As of December 31, 2023, the 15 largest banks in the United States collectively hold approximately $12.95 trillion in assets. This elite group of top banks in the U.S. sees occasional changes as larger banks swap positions, smaller banks are replaced by faster-growing competitors, and mergers and acquisitions shake up the industry. One example of this was on May 1 when JPMorgan Chase absorbed all of First Republic Bank’s deposits and most of its assets, making it the 14th largest bank by consolidated assets as of March 31, 2023.
First Republic’s acquisition marked one of the largest bank failures since Washington Mutual in 2008, which was also acquired by JPMorgan Chase.
Here is a list of the largest banks in the U.S. based on consolidated assets, according to the most recent data from the Federal Reserve:
| RANK | BANK NAME | TOTAL ASSETS | PREVIOUS RANK |
|---|---|---|---|
| 1 | JPMorgan Chase | $3.40 trillion | 1 |
| 2 | Bank of America | $2.54 trillion | 2 |
| 3 | Wells Fargo | $1.73 trillion | 4 |
| 4 | Citigroup | $1.68 trillion | 3 |
| 5 | U.S. Bancorp | $650.7 billion | 5 |
| 6 | PNC Financial Services | $557.5 billion | 6 |
| 7 | Truist Bank | $527.5 billion | 8 |
| 8 | Goldman Sachs | $521.1 billion | 7 |
| 9 | Capital One Financial | $475.6 billion | 9 |
| 10 | TD Group US Holdings | $367.2 billion | 10 |
| 11 | Bank of New York Mellon | $332.5 billion | 11 |
| 12 | State Street | $293.2 billion | 12 |
| 13 | BMO | $265.7 billion | 13 |
| 14 | Citizens Financial | $221.8 billion | 14 |
| 15 | First Citizens Bank | $213.8 billion | 15 |
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1. JPMorgan Chase
JPMorgan Chase is the consumer banking division of JPMorgan Chase, boasting over 4,700 branches and 16,000 ATMs. With branches in all 48 continental U.S. states, Chase has the most extensive branch network in the country.
Key Points:
- Assets: $3.40 trillion
- Headquarters: New York
2. Bank of America
Bank of America serves around 68 million consumers and small business clients globally, offering robust digital tools and recently eliminating certain fees.
Key Points:
- Assets: $2.54 trillion
- Headquarters: Charlotte, North Carolina
3. Wells Fargo
Wells Fargo, founded in 1852, has introduced innovative digital banking solutions and is focused on rebuilding customer relationships.
Key Points:
- Assets: $1.73 trillion
- Headquarters: San Francisco
4. Citigroup
Citigroup, a global financial services company, offers retail banking services in the U.S. and internationally.
Key Points:
- Assets: $1.68 trillion
- Headquarters: New York
5. U.S. Bancorp
U.S. Bancorp, the parent company of U.S. Bank, has a rich history dating back to 1863 and is known for its extensive branch network and digital advancements.
Key Points:
- Assets: $650.7 billion
- Headquarters: Minneapolis
6. PNC Financial Services
PNC, established in 1852, has grown through mergers and acquisitions, expanding its presence across 28 states.
Key Points:
- Assets: $557.5 billion
- Headquarters: Pittsburgh
7. Truist Financial
Truist, the result of the BB&T and SunTrust merger, serves millions of consumer households with a combined history of over 275 years.
Key Points:
- Assets: $527.5 billion
- Headquarters: Charlotte, North Carolina
8. Goldman Sachs
Goldman Sachs offers a range of financial services, including online banking through Marcus, catering to clients’ diverse needs.
Key Points:
- Assets: $521.1 billion
- Headquarters: New York
9. Capital One Financial
Capital One, a Fortune 500 company, provides a variety of banking products and services, with a focus on customer experience and community engagement.
Key Points:
- Assets: $475.6 billion
- Headquarters: McLean, Virginia
10. TD Group Holdings
TD Bank, the U.S. arm of Canada’s TD Bank Group, offers a range of banking solutions with a strong presence on the East Coast.
Key Points:
- Assets: $367.2 billion
- Headquarters: Cherry Hill, New Jersey
11. Bank of New York Mellon
Bank of New York Mellon, established in 1792, is an investment company catering to corporations, institutions, and individual investors.
Key Points:
- Assets: $332.5 billion
- Headquarters: New York
12. State Street
State Street Corp., founded in 1792, offers financial services and asset management solutions globally.
Key Points:
- Assets: $293.2 billion
- Headquarters: Boston
13. BMO
BMO operates over 500 branches in the U.S., providing banking services in multiple states.
Key Points:
- Assets: $265.7 billion
- Headquarters: Chicago
14. Citizens Financial
Citizens Financial offers retail, small business, and commercial banking services with a network of branches and ATMs.
Key Points:
- Assets: $221.8 billion
- Headquarters: Providence, Rhode Island
15. First Citizens Bank
First Citizens Bank, with a long history, merged with CIT Bank in early 2023, expanding its presence and services.
Key Points:
- Assets: $213.8 billion
- Headquarters: Raleigh, North Carolina
Conclusion
The top 15 banks in the U.S. play a vital role in the financial landscape, offering a wide range of services and digital solutions to consumers and businesses. As the industry evolves through mergers, acquisitions, and technological advancements, staying informed and making informed decisions is crucial. Explore the offerings of these leading banks to find the best fit for your financial needs, and stay updated on industry trends for optimal financial health.