By The largest banks in United States are undoubtedly numerous, considering the country’s financial sector always being in the spotlight worldwide. It’s no wonder the United States is a prominent country due to its ability to provide loans to nations in need of financial support.
However, after entering the financial crisis, regulations imposed by some major banks in United States include stricter capital requirements, meaning borrowers must have a certain reserve amount when entering a crisis period.
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Additionally, there are provisions regarding the diversification of business operations for the future.
Largest Banks in United States
1. JP Morgan Chase & Co.
This bank is a multinational financial services and investment banking company based in America, with its headquarters in New York City.
According to S&P Global, it is the largest bank in United States and the seventh-largest in the world, with total assets reaching $3.213 trillion.
The bank also has the highest market capitalization globally and is registered as a legal entity in Delaware. It provides various financial and investment services and acts as a bulk bracket bank.
2. Bank of America
Bank of America is the largest bank in America, a multinational investment bank, and a financial services company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, with additional banking and investment centers in Manhattan.
Founded in San Francisco, California, it is the second-largest banking institution in the United States after JPMorgan Chase and the second-largest bank in the world by market capitalization.
It is one of the top four banking institutions in United States, serving approximately 10.73% of all American bank deposits, competing directly with JPMorgan Chase, Wells Fargo, and Citigroup. It offers major financial services in wealth management, commercial banking, and investment banking.
3. Citibank
The largest bank in the United States operates in the retail division and originates from Citigroup, established in 1812 as the Citi Bank of New York before changing its name to the First National Citibank of New York.
It has 2,649 branches in 19 countries, including 723 branches in United States and 1,494 branches in Mexico, operated by its subsidiary Banamex.
Its U.S. branches are located in six metropolitan areas: Chicago, New York City, San Francisco, Los Angeles, Miami, and Washington, DC. Additionally, most of its branches in Mexico and the United States are located in Russia, Poland, India, and the United Arab Emirates.
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4. Wells Fargo
A multinational financial services company in America with significant global presence, operating in 35 countries and serving more than 70 million customers worldwide.
It is considered one of the four major banks in United States and the fourth-largest bank in the country based on total assets and one of the largest banks by bank deposit ranking and market capitalization.
Its main subsidiary, Wells Fargo Bank, NA, is a national bank based in Sioux Falls, South Dakota, and holds the oldest continuous national bank charter, second only to a charter granted in 1863.
5. U.S. Bancorp
One of the largest banks in United States, it is the parent company of U.S. Bank, with its headquarters in Minneapolis, Minnesota, and incorporated in Delaware. It is the fifth-largest banking institution in United States, offering various banking, mortgage, investment, trust, and payment services to individuals, government entities, businesses, and other financial institutions. U.S. Bancorp operates under the second oldest continuous national bank charter, with the 24th charter originally granted in 1863 after being approved by the National Banking Act.
6. PNC Bank
PNC Bank, also known as PNC Financial Service Group, Inc., is an American financial services company with assets totaling $264.3 billion.
Its operations include a regional banking franchise operating in 15 states and the District of Columbia, engaging in financial business and providing services to corporate and government clients, asset management programs, and information processing.
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Currently, PNC is the sixth-largest bank in the United States by deposit amount and the third-largest independent ATM provider in United States. However, the delayed acquisition of RBC Bank could place PNC fifth in terms of total branches while remaining sixth in total assets.
7. Truist Financial
An American bank holding company headquartered in Charlotte, North Carolina, formed in December 2019 as a result of the merger of BB&T and SunTrust Banks.
The bank operates 2,781 branches in 15 states and Washington, DC, providing commercial and consumer banking, asset management, securities brokerage, mortgages, and insurance products and services.
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Trust Financial was listed as one of the largest banks in United States by assets in August 2023 and ranks as the ninth-largest bank with assets of $514 billion.
