10 Largest Banks In America (2024)

The banking sector of the United States is the cornerstone of the nation’s financial infrastructure. It comprises diverse financial institutions that provide crucial financial services to individuals, large and small businesses, and governmental entities. At the core of the national banking sector are the 10 biggest US banks, wielding significant influence over the country’s financial landscape. 

Though different in size, assets, and scope of operations, these banks are instrumental in maintaining the national and global economy. Their extensive range of services spans from traditional banking products to global investment banking solutions. As such, they cater to a variety of clients, from everyday consumers to multinational corporations. 

Below, we are going to answer the question “What are the largest banks in the US?” and review what makes them stand out from the crowd of all American banks. 

10 Biggest Banks in the US

The largest banks in America stimulate national economic growth by providing access to credit funds, facilitating transactions, and supporting businesses in achieving their financial goals. They are also the key players in the global financial services market, contributing to the stability and resilience of the international economy.

Each of the top banks in the US has its unique strengths and operational strategies, contributing to the overall dynamic and stability of the American financial ecosystem. 

Here is the list of the 10 biggest banks in America based on the data from the Financial Reserve as of September 30, 2023. 

JPMorgan Chase

Established in 1799, JPMorgan Chase is an absolute leader in the US banking industry, featuring a vast network of branches and ATMs across the country with millions of daily customers. It boasts a substantial asset base and global footprint.

Products and Services: Consumer banking with a variety of  offers and bonus programs, investment banking, asset management, and commercial banking. 

Strengths: Diversified offers, extensive branch network, strong global presence, and the access to innovative technological advancements.

Bank of America

With a history dating back to 1784, Bank of America is a confident runner-up on our list. Distinguished by its strong financial presence, it comes up with offers tailored for individual and corporate clients.

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

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

Wells Fargo

Wells Fargo was launched in 1852 and doubled its assets in 2009 after acquiring Wachovia. Historically one of the largest banks in the US, today Wells Fargo faces challenges due to past controversies caused by government fines and the bank’s engagement in fraudulent practices, damaging its reputation and performance.

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

Strengths: Extensive branch network, functional mobile app, diverse financial products, and a strong legacy in banking services.

Citibank

Affiliated to the financial services corporation Citigroup, the bank was opened in 1812, featuring a strong track record ever since. Currently, it’s the nation’s third-largest card issuer.

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

Strengths: Global reach, diverse financial products, advanced mobile banking, strong investment banking division, and a history of innovation.

U.S. Bank

Established in 1863 and initially named the First National Bank of Cincinnati, this bank has come through multiple mergers and is now owned by a holding company U.S. Bancorp.

Products and Services: Banking, wealth management, mortgage, and payment services for both retail and corporate clients.

Strengths: Diverse offerings, top-rated mobile app, strong customer service, and a special attention to community banking.

PNC Bank

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

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

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

Goldman Sachs

Operating since 1869, Goldman Sachs is recognized 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.

Products and Services: Services in investment management, securities, and financial advisory.

Strengths: Solid expertise in investment banking, strong advisory assistance, and a history of reliable financial transactions. 

Truist Bank

A relatively new player in the banking sector, Truist is a result of the merger of BB&T and SunTrust Banks in 2019.

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

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

Capital One

Known for its credit card business, Capital One has expanded into banking and digital services with a focus on technological innovation. Unlike other top banks in the US, Capital One doesn’t have a vast branch network and is primarily an online bank.

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

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

TD Bank

The U.S. subsidiary of Canada-based TD Bank Group operates as a major retail bank, widely popular for its custom banking products.

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

Strengths: Focus on customer service and an expansive range of financial products.

Banking Industry Challenges and Trends

Most of the 10 largest banks in America have been holding their positions in the top rankings for decades. They’ve managed to retain their edge and stand at the front line of the national economy’s growth thanks to keeping up with the industry trends and timely addressing the challenges they entail. 

The recent trends in the banking sector include:

• Increasing consumer demand for digital banking services;
• Demand for personalized banking experiences;
• Escalating cyber threats and data breaches;
• Economic uncertainties affecting lending activities and interest rate fluctuations impacting profitability;
• Growing emphasis on sustainable finance and socially responsible banking.

To respond to these trends, leading banks:

• Heavily invest in digital infrastructure and introduce feature-rich mobile apps;
• Apply a customer-centric approach and tailor personalized solutions;
• Deploy advanced cybersecurity measures and techniques for multi-layer protection;
• Diversify revenue streams and sources to neutralize economic risks;
• Incorporate ESG principles into their investment decisions and lending practices.

Final Thought

The 10 biggest banks in the US stand as pillars within the ever-evolving financial landscape, continuously adapting and innovating to remain competitive, navigate emerging challenges, meet the diverse needs of their customers, and play a central role in shaping the industry.

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