Since the Great Recession of 2008, America’s banks have grown exponentially larger. At the time of this writing, the top 10 banks in the nation have combined for more than $11.7 trillion in consolidated assets. Every new year brings a slight change to the top ten performing banks in the United States of America, so today we are going to highlight some of the biggest movers and shakers within the banking industry.
1. JPMorgan Chase & Co
Headquarters: New York City, NY
Located in New York City, JPMorgan Chase & Co is the largest banking institution in the United States of America. With an estimated value exceeding 3.386 billion in assets, JP Morgan is not likely to fall off this list anytime soon.
Existing in its current structure since December 1, 20000, JPMorgan Chase & Co is considered one of the “Big Four” banks in America. The oldest predecessor in the JPMorgan Chase acquisition history dates back to 1799 with Aaron Burr’s Bank of Manhattan Company.
2. Bank of America
Headquarters: Charlotte, NC
Servicing more than 66 million consumers and business owners around the world, the Bank of America has become well-known for its work within the field of digital innovation. The introduction of a virtual assistant, Erica, would help pivot the company toward today’s modern and more streamlined automated approach to banking.
The Bank of America in its current structure occurred following a merger in 1998. However, the Bank of America’s lineage can be traced back to 1784 with its predecessor, the Massachusetts Bank.
3. Charles Schwab
Headquarters: Westlake, TX
The Charles Schwab Corporation first opened its doors in 1971 under Charles Schwab & Co. Since then, the famous banking institution has grown to more than 360 branches across the United States, accruing more than $549 billion in total assets along the way. Texas is also home to other large and rapidly growing financial institutions like this one.
4. Wells Fargo & Co
Headquarters: San Francisco, CA
Originally founded in 1852, Wells Fargo has come a long way since its early days. Now more focused on consolidating its branches, Wells Fargo still has more than any other in the nation. Introducing a game-changing mobile banking app specifically targeting millennials would help the bank with its rebranding efforts.
Wells Fargo is based out of San Francisco, CA, where the bank has a market capitalization north of $308 billion.
5. Goldman Sachs
Headquarters: New York City, NY
With assets valued at north of $288.62 billion, Goldman Sachs has become a global banking, management, and securities firm to take note of. Marcus by Goldman Sachs has been a hit since its inception in 2016, providing personal loans while making the process considerably easier.
Goldman Sachs is based out of NYC with an estimated asset valuation of $992 billion.
6. Citigroup Inc
Headquarters: New York City, NY
Another in the long line of global financial corporations, Citibank was originally based out of Sioux Falls, SD, though the company has more than 700 branches across the United States. Additionally, Citibank has more than 1,800 branches worldwide.
Now located in New York City, Citigroup employs more than 200,000 employees and more than 200 million customer accounts through 160 countries.
7. U.S. Bancorp
Headquarters: Minneapolis, MN
Parent company to U.S. Bank, U.S. Bancorp is one of the top five commercial banks when ranked by assets. Founded in 1863, U.S. Bancorp is as well known for its history as its digital offerings. Headquartered out of Minneapolis, U.S. Bancorp has a valuation in total assets north of $558 billion.
8. PNC Financial Services
Headquarters: Pittsburg, PA
9. Truist Financial Corporation
Headquarters: Charlotte, NC
Created from the merger of BB&T and SunTrust, Truist services more than 10 million households while ranking near the top 10 in largest banking institutions in America. Truist Financial Corporation is based out of Charlotte, NC, where it is valued at more than $500 billion.
10. Capital One Financial Corp
Headquarters: McLean, VA
A Fortune 500 company as well known for its subsidiaries as its core banking offerings, Capital One is based out of McLean, VA. Capital One offers extensive services including free WiFi, financial workshops, Capital One Cafes, and an assortment of credit card offerings.
At the time of this writing, Capital One is valued at $421 billion in total assets.
