JPMorgan Chase is the largest US bank by assets, according to the latest release from The Federal Reserve Board.
Here is the full list of the top 10 banks in the US, ranked by assets.
Columbus, Ohio-based JPMorgan Chase is the largest US bank with total assets of $3.503 trillion. Some $2.684 trillion are domestic assets, accounting for 77% of its total assets. The bank operates 4,912 domestic branches and 32 foreign branches.
2. Bank of America – $2.6 trillion
Bank of America is based in Charlotte, North Carolina, and ranks second with total assets of $2.550 trillion. The bank’s domestic assets are $2.412 trillion, making up 95% of its total assets. It operates 3,744 domestic branches and 23 foreign branches.
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3. Wells Fargo – $1.7 trillion
Sioux Falls, South Dakota-based Wells Fargo holds the third position with total assets of $1.743 trillion. Its domestic assets are $1.719 trillion, comprising 99% of its total assets. The bank has 4,297 domestic branches and 10 foreign branches.
4. Citibank – $1.7 trillion
Citibank is also based in Sioux Falls, South Dakota, and has total assets of $1.698 trillion, placing it fourth. The bank’s domestic assets total $1.053 trillion, accounting for 62% of its total assets. Citibank operates 653 domestic branches and 115 foreign branches and is managed by Citigroup.
5. U.S. Bank – $669.4 billion
With assets of $669.43 billion, Cincinnati, Ohio-based U.S. Bank is the fifth largest bank in the U.S. It serves customers through 2,291 domestic branches and a single foreign branch.
6. PNC – $562.0 billion
Wilmington, Delaware-based PNC ranks sixth with total assets of $561.95 billion. The bank’s domestic assets are $560.14 billion, accounting for almost all of its total assets. It operates 2,373 domestic branches and one foreign branch.
7. Goldman Sachs – $549.2 billion
New York-based Goldman Sachs has total assets of $549.19 billion, making it the seventh largest bank. It holds $472.01 billion in domestic assets, representing 86% of its total assets, and operates two domestic and two foreign branches.
8. Truist Bank – $526.7 billion
Truist, another Charlotte, North Carolina-based bank, holds the eighth position with total assets of $526.71 billion. The bank’s domestic assets total $526.65 billion, accounting for almost all of its total assets. Truist operates entirely within the US with 1,930 domestic branches.
9. Capital One – $478.9 billion
Headquartered in McLean, Virginia, Capital One has total assets of $478.88 billion, ranking ninth. The bank’s domestic assets are $478.28 billion, almost all of its total assets. Capital One operates 273 domestic branches and one foreign branch.
10. TD Bank – $369.9 billion
Wilmington, Delaware-based TD Bank rounds out the list with total assets of $369.86 billion, all of which are domestic. It serves customers through 1,179 US branches.
2024 trends affecting US banks
With high interest rates and stubborn inflation gains affecting US consumers, the banking industry is facing several hurdles to building lasting relationships with customers. Here are some recent trends covered in EMARKETER reports.
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