Largest Banks In The US

America is home to some of the largest banks in the world. While the absolute biggest banks in the world are in China, the US has plenty of big banks.

This article will cover how a bank’s size is measured, list the biggest banks in America, and give a quick look at what they each offer.

We’ve put together this list by looking at the total assets of American banks as compiled by the FDIC (Federal Deposit Insurance Corporation). We used their latest report, which was updated in October of 2021.

In This Article

21 Biggest Banks in America

Here are the 21 largest banks in the U.S., ranked in order of their total assets:

  1. JPMorgan Chase & Co.
  2. Bank of America Corp.
  3. Wells Fargo & Co.
  4. Citigroup, Inc.
  5. U.S. Bancorp
  6. Truist Bank
  7. PNC Financial Services Group, Inc.
  8. TD Group US Holding LLC
  9. Bank of New York Mellon Corp.
  10. Capital One Financial Corp.
  11. Charles Schwab Corp.
  12. Goldman Sachs Group, Inc.
  13. State Street Corp.
  14. Fifth Third Bank
  15. HSBC North America
  16. Citizens Financial Group
  17. KeyBank
  18. Huntington Bank
  19. Morgan Stanley
  20. The Northern Trust Company
  21. Ally Financial

The Big Four

The Big Four is a term used worldwide to refer to the biggest banks in the country. Some countries have fewer such banks and may only include three or two. In this case, they refer to them as The Big Three or The Big Two.

The largest four banks that form The Big Four in America are as follows:

1. JPMorgan Chase & Co. “Chase Bank Logo

  • Total Assets: $3.190 Trillion
  • Total Deposits: $2.403 Trillion
  • Headquarters: New York City, New York

JP Morgan Chase is the biggest bank in America by assets under management. It’s an investment bank in its own right and a holding company for several subsidiaries, including Chase Bank (the consumer bank arm).

Chase has more than 4,700 branches in the U.S. and another 33 around the world.

If you’re shopping for a big brand bank, Chase is one of our top picks. Plus, they are constantly trying to attract new customers with sign-up bonuses and promotional offers.

Chase Bank Logo

Earn a $300 Bonus

for opening a Chase Business Complete Banking℠ account
Available nationwide

Learn how
Chase Bank Logo

Earn a $225 Bonus

for opening a Chase Total Checking® account
Available nationwide

Learn how

2. Bank of America Corp. Bank of America Logo

  • Total Assets: $2.350 Trillion
  • Total Deposits: $1.986 Trillion
  • Headquarters: Charlotte, North Carolina

Bank of America is an American multinational bank (and a national bank in the US) with several divisions that include Merill, Bank of America Securities, and Bank of America Private Bank.

The retail banking division is its largest, offering a wide range of products and services from its 4,400+ retail locations and more than 17,000 ATMs.

3. Wells Fargo & Co Wells Fargo Logo

  • Total Assets: $1.777 Trillion
  • Total Deposits: $1.495 Trillion
  • Headquarters: San Francisco, California

Wells Fargo and Company was initially founded in 1929 by Henry Wells and William Fargo, hence the name.

The bank, unfortunately, has been the center of many controversies in recent years.

Plus, where they were once the leader in terms of physical branches, they’ve been closing doors – hundreds each year, in fact.

Despite that, Wells Fargo still has a comprehensive breadth of products and services, offering everything from bank accounts, credit cards, loans, retirement planning, and wealth management services.

4. CitiGroup Inc. Citibank Logo

  • Total Assets: $1.693 Trillion
  • Total Deposits: $1.328 Trillion
  • Headquarters: New York City, New York

CitiGroup, also known as Citi for short, is an investment bank and financial services company. It owns Citicorp, which is a holding company that owns Citibank.

Citibank is the consumer division of the group. It has 960 branches here in the USA, and another 150+ worldwide. Their U.S. branches are primarily located in Florida, California, New York, and Washington DC.

Citi Logo

Earn up to $1500

for opening a Citi Priority account
Available nationwide

Learn how

Other Big Banks In The US

Aside from the big four banks, there are other big banks in the US. The banks that make up the so-called big four can change as banks increase the assets they manage or shed some of them.

Since assets measure the bank size, their relative size changes – practically every day as money is withdrawn and deposited; however, it is reported yearly.

5. US Bancorp

  • Total Assets: $547.85 Billion
  • Total Deposits: $442.90 Billion
  • Headquarters: Minneapolis, Minnesota

Bancorp is the parent company of US Bank, with locations mostly centered around the midwest. The bank has just over 3,000 branches and just shy of 5,000 ATMs, offering personal and business banking.

US Bank also offers wealth management, corporate and commercial banking, as well as institutional banking.

6. Truist Financial Corporation

  • Total Assets: $510.29 Billion
  • Total Deposits: $412.69 Billion
  • Headquarters: Charlotte, North Carolina

Truist is a relatively new bank, having formed in December of 2019 when BB&T and Suntrust merged. The merger is not 100% complete yet, so you cannot get a Truist bank account.

BB&T and Suntrust accounts will automatically convert to Truist accounts once all of the processes are complete.

7. PNC Financial Services Group

  • Total Assets: $453.97 Billion
  • Total Deposits: $375.49 Billion
  • Headquarters: Pittsburgh, Pennsylvania

PNC Financial Services is the holding company of PNC Bank, which has 2,300 branches in 21 states.

What’s more, in June 2021, PNC closed on a $11.5B acquisition of BBVA, extending its reach and total assets even further.

PNC also operates over 18,000 ATMs, making it the 4th largest bank by number of ATMs.

Interestingly, the name came about when two banks merged, both of which had names that could be abbreviated as PNC – Pittsburgh National Corporation and Provident National Corporation.

8. TD Group US Holdings

  • Total Assets: $415.51 Billion
  • Total Deposits: $362.20 Billion
  • Headquarters: Wilmington, Delaware

TD Group US Holdings is a subsidiary of Toronto-Dominion Bank – a Canadian multinational bank. In the US, their consumer division is represented through TD Bank.

The bank’s 1220 locations are mainly spread throughout the East Coast and offer consumers a wide variety of accounts and other products and services.

9. Bank of New York Mellon

  • Total Assets: $384.54 Billion
  • Total Deposits: $338.68 Billion
  • Headquarters: New York City, New York

Bank of New York Mellon, abbreviated as BNY Mellon, results from a merger between Mellon Financial Corporation and The Bank of New York.

The bank mainly offers investment banking services, and its customers include asset managers, banks, insurance companies, and corporations, among others.

10. Capital One Financial

  • Total Assets: $369.05 Billion
  • Total Deposits: $306.94 Billion
  • Headquarters: McLean, Virginia

Capital One Financial is a holding company with its consumer bank division represented by Capital One. Because of its tech advancements, Capital One is considered one of the most technology-focused banks in the US.

The bank has 775 branches, having closed a number of them recently. Aside from this, it maintains 2,00 ATMs and 30 cafe-styled locations.

11. Charles Schwab Corporation

  • Total Assets: $358.10 Billion
  • Total Deposits: $327.41 Billion
  • Headquarters: San Francisco, California

Charles Schwab is a multinational financial services firm with more than 360 branches. The bank is mostly focused on investment accounts, including brokerage accounts and retirement accounts (IRAs). It also offers a high-yield checking account.

However, this must be linked to an existing brokerage account, making it much easier to fund investments.

12. Goldman Sachs Group, Inc.

  • Total Assets: $351.16 Billion
  • Total Deposits: $282.18 Billion
  • Headquarters: New York City, New York

Goldman Sachs is one of the world’s biggest investment banks and is considered a market maker.

In 2016, Goldman Sachs introduced Marcus by Goldman Sachs, which offers several consumer financial products and services, including savings accounts, credit cards, certificates of deposit, and loans.

13. State Street Corporation

  • Total Assets: $322.96 Billion
  • Total Deposits: $268.14 Billion
  • Headquarters: Boston, Massachusetts

State Street Corporation is a holding company and financial services firm offering services to asset managers and owners, insurance companies, and official institutions.

The bank was founded in 1792, which makes it the second oldest bank in the country.

14. Fifth Third Bank

  • Total Assets: $203.98 Billion
  • Total Deposits: $168.95 Billion
  • Headquarters: Cincinnati, Ohio

Fifth Third Bank is the Cincinnati, Ohio-based subsidiary of Fifth Third Bancorp, a bank holding company. Founded in 1909, Fifth Third is now one of the largest banks in the Midwest.

In 2019, Fifth Third obtained a national bank charter, but it still exists primarily as a regional bank with a strong presence in 10 states.

The bank offers deposit accounts, credit cards, personal, home and auto loans, and more.

15. HSBC North America

  • Total Assets: $194.76 Billion
  • Total Deposits: $162.11 Billion
  • Headquarters: New York, New York City

HSBC is a UK multinational bank, with operations in the US under HSBC Bank USA. They have been operating in the US since 1980, when HSBC acquired a controlling stake in Marine Midland Bank.

In February of 2021, reports emerged that HSBC is planning on pulling out of the US after shedding some $100 billion of its total assets the previous year.

16. Citizens Financial Group

  • Total Assets: $185.04 Billion
  • Total Deposits: $153.77 Billion
  • Headquarters: Providence, Rhode Island

Citizens Financial Group, Inc. owns Citizens Bank, the retail banking you’re likely more familiar with.

The firm has been around since 1828 and offers deposit accounts, credit cards, personal loans, student loans, refinancing, and other financial services.

The financial institution operates mainly in the Northeast and Midwest, with physical branches in each of the New England states (except for Maine), plus Delaware, Michigan, Ohio, Pennsylvania, New York, and New Jersey.

17. KeyBank

  • Total Assets: $178.94 Billion
  • Total Deposits: $148.93 Billion
  • Headquarters: Cleveland, Ohio

KeyBank is a community bank that operates in 15 different states, has over 40,000 ATMs in its network and 1,000 full-service branches.

They offer no-frill deposit and loan products, and are best known for their emphasis on investing in diversity and local, under-served communities.

They’re a 7x Civic 50 award winner, along with a long list of diversity-focused awards: Best Places to Work for LGBTQ, Leading Disability Employer, Bloomberg’s Gender-Equality Index, Military-Friendly Employer, and more.

18. Huntington National Bank

  • Total Assets: $174.87 Billion
  • Total Deposits: $147.54 Billion
  • Headquarters: Columbus, Ohio

Huntington National Bank, better known as just Huntington Bank, is a regional bank based out of Ohio.

They’ve been around for more than 150 years and currently have nearly 900 physical branches throughout 6 states in the midwest: Indiana, Kentucky, Michigan, Ohio, Pennsylvania, and West Virginia.

Huntington offers a wide range of personal, business and commericial financial products, which are no-frill and generally low (or have easily avoided) fees.

19. Morgan Stanley

  • Total Assets: $173.04 Billion
  • Total Deposits: $152.21 Billion
  • Headquarters: New York City, New York

Morgan Stanley has three divisions, which the bank calls business segments.

These include institutional securities with clients that include corporations and governments, wealth management, targeting individuals and SMEs, and investment management, aimed towards institutions and individuals.

20. The Northern Trust Company

  • Total Assets: $171.87 Billion
  • Total Deposits: $148.02 Billion
  • Headquarters: Chicago, Illinois

Northern Trust Corporation is a financial services company that caters to corporations, institutional investors, and ultra high net worth consumers.

It was founded in 1889, and has 54 branches in 20 states across the U.S, and another 5 offices internationally.

21. Ally Financial

  • Total Assets: $170.08 Billion
  • Total Deposits: $142.29 Billion
  • Headquarters: Detroit, Michigan

Ally Financial is the parent company of well-known Ally Bank.

Originally called the General Motors Acceptance Corporation (GMAC), Ally was founded in the early 20th century by General Motors to provide financing to automotive customers.

Since its re-brand to Ally Bank in 2009, the bank has expanded to serve more than 8 million customers and remains one of the country’s biggest car finance companies.

It is most well known, however, in the online-only banking space, where Ally has built its name on high-interest rates, a low fee schedule, an investment platform, and personal loans.

How Is Bank Size Measured?

There are many different ways to measure the size of a bank:

  • number of customers
  • number of branches
  • number of employees

…these are all valid metrics. Still, none of these is how bank size is measured.

Total Assets Under Management

One agreed-upon metric to measure the size of a bank is by looking at their total assets under management – how much money the bank manages.

Using this metric, we can measure the actual size of the bank, irrespective of how many employees, branches, or ATMs it has.

This list gives us several bank holding companies – the companies that own the actual banks. In turn. The banks can include anything from commercial banks and retail banks to investment banks.

Investment banks are slightly different from the typical bank we turn to for opening our checking and savings accounts. For the most part, these large financial institutions offer services centered around complex asset management, with other banks and large institutions being their main customers.

High net worth individuals can also typically make use of the services offered by investment banks. For the bank, this means that the size of their total assets becomes much larger with fewer customers.

One other thing worth mentioning is that banks tend to be very complex institutions. Many decades-old banks have grown through countless mergers and acquisitions over time. This complex strategy of growth leads to several banks in America being subsidiaries of international banks.

Think of these subsidiaries as American branches of international banks, headquartered anywhere from Spain to Japan. Even so, these banks still have to abide by the rules set down by the federal reserve.

They also still offer their customers perks such as FDIC (Federal Deposit Insurance Corporation) insured accounts.

Summary: 25 Biggest Banks in the U.S.

Below is a summary of the 25 largest banks in America:

Bank Headquarters Total Assets Total Deposits
1. Chase Bank Logo JPMorgan Chase New York City, NY $3.190 Trillion $2.403 Trillion
2. Bank of America Logo Bank of America Charlotte, NC $2.350 Trillion $1.986 Trillion
3. Wells Fargo Logo Wells Fargo San Francisco, CA $1.777 Trillion $1.495 Trillion
4. Citibank Logo CitiGroup New York City, NY $1.693 Trillion $1.328 Trillion
5. U.S. Bank Logo U.S. Bancorp Minneapolis, MN $547.85 Billion $442.90 Billion
6. Truist Bank Logo Truist Financial Charlotte, NC $510.29 Billion $412.69 Billion
7. PNC Bank Logo PNC Financial Services Pittsburgh, PA $453.97 Billion $375.49 Billion
8. TD Bank Logo TD Group Wilmington, DE $415.51 Billion $362.20 Billion
9. Bank of New York Mellon Logo Bank of New York Mellon New York City, NY $384.54 Billion $338.68 Billion
10. Capital One Logo Capital One McLean, VA $369.05 Billion $306.94 Billion
11. Charles Schwab Logo Charles Schwab San Francisco, CA $358.10 Billion $327.41 Billion
12. Marcus by Goldman Sachs Logo Goldman Sachs New York City, NY $351.16 Billion $282.18 Billion
13. State Street Corporation Logo State Street Corporation Boston, MA $322.96 Billion $268.14 Billion
14. Fifth Third Bank Logo Fifth Third Bank Cincinnati, OH $203.98 Billion $168.95 Billion
15. HSBC Logo HSBC New York City, NY $194.76 Billion $162.11 Billion
16. Citizens Bank Logo Citizens Financial Providence, RI $185.04 Billion $153.77 Billion
17. KeyBank Logo KeyBank Cleveland, OH $178.94 Billion $148.93 Billion
18. Huntington Bank Logo Huntington Bank Columbus, OH $174.87 Billion $147.54 Billion
19. Morgan Stanley Logo Morgan Stanley New York City, NY $173.04 Billion $152.21 Billion
20. Northern Trust Logo Northern Trust Chicago, IL $171.87 Billion $148.02 Billion
21. Ally Bank Logo Ally Financial Detroit, MI $170.08 Billion $142.29 Billion
22. First Republic Bank Logo First Republic Bank San Francisco, CA $161.65 Billion $134.66 Billion
23. Silicon Valley Logo Silicon Valley Bank Santa Clara, CA $161.20 Billion $147.47 Billion
24. BMO Harris Bank Logo BMO Harris Bank Chicago, IL $159.84 Billion $134.30 Billion
25. Regions Bank Logo Regions Bank Birmingham, AL $154.74 Billion $132.76 Billion

For clarity, total assets includes everything owned by the institution including cash, loans, securities, bank premises and other assets.

Total deposits, on the other hand, includes demand deposits, money market deposits, other savings deposits, time deposits and deposits in foreign offices.

Largest Banks In The US FAQs

Which is the No. 1 bank in the world?

The biggest bank globally is the Industrial and Commercial Bank of China, with assets under management totaling some $4.324 Trillion.

What are the ten largest banks in the US?

The ten largest banks in the US, ranked by the total value of assets under management is as follows:

  1. JPMorgan Chase
  2. Bank of America
  3. Wells Fargo
  4. Citigroup
  5. U.S. Bancorp
  6. Truist Bank
  7. PNC
  8. TD Group
  9. Bank of New York Mellon
  10. Capital One

Who are the big six banks?

The six biggest banks in the US, ranked by the total value of assets under management is as follows:

  1. JPMorgan Chase
  2. Bank of America
  3. Wells Fargo
  4. Citigroup
  5. U.S. Bancorp
  6. Truist Bank

On the other hand, the six biggest banks in the world are:

  1. Industrial and Commercial Bank of China
  2. China Construction Bank
  3. Agricultural Bank of China
  4. Bank of China
  5. Mitsubishi UFJ Financial Group
  6. HSBC

Which is the Best Largest Bank in The US For You?

There is certainly no lack of options when it comes to your banking needs.

The above list is 20+ of the largest banks in the U.S., and doesn’t even consider other options like neobanks or credit unions.

When it comes to choosing your financial institution, however, we genuinely don’t think you should choose a bank based on size alone.

While it’s true that the larger banks often offer more products and services, have more branches to serve you, and are of course very unlikely to fail, total assets alone is simply a poor metric to use to choose your next bank.

Instead, the above datapoints are fun and interesting to monitor, but should be considered in combination with current rates, welcome bonuses, ethical business practices and values, tech features, fees, and other services that are important to you.