The Top 10 Largest U.S. Banks By Assets

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Here are the ten largest banks in the United States, ranked by their assets.

There are many different ways that you can choose a bank. You might look at a bank that offers a wide variety of products and features that you're interested in, particularly high interest rates for its savings accounts, or exceptional customer service. A bank that has physical locations near you might also be worth checking out, though the prevalence of online banking may make this a less important factor.

The size of a bank may also play a role in helping you decide which financial institution to bank with.

While bigger may not always be better, it can be nice to know that a bank has been around for a while and has experience managing a large amount of money, two shared characteristics among all of the top 10 banks in the U.S. Plus, there is a sense of "too big to fail", which may protect you more than the FDIC currently does.

10 Largest Banks In The United States
1. JPMorgan Chase
2. Bank of America
3. Wells Fargo
4. Citigroup
5. U.S. Bancorp
6. PNC Financial Services Group
7. Goldman Sachs
8. Truist Financial Corporation
9. Capital One
10. TD Bank

Top 10 Banks In The U.S. By Assets​

One of the most common ways that banks are measured is by their total assets. Standard & Poor’s (the same company behind the S&P 500 stock index) regularly maintains a list of the top banks in the world. Here is a look at the top 10 banks in the U.S. in 2023, as ranked by total assets managed as of Mar. 31, 2024.

1. JPMorgan Chase​

The largest bank in the U.S. is JPMorgan Chase, with total assets of around $3.5 trillion. Often referred to simply as “Chase Bank,” JPMorgan Chase has been formed over the years through mergers and acquisitions. Headquartered in New York City, Chase traces its roots back to The Bank of The Manhattan Company, formed by Aaron Burr in 1799.

Here's our full review of Chase Bank.

2. Bank of America​

Headquartered in Charlotte, North Carolina, Bank of America is the second-largest bank in the U.S., with total assets of just over $2.55 trillion. Bank of America was founded in 1998 with the merger of BankAmerica and Nations Bank, which was at the time the largest bank merger in American history.

3. Wells Fargo​

Wells Fargo is the fourth and final of the "Big Four" banks in the U.S., with total assets of nearly $1.74 trillion. It was established in 1852 during the California Gold Rush by two of the founders of American Express. Wells Fargo is headquartered in San Francisco.

4. Citigroup​

Citigroup, which is often stylized as “Citi” or “Citibank,” has an asset value of over $1.69 trillion, making it the nation's third-largest bank. Headquartered in New York City’s Lower Manhattan, Citigroup was formed in 1998 from the merger of Citibank and Travelers Group.

Here's our full review of Citibank.

5. U.S. Bancorp​

U.S. Bancorp, commonly referred to as “U.S. Bank,” is headquartered in Minneapolis. U.S. Bancorp currently operates under the second-oldest continuous national bank charter, which was originally granted in 1863 to the First National Bank of Cincinnati (later acquired by the company that is now U.S. Bancorp). U.S. Bancorp has total assets of nearly $669 billion.

US Bank completed its merger of Union Bank last year, adding to its assets.

Here's our full review of U.S. Bank.

6. PNC Financial Services Group​

PNC Financial Services Group, commonly known as “PNC Bank,” jumped up to the sixth-largest bank in the U.S., with total assets of around $561 billion. PNC traces its history back to 1852 as the Pittsburgh Trust and Savings Company and is headquartered in Pittsburgh.

When First Republic Bank collapsed and was acquired by JP Morgan Chase, PNC benefitted from clients who didn't want to be at that major bank.

Here's our full review of PNC Bank.

7. Goldman Sachs​

The Goldman Sachs Group was founded in 1869 and is headquartered in New York City. Goldman Sachs is an investment bank, and it’s well known for its expertise in advising businesses on mergers and acquisitions. Goldman Sachs manages total assets of around $1.4 trillion.

However, it's banking assets are at $549 billion, making it the seventh largest bank. It's most well known for it's Marcus brand.

8. Truist Financial Corporation​

Truist Financial Corp. is headquartered in Charlotte, North Carolina, and has around $526 billion in assets. Truist Bank was founded in 2019 with the merger of BB&T and SunTrust banks, but it traces its roots back as far as 1872 with the founding of the Branch and Hadley merchant bank in Wilson, North Carolina.

Here's our full review of Truist Bank.

9. Capital One​

Capital One Financial Corporation is a bank that specializes in credit cards, auto loans, checking, and savings accounts. It is currently headquartered in McLean, Virginia, which is about 14 miles outside of Washington, D.C. Capital One has total assets of just over $478 billion.

Read our full Capital One review here.

10. TD Bank​

TD Bank is a full-service bank with branches up and down the east coast. They’ve been around for over 150 years, with roots back to 1852 in Maine.

TD Bank has total assets of just over $369 billion, placing them tenth on the list of biggest banks in the United States. Its interesting to note that while it's #10 on this list, it's 10% of the size of the largest bank: JP Morgan Chase.

Read our full TD Bank review here.

Is A Bigger Bank Better?​

While you may not want to put your money in a fly-by-night financial institution, size isn’t the only important factor in choosing a bank. Instead of just electing to work with the biggest bank out there, you should instead look at the products, services, and features offered to find the right bank for you. All of the banks on this list are financially sound, but you’ll need to take a closer look at each to see which is the best fit for your needs, regardless of its size.

The Bottom Line​

Banks can be measured and compared in many different ways, and one of the most common yardsticks is the size of a bank by its total assets. The top 10 U.S. banks in 2024 all have over $360 billion in assets, and several of the top banks on the list have trillions of dollars of assets.

While size isn’t everything, it may be a good indicator of a bank’s stability, product variety, and accessibility, making it an important factor to consider when switching banks or choosing where to park your money for the first time.

Sources​

• Federal Reserve Bank Statistics

Editor: Ashley Barnett

Reviewed by: Colin Graves


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