These Are The 15 Largest Banks In The U.S.
The 15 largest banks in the United States have a combined total of approximately $12.95 trillion in assets as of December 31, 2023.
This exclusive club of top banks in America changes from time to time, as larger banks do business with each other and smaller banks move out, replaced by faster-growing rivals. Mergers and acquisitions may also play a role in this.
Or the failure of one bank could lead to a consolidation of the largest banks in the US, such as on May 1 when JPMorgan Chase took over all of the deposits and almost all of the assets of First Republic Bank. First Republic was the 14th largest bank by consolidated assets as of March 31, 2023.
First Republic was the second largest bank failure in 2008, behind Washington Mutual, which was also acquired by JPMorgan Chase.
Here are the largest banks in the US by consolidated assets, according to the latest data from the Federal Reserve.
| Post | Name of bank | 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 | city group | $1.68 trillion | 3 |
| 5 | US 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 | citizen financial | $221.8 billion | 14 |
| 15 | First Citizens Bank | $213.8 billion | 15 |
1. JPMorgan Chase
Chase Bank is the consumer banking division of JPMorgan Chase. It currently has over 4,700 branches and over 16,000 ATMs.
Chase has branches in all 48 states of the continental US and has more branches than any other bank in the US.
Read Bankrate's review of Chase Bank.
- Property: $3.40 trillion
- the headquarters: New York
2. Bank of America
Bank of America serves approximately 68 million consumer and small business customers worldwide. Like many big banks, it offers robust digital tools that include a versatile mobile app. Beginning in 2022, following the industry trend, Bank of America eliminated its non-sufficient funds (NSF) fee and reduced its overdraft fee.
Read Bankrate's review of Bank of America.
- Property: $2.54 trillion
- the headquarters: Charlotte, North Carolina
3. Wells Fargo
Wells Fargo was founded in 1852. In addition to its main app, Wells Fargo has introduced a savings app and a mobile banking app for the millennial generation. The bank has rebranded and is focusing on repairing its broken relationship with customers after a series of missteps.
Read Bankrate's review of Wells Fargo.
- Property: $1.73 trillion
- the headquarters:san francisco
4. Citigroup
Citigroup is a global financial services corporation. Its retail banking division has approximately 673 locations in the US and more than 1,800 branches outside the country. US customers also have access to more than 65,000 fee-free ATMs.
Read Bankrate's review of Citibank.
- Property: $1.68 trillion
- the headquarters: New York
5. US Bancorp
US Bancorp is a bank holding company and the parent company of US Bank. What we know as the fifth-largest commercial bank by assets began in 1863 as the First National Bank of Cincinnati. Several mergers led to the formation of the bank that is known today for its extensive branch network and investments in improving its digital offerings.
US Bank has branches in more than half of the 50 states.
Read Bankrate's review of US Bank.
- Property: $650.7 billion
- the headquarters: minneapolis
6. PNC Financial Services
PNC was founded in 1852 as the Pittsburgh Trust and Savings Company. That transaction nearly doubled the size of the bank. Today, the bank has approximately 2,570 locations in 28 states and Washington, D.C.
PNC agreed to acquire BBVA USA for $11.6 billion in November 2020, and the deal closed on June 1, 2021.
Read Bankrate's review of PNC Bank.
- Property: $557.5 billion
- the headquarters:pittsburgh
7. Truist Financial
Truist is a bank formed by the merger of BB&T and SunTrust. Truist provides financial services to approximately 12 million consumer households as of 2020.
BB&T and SunTrust, which were the 11th and 12th largest banks by assets respectively as of September 30, 2019, have now become top-10 banks. Those two banks have a combined history of about 275 years.
Read Bankrate's Truist Bank review.
- Property: $527.5 billion
- the headquarters: Charlotte, North Carolina
8. Goldman Sachs
Goldman Sachs is a global investment banking, management and securities firm. Its customers have access to a variety of financial services, including banking products through Marcus, its online banking arm which made its debut in 2016 and began offering personal loans.
Read Marcus's review of Bankrate by Goldman Sachs.
- Property: $521.1 billion
- the headquarters: New York
9. Capital One Financial
Capital One is a Fortune 500 company whose subsidiaries include Capital One Bank. In addition to branches on the East Coast, it also has branches in Texas and Louisiana. Capital One Bank customers in select cities have access to Capital One Café, a coffee shop with free Wi-Fi where visitors can open accounts and participate in financial workshops. Capital One was named Best Large Bank as part of the 2024 Bankrate Awards.
Read Bankrate's review of Capital One and its online banking products.
- Property: $475.6 billion
- the headquarters: McLean, Virginia
10. TD Group Holdings
TD Bank is the American commercial banking arm of TD Bank Group of Canada. Clients have access to mortgages, deposit accounts, credit cards and products for commercial and small business customers. The bank has more than 1,100 branches on the East Coast and provides access to approximately 2,600 branches.
Read Bankrate's review of TD Bank.
- Property: $367.2 billion
- the headquarters:Cherry Hill, New Jersey
11. Bank of New York Mellon
When the New York Stock Exchange opened in 1792, the Bank of New York was the first company to trade. Today, the Bank of New York Mellon is an investment company that serves a variety of corporations and institutions as well as individual investors. Private banking services are available to its wealthy customers.
- Property: $332.5 billion
- the headquarters: New York
12. State Street
Founded in 1792, State Street Corp. is a financial services and asset management company with approximately 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.
- Property: $293.2 billion
- the headquarters: boston
13. BMO
BMO has more than 500 branches in the US. It has branches in Arizona, Illinois, Florida, Indiana, Kansas, Missouri, Minnesota and Wisconsin.
Read Bankrate's review of BMO.
- Property: $265.7 billion
- the headquarters:Chicago
14. Citizen Financial
Citizens offers a set of retail, small business and commercial banking products. The bank has approximately 1,200 branches in 14 states, and its customers have access to approximately 3,300 ATMs. 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.
- Property: $221.8 billion
- the headquarters: Providence, Rhode Island
15. First Citizens Bank
First Citizens Bank has been in existence for almost 125 years. In early 2022, CIT Bank merged with First Citizens Bank.
As of December 31, 2021, based on consolidated assets, CIT Bank was the 48th largest bank in the US (First Citizens was the 40th largest bank at that time).
Read Bankrate's review of First Citizens Bank for more information.
- Property: $213.8 billion
- the headquarters: Raleigh, North Carolina
