Capital One Cafes for financial workshops. With assets amounting to $469.43 billion, Capital One Financial is headquartered in McLean, Virginia.
- Fortune 500 company with subsidiaries including Capital One Bank.
- Operates branches on the East Coast, Texas, and Louisiana.
- Customers have access to Capital One Cafes for financial workshops.
- Total Assets: $469.43 billion.
- Headquarters: McLean, Virginia.
TD Group Holdings
TD Bank, the U.S. commercial banking arm of Canada’s TD Bank Group, provides a wide range of banking products, including mortgages, deposit accounts, and credit cards. With a network of over 1,100 branches along the East Coast and access to approximately 2,600 branches, TD Group Holdings has assets totaling $401.25 billion. Its headquarters are in Cherry Hill, New Jersey.
- U.S. commercial banking arm of Canada’s TD Bank Group.
- Operates over 1,100 branches along the East Coast.
- Total Assets: $401.25 billion.
- Headquarters: Cherry Hill, New Jersey.
Bank of New York Mellon
A historic investment company, Bank of New York Mellon serves various corporations, institutions, and individual investors, offering private banking services for its wealthy clientele. With assets totaling $341.46 billion, Bank of New York Mellon operates from its headquarters in New York.
- Investment company serving corporations, institutions, and individual investors.
- Offers private banking services for wealthy clients.
- Total Assets: $341.46 billion.
- Headquarters: New York.
State Street
State Street Corp. is a financial services and asset management company with a global presence in more than 100 markets and approximately 40,000 employees. Its services include investment research, trading, and management for asset owners, insurance companies, pension funds, and others. State Street’s assets amount to $287.07 billion, and it is headquartered in Boston.
- Financial services and asset management company.
- Has a global presence in over 100 markets.
- Provides investment research, trading, and management services.
- Total Assets: $287.07 billion.
- Headquarters: Boston.
BMO Harris
BMO Harris operates more than 500 branches in several US states, including Arizona, Illinois, Florida, and Wisconsin. With assets worth $265.45 billion, BMO Harris is headquartered in Chicago.
- Operates more than 500 branches in the U.S.
- Branches are located in several states, including Illinois, Florida, and Wisconsin.
- Total Assets: $265.45 billion.
- Headquarters: Chicago.
First Republic Bank
First Republic Bank had around 86 locations before its failure on May 1, 2023. Founded in 1985, it was known for its wealth management services. JPMorgan Chase acquired its deposits and nearly all of its assets. Prior to the failure, First Republic Bank had total assets of $232.94 billion, and it was headquartered in San Francisco.
- Had around 86 locations in the U.S.
- Known for its wealth management services.
- Acquired by JPMorgan Chase on May 1, 2023, after failing.
- Total Assets: $232.94 billion.
- Headquarters: San Francisco.
Citizens Financial
Offering a suite of retail, small business, and commercial banking products, Citizens Financial operates around 1,200 branches across 14 states and provides access to approximately 3,300 ATMs. With assets totaling $221.96 billion, Citizens Financial is headquartered in Providence, Rhode Island. In February 2022, it closed a deal to acquire HSBC branches, including their online accounts.
- Offers retail, small business, and commercial banking products.
- Operates around 1,200 branches in 14 states.
- Acquired HSBC branches in February 2022, including online accounts.
- Total Assets: $221.96 billion.
- Headquarters: Providence, Rhode Island.
Source- Internet