Top 10 Largest Banks In USA By Assets Held 2023

In the United States, you have a wide range of banking options. However, it can be helpful to start with one of the largest banks in the nation if you’re looking for a bank with extensive offerings and a strong presence. Here is our list of the top 10 largest banks in the USA under our Finance article Section.

These banks have experienced significant growth in terms of total assets, market capitalization, brand value, total branches, total ATMs, history, and online banking platforms. They are also top when it comes to customer satisfaction, interest, and charges. Let’s not waste too much time, let’s get down to seeing the top 10 largest banks in the US

List of The Top 10 Largest Banks In The USA Based on Their Assets

1. JPMorgan Chase

JPMorgan Chase is one of the top 10 largest banks in the USA with $3.95 trillion in assets. Most believe it is the biggest bank in the US and among the biggest banks worldwide. The bank came to be in 2000 as a result of the merger of Chase Manhattan Corporation and J.P. Morgan and Company. The J.P. Morgan name is associated with investment banking and private wealth management.

But the bank also offers consumer and business banking services under the Chase brand. The company and the original J.P. Morgan Bank were both founded by John Pierpont Morgan. Aaron Burr. Also, early American politicians were one of the architects of Chase Manhattan. CEO Jamie Dimon currently oversees the bank. Currently, the bank has 4,700 branches and over 16,000 ATMs across 48 states with its headquarters in New York.

2. Citibank

With $2.394 trillion, Citibank is among the top 10 largest banks in the USA. It has its headquarters in New York. Citibank became the first American bank to establish branches in other countries. The bank currently operates close to 1,000 branches in the United States and a few hundred elsewhere in the world. Also, it has over 65,000 fee-free ATMs scattered around the country.

3. Bank Of America

Bank of America is ranked among the top 10 largest banks in the USA, with consolidated assets of $2.43 trillion. This financial institution has its headquarters in Charlotte, North Carolina. This company, which owns Merrill Lynch, a titan in wealth management, is the largest wealth management firm in the world.

Even though it is not considered the largest bank. It began as a small organization called the Bank of Italy that provided services to immigrants in San Francisco at the turn of the 20th century. With the purchase of a stake in a Chinese Construction Bank, which it later sold off, Bank of America made a brief foray into China’s financial sector.

4. Wells Fargo

Wells Fargo was established in 1852 which makes it one of the oldest banks in the States. The bank grew after merging with Norwest Corporation in 1998 and purchasing Wachovia National Bank in 2008. And has a total of $1.88 trillion in assets. According to statistics, the bank has 4,874 branches which makes it one of the largest banks in the USA. The headquarters of the financial services provider is in San Francisco. After a string of errors, the bank underwent a rebranding. And is now concentrating on mending its damaged relationship with customers.

5. US Bank/US Bancorp

U.S. Bank, a division of U.S. Bancorp, is among the largest banks in America. It has consolidated assets worth more than $564 billion. The bank has its headquarters in Minneapolis and its the bank for most in the Midwest and West. In addition, it has over 2325 domestic branches scattered around the country. Old National Bank, Heritage Bank, People’s National Bank, Northwestern Commercial Bank, Heart Federal Savings and Loan, and West One Bancorp are just a few of the notable regional banks that have been merged or acquired to create the current bank. First Bank System bought and renamed what is now known as U.S. Bancorp in 1997.

But in 2000 Firstar Corporation took over ownership of the company. Since 1933, it has been against the law for banks to use the word “United States” in their names; the newly combined bank retained the name U.S. Bancorp. Many additional banks, including Pacific Century Bank, Bay View Bank, Vail Banks, Downey Savings and Loan, and Charter One Bank, have since been added to its collection.

6. PNC

PNC, a local financial company based in Pittsburgh, it primarily serves the East Coast. The bank has $557 billion in total assets and 2,629 locations in a few eastern states and Washington, D.C. PNC is an acronym that stands for both Pittsburgh National Corporation and Providence National Corporation, two different banks. Due to the coincidence of their acronyms, the two Pennsylvania banks that combined to form the foundation of the current business decided to use just the acronym. Among traditional banks, PNC was a pioneer in the adoption of “virtual wallet” services.

7. Truist Bank

Truist Bank is another American bank in our list of the top 10 largest banks in the US. In actuality, Truist was only founded in September of the year 2019. It came to be through the union of SunTrust and BB&T, two other sizable banks which are Branch Banking and Trust Company. The bank now boasts total assets of $528 billion. The bank owns a variety of arms that deal with insurance, investing, wealth management, and other things, so its holdings are quite diverse. Since it currently runs 2,781 offices, it also boasts one of the largest networks of branch locations.

8. Bank Of New York Mellon

Bank of New York was established in 1784. The result of the union of this company and T. Mellon and Sons, a Pittsburgh-based organization that provided financing for the steel and petroleum industries, is Bank of New York Mellon (BNY Mellon). BNY Mellon is one of the oldest banking organizations in the nation thanks to its lengthy history. Its assets total $444 billion, and it has branches in 29 American cities, Washington, D.C., and three other countries that include Dubai, Grand Cayman, and England. Services for investment management are offered by its subsidiary BNY Mellon Wealth Management.

9. TD Bank

TD Bank, which has $434 billion in assets, is also a union of various banks. It had has various names over the years such as Portland Savings Bank, Banknorth, and now TD Bank. It bought Commerce Bank in 2008 and later merged with TD Banknorth in Canada. Toronto-Dominion is what the TD in TD Bank stands for. Despite having a Canadian parent company, the American division has 1,220 branches across the nation. And its headquarters are in Cherry Hill, New Jersey.

10. Capital One Bank

Capital One began to seriously enter the banking industry in 2005 after initially focusing solely on credit cards. The bank offers checking and savings accounts. Capital One also offers credit cards, auto loans, and mortgages. Capital One received criticism at the beginning of 2014 for altering its customer terms of service. Which permits the bank to contact customers. However, it saw fit, including purposefully misleading them with phony caller IDs. Despite having one of the fewest branch networks on this list, Capital One currently has assets worth more than $432 billion.

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