Discover the largest banks in America in this article. Want to know the top banking giants with global reach in the US? Read on to learn more
The banking sector in the United States is a major player in the country’s economy. It is at the center of wealth management, mortgages, loans, and other financial services. The largest banks in America have an influential presence not only in the country but also across the globe. Their strong financial performance is one of the main reasons for their solid reputation.
In this article, Mortgage Professional America will discuss everything you need to know about the largest banks in the US. We have listed important figures such as their market caps and consolidated assets. Want to learn valuable insights about these banks? Keep reading below.
What are the Big Four banks in the US?
The Big Four is a name given to the top four biggest banks in a country. Outside of the US, there are other countries that have their own Big Four. These banks are well-established and have years of experience in the industry.
Below are the Big Four banks of the US:
- JPMorgan Chase
- Bank of America
- Wells Fargo
- Citibank
Three out of four banks within America’s Big Four are included in the top ten biggest mortgage lenders in the world by market cap in 2024. This speaks volumes about the size of these banking institutions, since they also rank internationally.
What are the largest banks in America?
Based on consolidated assets, the three largest banks in the US are JPMorgan Chase, Bank of America, and Wells Fargo. If we combine their total assets, it will amount to nearly $8 trillion. They are followed by Citibank and US Bank. These banks are forerunners in the following:
- mortgage lending
- funding businesses
- allocating capital
Check out this comparative table of America’s five biggest banks:
Let’s take a closer look at each bank:
1. JPMorgan Chase
- Consolidated assets: $3.58 trillion
- Market cap: $688.68 billion
JPMorgan Chase, widely recognized as Chase Bank, holds the distinction of being the largest bank in America. It has consolidated assets amounting to nearly $3.6 trillion. It made headlines in 2023 by making more profit than any other mortgage bank in the country. With over 5,000 physical branches, it is also considered the largest bank in terms of branch network.
An investment banker and financier, J. P. Morgan, founded this financial institution in the late 19th century. The JPMorgan Chase that we now know of was a merger of J.P. Morgan & Co. and Chase Manhattan Company in 2000.
Watch this interview of Jamie Dimon, chairman and CEO of JPMorgan Chase:
In 2024, JPMorgan Chase invested $20 million to support home buyers in underserved communities across the US.
2. Bank of America
- Consolidated assets: $2.56 trillion
- Market cap: $348.38 billion
Trailing closely behind in the second spot is Bank of America, another major powerhouse in the US banking sector. It boasts a whopping $2.56 trillion in consolidated assets, with an extensive range of banking services catering to both individuals and businesses alike.
Bank of America is supported by a vast network of over 3,900 branches across the US, along with several foreign branches. On top of this, Bank of America has more than 15,000 ATMs that are accessible to its customers.
In 2008 and 2009, Bank of America acquired Merrill Lynch and Bank of America Merrill Lynch. The former, now called Merrill since it dropped Lynch off its name, was focused on investment management and wealth management. It was Bank of America’s stock brokerage and trading arm.
On the other hand, Bank of America Merrill Lynch, now known as BofA Securities, Inc., also deals in investment banking as well as global and capital finance markets.
3. Wells Fargo
- Consolidated assets: $1.69 trillion
- Market cap: $235.52 billion
Taking the third spot among America’s biggest banks is Wells Fargo, with more than $1 trillion in consolidated assets and around 4,300 branches worldwide. The banking giant has a network of over 12,000 ATMs for convenient access.
Wells Fargo is known to offer finance-related products and services such as:
- mortgage and home equity lending
- credit cards and personal banking
- investment banking
- wealth management
- commercial banking
It also offers financial aid to individuals and commercial entities.
4. Citibank
- Consolidated assets: $1.73 trillion
- Market cap: $138.7 billion
Citibank is a part of Citigroup Inc., a multinational investment bank and a diversified financial service holding corporation. It was formed as City Bank of New York back in 1812. Eventually, it was renamed First National City Bank of New York. After a series of mergers and changes, it became the Citibank we know today.
Citibank offers top-notch financial services such as:
- retail banking
- commercial banking
- investment banking
- trade and securities services
- wealth management
- mortgage and personal loans
- credit cards
If you have clients who’d like to invest in real estate investment trusts or REITs, Citibank can assist them. You might want to listen to their podcast:
Want to learn more about how to invest in REITs to help your clients? Read this guide.
5. US Bank
- Consolidated assets: $670 billion
- Market cap: $76.27 billion
Ranked as the fifth-largest bank in America in terms of total assets, US Bank operates under the oversight of its parent company, US Bancorp. Its head office is located in Minneapolis.
Over the years, US Bank has successfully grown its size and reach due to its strategic acquisitions of several other banks. While these banks are relatively smaller, they helped US Bank solidify its presence as a sizable and influential financial institution.
As for its consolidated assets, it has around $670 billion. This figure is much smaller than that of the Big Four banks, each holding over $1 trillion in assets. Still, it’s a notable value that brought US Bank to its current position in the local and global market.
The numerical figures used are gathered from Statista and Bankrate.
Largest banks in America: Making an impact at home and abroad
America's largest banks have a huge influence on the economy, with JPMorgan Chase making its mark as the biggest bank in the US and abroad. The remaining members of the Big Four—Bank of America, Wells Fargo, and Citibank—follow closely, also standing firm in global markets.
Despite differences in size or reach, the largest banks in the US have long established themselves as pillars of the economy. They maintain this status through domestic and international financial services. These banks help businesses grow by lending money and by supporting their clients’ finances through savings accounts. They also cater to existing and first-time home buyers when buying property.
Overall, these financial giants have connected the local economy to markets overseas, making sure money moves smoothly between the US and the world.
Have you worked with any of the largest banks in America? Feel free to share your story in the comment
