Top 10 Largest Banks in The US

The 10 largest banks in the United States (U.S.) hold a combined total of $13.5 trillion in assets as of June 30, 2022.

Each year there are changes to this exclusive club. Larger banks trade places with one another and smaller banks drop out, replaced by faster-growing rivals.

Here are the biggest banks in the U.S. by assets, according to the latest numbers from the Federal Reserve.

1. JPMorgan Chase

10 largest banks in the US

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.

Assets: $3.38 trillion

Headquarters: New York

2. Bank of America

Bank of America serves about 66 million consumers and small business clients worldwide. Like many of the biggest banks, itoffers 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.

Assets: $2.44 trillion

Headquarters: Charlotte, North Carolina

3. Citigroup

10 largest banks in the US

 

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.

4. Wells Fargo

10 largest banks in the US

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.

Assets: $1.71 trillion

Headquarters: San Francisco

5. U.S. Bancorp

10 largest banks in the US

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.

Assets: $582.25 billion

Headquarters: Minneapolis

6. PNC Financial Services

10 largest banks in the US

PNC is a regional bank operating in parts of the Northeast, South and Midwest. It was founded as Pittsburgh Trust and Savings Co. and in 2008 acquired the troubled Cleveland-based National City Corp. That transaction roughly doubled the bank’s size. Today, the bank has around 2,300 branches.

PNC agreed to acquire BBVA USA for $11.6 billion in November 2020 and the deal closed June 1. The Federal Reserve’s latest quarterly report, dated June 30, however, still shows BBVA and PNC as separate banks. Once assets are combined PNC Bank is projected to be a top-five bank based on assets.

In 2018, PNC started to expand outside of its traditional market of 19 states, mostly east of the Mississippi River, and Washington D.C. The deal with BBVA USA would accelerate that expansion.

Assets: $534.35 billion

Headquarters: Pittsburgh

7. Truist Financial

10 largest banks in the US

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.

Assets: $532.08 billion

Headquarters: Charlotte, North Carolina

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8. Goldman Sachs

10 largest banks in the US

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.

Assets: $501.91 billion

Headquarters: New York

9. TD Group US Holdings

10 largest banks in the US

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.

Assets: $405.22 billion

Headquarters: Cherry Hill, New Jersey

10. Capital One Financial

10 largest banks in the US

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.

Assets: $388.44 billion

Headquarters: McLean, Virginia

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