Banking is big business in the US. So big that total assets owned by the 10 largest US-chartered banks early this year totaled $12.39 trillion. That’s equivalent to the nominal GDPs — that is, gross domestic product without adjusting for inflation — of Japan, Germany, the UK and Turkey combined.
Since 2001, the Federal Reserve has published its list of large, nationally and state-chartered, US commercial banks each quarter. In its latest release, which is based on data as of March 31, the Fed ranked 2,130 US commercial banks with consolidated assets of $300 million or more.
The list of the top 10 US-based banks has remained fairly consistent over time, with JPMorgan Chase ranked number one for more than 20 years.
Read on to see how the 10 biggest banks in the US stack up today.
New York-based JPMorgan Chase Bank tops the Federal Reserve’s list of largest banks by consolidated assets owned at $3.48 trillion, of which $2.65 trillion represents assets owned domestically. Chase Bank is the consumer banking arm of JPMorgan Chase. There are more than 4,800 US branches, more than 16,000 domestic ATMs and 34 international banking branches. Chase Bank serves customers in more than 100 countries with offices in the Americas, Europe, North Africa and Asia.
Bank of America, based in Charlotte, NC, serves 67 million retail customers and small business clients. The company has nearly 4,000 branches — it refers to them as “retail financial centers” — and 17,000 ATMs, according to its website. Its digital banking app serves 55 million users. Earlier this year, Bank of America announced that it had eliminated the non-sufficient funds fee — which is the fee charged when a bank returns a payment due to lack of enough money in an account. Bank of America also this year reduced its overdraft fees to $10 from $35.
Wells Fargo has occupied the third spot on the Fed’s list for the past three years. While it’s had a few rocky years dealing with criminal and civil lawsuits involving fraudulent sales practices and recent investigations ofintofake hiring practices, Wells Fargo remains a banking giant in the US, with 4,700 retail banking locations and more than 12,000 ATMs.
Citibank is the retail banking arm of global financial services giant Citigroup. New York-based Citibank serves some 200 million customer accounts in 160 countries. Citibank customers have access to nearly 700 branch locations and more than 65,000 surcharge-free ATMs.
Coming in fifth with $577.5 billion in consolidated assets, the Minneapolis-based U.S. Bank recently launched the nation’s first Spanish-language voice assistant banking app. U.S. Bank has 2,200 bank branches across 26 states. The ATM network partners with MoneyPass to give customers access to thousands of ATMs nationwide. The banking app allows you to share your location while traveling to avoid banking service interruptions while away from home.
The result of the largest bank merger of its time, the Pittsburgh National and Provident National banks took their shared initials and formed PNC Bank in 1983. Since then, this Pittsburgh-based bank has focused its operation in the Midwest, Northeast, and South. In November 2020, PNC agreed to pay $11.6 billion to acquire BBVA USA, a regional bank operating mainly in southern and western states. As of March, PNC Bank had 2,600 branches across the US.
Truist Bank, formed by a merger between BB&T and SunTrust Bank in 2019, operates in 17 states across the southeastern US and the District of Columbia. Charlotte, NC-based Truist has 2,100 bank branches and offers customers access to more than 2,000 ATMs. Truist recently launched Truist One Banking accounts which provides eligible customers access to traditional banking services without overdraft fees.
Goldman Sachs landed on the top 10 on the Fed’s list for the first time this year. Since the 2008 financial crisis, the venerable New York-based multinational investment bank and financial services firm has been rebuilding its brand and has reported $474.6 billion in consolidated assets. Marcus by Goldman Sachs, the consumer banking arm that launched in 2016, offers competitive rates on savings accounts and CDs, but doesn’t offer checking or money market accounts.
Casting itself as “America’s Most Convenient Bank,” TD Bank is the US-based arm of the Canadian bank TD Bank Group. TD Bank has 1,100 branches located along the east coast from Maine to Florida — and most of them are open seven days a week (plus some holidays). You can also access nearly 700 ATMs through the TD Bank network.
Capital One Bank rounds out the top 10 largest banks in the US. Headquartered in McClean, VA, it has 307 branches across seven states with the majority located in Louisiana, Maryland, Texas, New York and Virginia. Capital One Bank may have fewer traditional banking branches than most other members of this list, but they have a massive network of 70,000 ATMs, a mobile banking app, and Capital One Cafés in select cities. The first of the Capital One Lounges opened at the Dallas Fort Worth airport this year.