The 15 largest banks in the United States (U.S.) hold a combined total of $13.4 trillion in assets as of Sept. 30, 2022.
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.
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 |
$3.31 trillion |
1 |
|
2 |
Bank of America |
$2.41 trillion |
2 |
|
3 |
Citigroup |
$1.71 trillion |
3 |
|
4 |
Wells Fargo |
$1.71 trillion |
4 |
|
5 |
U.S. Bancorp |
$591.21 billion |
5 |
|
6 |
PNC Financial Services |
$553.40 billion |
6 |
|
7 |
Truist Bank |
$534.19 billion |
7 |
|
8 |
Goldman Sachs |
$513.91 billion |
8 |
|
9 |
TD Group US Holdings |
$394.33 billion |
9 |
|
10 |
Capital One Financial |
$391.81 billion |
10 |
|
11 |
Bank of New York Mellon |
$344.65 billion |
11 |
|
12 |
State Street |
$300.01 billion |
12 |
|
13 |
Citizens Financial |
$224.48 billion |
13 |
|
14 |
Silicon Valley Bank |
$210.24 billion |
14 |
|
15 |
First Republic Bank |
$205.11 billion |
NR |
1. JPMorgan Chase
Chase Bank is the consumer banking division of JPMorgan Chase. Unlike some of its competitors that are closing branches, Chase is expanding its branch network in key markets. It currently has nearly 5,000 branches and 16,000 ATMs. Nearly half of the country’s households are Chase customers, according to Chase.
Read Bankrate’s review of Chase Bank.
Assets: $3.31 trillion
Headquarters: New York
2. Bank of America
Bank of America serves about 67 million consumers and small business clients worldwide. Like many of the biggest banks, it offers robust digital tools that include a versatile mobile app. Bank of America recently said it was eliminating its nonsufficient funds (NSF) fee and reducing its overdraft fee, following an industry trend.
Read Bankrate’s review of Bank of America.
Assets: $2.41 trillion
Headquarters: Charlotte, North Carolina
3. Citigroup
Citigroup is a global financial services corporation. Its retail banking division, Citibank, is based in Sioux Falls, South Dakota. Citibank has about 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: $1.71 trillion
Headquarters: New York
4. Wells Fargo
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 fractured relationship with customers after a series of missteps.
Read Bankrate’s review of Wells Fargo.
Assets: $1.71 trillion
Headquarters: San Francisco
5. 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: $591.21 billion
Headquarters: Minneapolis
6. PNC Financial Services
PNC was founded as Pittsburgh Trust and Savings Co. in 1852. That transaction roughly doubled the bank’s size. Today, the bank has nearly 2,600 branches in 28 states and Washington, D.C.
PNC agreed to acquire BBVA USA for $11.6 billion in November 2020 and the deal closed June 1.
Read Bankrate’s review of PNC Bank.
Assets: $553.40 billion
Headquarters: Pittsburgh
7. Truist Financial
Truist is the bank formed by the merger of equals of BB&T and SunTrust. Truist provides financial services to about 10 million consumer households. BB&T and SunTrust, which were ranked the 11th and 12th largest banks by assets, respectively, as of Sept. 30, 2019, now form the sixth-largest bank.
Read Bankrate’s review of Truist Bank.
Assets: $534.19 billion
Headquarters: Charlotte, North Carolina
8. Goldman Sachs
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: $513.91 billion
Headquarters: New York
9. TD Group US Holdings
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.
Read Bankrate’s review of TD Bank.
Assets: $394.33 billion
Headquarters: Cherry Hill, New Jersey
10. Capital One Financial
Capital One is a Fortune 500 company with subsidiaries that include 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 Wi-Fi where visitors can open accounts and attend financial workshops.
Read Bankrate’s review of Capital One and its online banking products.
Assets: $391.81 billion
Headquarters: McLean, Virginia
11. Bank of New York Mellon
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 investment company that serves different corporations and institutions as well as individual investors. Private banking services are available for its wealthy clients.
Assets: $344.65 billion
Headquarters: New York
12. State Street
Founded in 1792, State Street Corp. is a financial services and asset management company with about 40,000 employees and a global presence in more than 100 markets. Services include investment research and trading and investment management. Its clients include asset owners, insurance companies and pension funds, among others.
Assets: $300.01 billion
Headquarters: Boston
13. Citizens Financial
Citizens has over 1,000 branches in 12 states and Washington, D.C.
Customers also have access to more than 3,000 ATMs. It is headquartered in Providence, Rhode Island.
In February 2022, Citizens Financial closed the deal to acquire HSBC branches. The acquisition included HSBC online accounts.
Read Bankrate’s review of Citizens Bank.
Assets: $224.48 billion
Headquarters: Providence, Rhode Island
14. Silicon Valley Bank
Silicon Valley Bank has been around since 1983. Silicon Valley Bank closed the deal to acquire Boston Private in 2021. Silicon Valley Bank has business checking accounts and lending products for businesses.
Assets: $210.24 billion
Headquarters: Santa Clara, California
15. First Republic Bank
First Republic has around 88 locations in the U.S. The bank is known for its wealth management services.
Read Bankrate’s review of First Republic Bank.
Assets: $205.11 billion
Headquarters: San Francisco
