In July 2024, the US banking landscape is dominated by several major institutions that lead the industry in size and influence. This article explores the top ten largest banks in the US, highlighting their assets, market presence, and the breadth of their services. These banks not only play a critical role in the national economy but also have a significant impact on global finance.
Banks are financial institutions that provide a range of services including accepting deposits, offering loans, and facilitating financial transactions. They play a crucial role in the economy by managing money, providing credit, and helping individuals and businesses with financial needs. Banks also offer services such as investment advice, wealth management, and payment processing, making them essential players in both personal and commercial finance.
Chase Bank, the consumer banking division of JPMorgan Chase, is the largest bank in the US as of 2024. With assets totaling $3.30 trillion, it holds the top position in the industry. Chase operates over 4,700 branches and more than 16,000 ATMs across all 48 continental U.S. states, boasting the largest branch network in the country. Headquartered in New York, Chase is a dominant force in American banking.
JP Morgan Chase Bank, with the total assets of $3.3 trillion, stands as the largest bank of United States, followed by Bank of America, Wells Fargo, Citibank and U.S. Bank.
Here is the list of top-10 largest banks of United States in July 2024:
Top-10 Largest Banks in United States in July 2024 | |||
Rank | Bank | Headquarters | Total Assets |
1. | JP Morgan Chase | New York | $3.3 trillion |
2. | Bank of America | Charlotte, North Carolina | $2.4 trillion |
3. | Wells Fargo | San Francisco, California | $1.7 trillion |
4. | Citibank | New York | $1.6 trillion |
5. | U.S. Bank | Minneapolis, Minnesota | $657 billion |
6. | PNC Bank | Pittsburgh, Pennsylvania | $553 billion |
7. | Goldman Sachs Bank | New York | $538 billion |
8. | Truist Bank | Charlotte, North Carolina | $535 billion |
9. | Capital One | McLean, Virginia | $468 billion |
10. | TD Bank | Cherry Hill, New Jersey | $366 billion |
JPMorgan Chase & Co., headquartered in New York City, is the largest bank in the United States and the world’s largest by market capitalization as of 2024. Known for its significant scale, JPMorgan Chase is a leading player among the Big Four banks and is deemed systemically important by the Financial Stability Board. Currently located at 383 Madison Avenue, the firm will relocate to the JPMorgan Chase Building at 270 Park Avenue in 2025.
The Bank of America Corporation, headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, is the second-largest bank in the United States. Formed by the 1998 merger of NationsBank and Bank of America, it ranks as the world’s second-largest bank by market capitalization, following JPMorgan Chase. As one of the Big Four US banks, it holds around 10 percent of American bank deposits and focuses on commercial banking, wealth management, and investment banking.
Wells Fargo & Company, headquartered in San Francisco, is the third-largest bank in the United States. With operations in 35 countries and serving over 70 million customers globally, Wells Fargo is a major player in the financial sector. Recognized as a systemically important financial institution by the Financial Stability Board, it is one of the “Big Four Banks” in the US, alongside JPMorgan Chase, Bank of America, and Citigroup.
JP Morgan Chase Bank, with the total assets of $3.3 trillion, stands as the largest bank of United States.
The Bank of America Corporation, headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, is the second-largest bank in the United States.
The top-5 largest banks of United States are: JP Morgan Chase, Bank of America, Wells Fargo, Citibank and U.S. Bank.
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