Largest Banks in U.S.

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In the years since the Great Recession, the nation’s biggest banks have grown substantially. The top 15 largest banks now hold a combined total of $12.13 trillion in assets as of Sept. 30.

Of course, every year there are changes in this exclusive club. Larger banks trade places with one another, and smaller banks drop out, replaced by faster-growing rivals.

Here are the 15 largest banks in the U.S. by assets, according to the latest numbers from the Federal Reserve. Deposits information is from the Federal Deposit Insurance Corp. (FDIC).

Rank Bank name Total assets

1 JPMorgan Chase & Co. $2.87 trillion

2 Bank of America Corp. $2.16 trillion

3 Wells Fargo & Co. $1.75 trillion

4 Citigroup Inc. $1.65 trillion

5 U.S. Bancorp $530.50 billion

6 Truist Bank $488.02 billion

7 PNC Financial Services Group Inc. $457.45 billion

8 TD Group US Holdings LLC $388.34 billion

9 Capital One Financial Corp. $360.26 billion

10 Bank of New York Mellon Corp. $349.43 billion

11 Goldman Sachs Group Inc. $277.94 billion

12 State Street Corp. $268.73 billion

13 HSBC $202.54 billion

14 Fifth Third Bank $200.45 billion

15 Citizens Financial Group $179.16 billion

  1. JPMorgan Chase & Co.

Chase Bank is the consumer banking division of JPMorgan Chase. Unlike its competitors, Chase is taking steps to expand its branch network in key markets. The bank currently has nearly 5,000 branches and 16,000 ATMs. According to the bank, nearly half of the country’s households are Chase customers. Read Bankrate’s review of Chase Bank.

Assets: $2.87 trillion

Deposits: $2.105 trillion

Headquarters: New York

  1. 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 its 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: $2.16 trillion

Deposits: $1.81 trillion

Headquarters: Charlotte, North Carolina

  1. 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 relationship with customers after a series of missteps. Read Bankrate’s review of Wells Fargo.

Assets: $1.75 trillion

Deposits: $1.47 trillion

Headquarters: San Francisco

  1. Citigroup Inc.

Citigroup is a global financial services corporation. Its retail banking division, Citibank, is based in Sioux Falls, South Dakota. Citibank has approximately 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: $1.65 trillion

Deposits: $1.27 trillion

Headquarters: New York

  1. 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: $530.50 billion

Deposits: $426.77 billion

Headquarters: Minneapolis

  1. Truist Financial Corporation

Truist is the bank formed by the merger of equals of BB&T and SunTrust. Truist provides financial services to around 10 million consumer households. The new company brings BB&T and SunTrust, which were respectively ranked 11th and 12th in bank assets as of Sept. 30, 2019, together to form the sixth-largest bank.

Assets: $488.02 billion

Deposits: $385.45 billion

Headquarters: Charlotte, North Carolina

  1. 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 it acquired the troubled Cleveland-based National City Corp. That transaction roughly doubled the bank’s size. Today, the bank has around 2,300 branches.

On Nov. 16, PNC agreed to acquire BBVA USA for $11.6 billion. This acquisition is projected to make PNC Bank a top-five bank based on assets once the deal closes.

Back in 2018, PNC started to expand outside of its traditional market of 19 states, mostly east of the Mississippi River, and Washington D.C. This deal would accelerate that expansion.

Assets: $457.45 billion

Deposits: $370.41 billion

Headquarters: Pittsburgh

  1. 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 and is known as “America’s Most Convenient Bank” for its flexible hours. Read Bankrate’s review of TD Bank.

Assets: $388.34 billion

Deposits: $338.97 billion

Headquarters: Cherry Hill, New Jersey

  1. Capital One Financial Corp.

Capital One is a Fortune 500 company with subsidiaries, including 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 WiFi where visitors can open accounts and attend financial workshops. Read Bankrate’s review of Capital One and its online banking products.

Assets: $360.26 billion

Deposits: $300.76 billion

Headquarters: McLean, Virginia

  1. 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 investments company that serves different corporations and institutions as well as individual investors. Private banking services are available for its wealthy clients.

Assets: $349.43 billion

Deposits: $25.37 billion

Headquarters: New York

  1. 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: $277.94 billion

Deposits: $218.78 billion

Headquarters: New York

  1. State Street Corp.

Founded in 1792, State Street Corp. is a financial services and asset management company with around 40,000 employees and a global presence in more than 100 markets. The services it provides include investment research and trading and investment management. Its clients include asset owners, insurance companies and pension funds, among others.

Assets: $268.73 billion

Deposits: $203.51 billion

Headquarters: Boston

  1. 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 the U.S. in cities such as New York, Los Angeles, Chicago, Atlanta, Houston, Miami, San Francisco, Seattle and Washington D.C. Read Bankrate’s review of HSBC.

Assets: $202.54 billion

Deposits: $164.17 billion

Headquarters: New York

  1. Fifth Third Bancorp

Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, National Association.

Fifth Third has around 1,100 branches in Ohio, Florida, Georgia, Kentucky, Illinois, Indiana, Michigan, North Carolina, Tennessee and West Virginia. Read Bankrate’s review of Fifth Third Bank.

Assets: $200.45 billion

Deposits: $162.60 billion

Headquarters: Cincinnati

  1. Citizens Financial Group

Citizens has around 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. It also has approximately 3,100 ATMs. Its headquarters is in Providence, Rhode Island. Read Bankrate’s review of Citizens Bank.

Assets: $179.16 billion

Deposits: $145.80 billion

Headquarters: Providence, Rhode Island

Source: https://www.bankrate.com/banking/biggest-banks-in-america/

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