10 Biggest Banks In America (2024)

The banking sector of the United States is the cornerstone of the nation’s financial infrastructure. It’s made up of various financial institutions that provide crucial financial services to individuals, businesses—both large and small—and governmental entities. At the heart of the national banking sector are the 10 biggest US banks, which hold a firm grip on the country’s financial landscape.

The largest banks in America help drive national economic growth by opening access to credit funds, facilitating transactions, and backing businesses in reaching their goals. They also play a major role in the global financial services market, contributing to the stability and resilience of the international economy.

In this article, we are going to answer the question, “What are the largest banks in the US?” and we’ll break down what makes them stand out from the pack of all American banks.

Here is the list of the 10 biggest banks in America based on the data from the Federal Reserve as of June 2024:

JPMorgan Chase

Total assets: $3.40 trillion

Headquarters: New York, NY

Founded in 1799, JPMorgan Chase is the undisputed leader among the biggest banks in the US. With a network of 4,800+ branches in 48 US states and more than 16,000 ATMs across the country, the bank dominates the scene. What is more, it boasts a massive $3.40 trillion in assets.

JPMorgan Chase also extends its reach globally, operating in more than 100 countries with a workforce of over 309,926 employees worldwide.

Reasons for prominence: A diverse range of products, extensive branch network, global footprint, and cutting-edge technology.

Products and Services: Consumer banking with numerous rewards programs, investment banking, asset management, and commercial banking.

Bank of America

Total assets: $2.54 trillion

Headquarters: Charlotte, NC

With a history dating back to 1784, Bank of America secures second place among the largest US banks. Distinguished by its strong financial presence, it consistently rolls out tailored offerings for both individual and corporate clients.

Bank of America reaches its customers through 3,700+ branches all over the United States. There are also more than 15,000 ATMs accessible to the general public for maximum convenience.

The bank also operates in over 35 countries, employing more than 212,000 people worldwide.

Reasons for prominence: Extensive branch network, robust online and mobile banking platforms, and a strong focus on innovation and technology.

Products and Services: Retail banking, wealth management, investment banking, and mortgage services.

Wells Fargo

Total assets: $1.73 trillion

Headquarters: San Francisco, CA

 Established in 1852, Wells Fargo doubled its assets in 2009 after merging with Wachovia. The bank reaches its customers both nationally and internationally, as it is present not only in the US but also in 22 countries. The bank serves over 68 million customers and employs more than 226,000 people.

Despite being one of the largest banks in the US, Wells Fargo previously faced setbacks due to controversies caused by government fines and the bank’s engagement in fraudulent practices. For this reason, the bank focused on rebranding and now continues to work hard on restoring trust.

Reasons for prominence: Extensive branch network, feature-packed mobile app, diverse financial products, and a long-standing legacy in banking services.

Products and Services: Consumer banking, mortgage lending, commercial banking, and investment management.

Citibank

Total assets: $1.68 trillion

Headquarters: New York, NY

Affiliated to the financial services giant Citigroup, the bank has been operating since 1812, featuring a strong track record ever since. Today, it stands as the nation’s third-largest credit card issuer.

For Citibank clients in the US, there are over 60,000 fee-free ATMs available. Even more impressive, ATMs are spread across more than 20 countries, making it easy for clients to access their funds while traveling abroad.

Citibank’s global footprint is undeniable. With a presence in over 90 countries and a workforce of more than 229,000 employees, its scale reaches far beyond U.S. borders.

Reasons for prominence: A far-reaching global presence, a broad range of financial products, cutting-edge mobile banking services, a strong investment banking arm, and a rich history of innovation.

Products and Services: Consumer banking, institutional banking, wealth management, and credit cards.

U.S. Bank

Total assets: $650.7 billion

Headquarters: Minneapolis, MN

Established in 1863, initially as First National Bank of Cincinnati, U.S. Bank has evolved through multiple mergers to become one of America’s financial powerhouses, now under the umbrella of the U.S. Bancorp.

It’s only natural that the U.S. Bank is on the list of largest American banks, as it can boast some impressive numbers, including its $650.7 billion in assets. Customers can find over 2,300 branches spread across 26 states, providing easy access to banking services. Additionally, the bank employs more than 70,000 people, cementing its role as a major job creator.

Reasons for prominence: A wide range of services, a highly-rated mobile app, exceptional customer, and a strong commitment to community banking.

Products and Services: Consumer and corporate banking, wealth management, mortgage services, and payment processing.

PNC Bank

Total assets: $557.5 billion

Headquarters: Pittsburgh, PA

A part of the Pittsburgh PNC Financial Services Group, the bank was established in 1983 as a result of the merger between Pittsburgh National Bank and Provident Bank. Since then, the financial institution has also taken over a few more smaller banks to build up its structure in various states.

There is no doubt that PNC Bank is a prominent player in the banking industry, particularly when we take into account its $557.5 billion in total assets. Customers can take advantage of more than 60,000 PNC-owned and partner ATMs across the US. There are also more than 2,400+ branches for clients to stop by. With approximately 56,000 employees, the bank has definitely grown over the years and continues to do so.

Reasons for prominence: Strong regional presence, diverse financial products, and a focus on customer-centric banking.

Products and Services: Retail banking, lending, and investment solutions for both individuals and businesses.

Truist Bank

Total assets: $527.5 billion

Headquarters: Charlotte, NC

A relatively new player among the biggest American banks, Truist was formed through the merger of BB&T and SunTrust Banks in 2019. While it doesn’t measure up to the leaders of the list, it still has built up a significant national presence in the United States, with over 2,000+ branches currently set up in 17 states. At the moment, clients can rely on 3,000 ATMs for cash withdrawals, deposits, and other operations.

Reasons for prominence: Diverse post-merger offerings, constantly developing capabilities, and a broad customer base.

Products and Services: Comprehensive consumer banking, retail and commercial banking, wealth management, and specialized lending services.

Goldman Sachs

Total assets: $521.1 billion

Headquarters: New York, NY

Operating since 1869, Goldman Sachs has built itself up not only as one of the top banks in America but also as a leading global investment bank and securities firm catering to institutional clients and high-net-worth individuals. Currently, Goldman Sachs operates in over 60 cities worldwide, showing a clear focus on expanding beyond the United States.

The company’s banking products are offered to clients through Marcus, which is an online bank with no physical ATMs.

Reasons for prominence: Solid expertise in investment banking, strong advisory assistance, and a rich history of reliable financial transactions.

Products and Services: Investment management, securities, and financial advisory.

Capital One

Total assets: $475.6 billion

Headquarters: McLean, VA

Known for its credit card business, Capital One has branched out into banking and digital services with a focus on technological innovation. Unlike other top banks in the US, Capital One hasn’t built up a large branch network and operates primarily as an online bank. At the same time, customers who need to withdraw money for free can use over 70,000 ATMs all over the country.

In terms of scale, Capital One employs over 51,000+ people globally, and its $475.6 billion in total assets speaks volumes.

Reasons for prominence: Prominent credit card business, emphasis on technological advancements, and a customer-centric approach.

Products and Services: Credit cards, full-scale banking, and online lending services for individuals and businesses.

TD Bank

Total assets: $367.2 billion

Headquarters: Cherry Hill, NJ

The US subsidiary of Canada-based TD Bank Group has grown into a major retail bank, well-known for its custom banking products. While its headquarters are in Cherry Hill, NJ, the bank has spread out far and wide across the country, with more than 1,100 branch locations. Additionally, over 2,600 easily accessible ATMs are available to customers.

TD Bank Group’s services are used by more than 27.5 million clients around the world, and the bank employs over 95,000 people internationally.

Reasons for prominence: Focus on customer service and an expansive range of financial products.

Products and services: Retail banking services, including checking accounts, loans, mortgages, and investment products.