Major United States Banks
There are thousands of banks in the United States. It is very difficult to decide which is the best bank. Here is the list of the best
1. J.P. Morgan Chase $2.533 billion
2. Bank of America $2.281 billion
3. Wells Fargo $1.951 billion
4. Citi Bank $1.843 billion
5. Goldman Sachs $916 billion
6. Morgan Stanley $851 billion
7. U.S. Bankcorp $461 billion
8. T.D. Bank $380 billion
9. HSBC $273 billion
10. American Express $181 billion
When considering where to put money for safekeeping, the list of options from banks and credit unions seems endless. There are small local and regional financial institutions that can be trusted with your hard-earned money, of course, but for full-service, far-reaching banking, the larger national banks are king. According to the Federal Reserve, these 10 financial institutions are the largest banks in the United States by assets held. Below are our top 10 banks in the United States.
JPMorgan Chase
The largest bank in the country and the sixth largest in the world, the Federal Reserve reports that JPMorgan-Chase had close to $2 trillion in global assets at the end of last year. This makes it number one on our top 10 banks list. The company is the result of the 2000 merger of two much older banks, JP Morgan and Company and Chase Manhattan Corporation. While the JP Morgan name is used for investment banking and private wealth management, the bank provides retail and commercial banking services like Chase.
19th-century financial titan John Pierpont Morgan is the company’s namesake and was the founder of the original JP Morgan Bank, but early American politician and notorious duelist Aaron Burr was one of the creators of Chase Manhattan. The House of Morgan generated $96.6 billion in revenue last year despite controversies and legal issues over alleged energy price fixing and negligence during the Bernard Madoff scandal, which resulted in billions in fines being paid.
Bank of America
The presence of Bank of America’s headquarters in Charlotte, North Carolina, makes that city one of the largest financial centers in the country. Although not the largest bank, this company is in fact the largest wealth management firm in the world, because it owns Merrill Lynch, a giant in that field.
Bank of America has about 50 million retail banking customers, but it got off to a pretty humble start. It started with a small institution that served immigrants in San Francisco at the beginning of the 20th century, which was curiously called Bank of Italy. Bank of America briefly ventured into finance in China with the acquisition of a stake in Chinese Construction Bank, which it later sold.
The company has worked hard to keep its headquarters in Charlotte and New York green and LEED-certified, but it has also been charged with mortgage fraud in multiple lawsuits since 2010.
fargo wells
Wells Fargo has long been associated with San Francisco, where it is still based, having been formed to capitalize on the gold rush by two Northeasterners. In terms of one measure, market capitalization, Wells Fargo is the world’s largest bank, though it has battled Industrial and Commercial Bank of China for that title for the past several years.
Wells Fargo owns the oldest continuously operating bank charter in the United States, originally granted to the First National Bank of Philadelphia. Wells Fargo pays the largest amount of corporate taxes of any US company each year, but has been accused of tax avoidance practices.
citi
A pioneer of both the credit card and ATM industries, Citi Bank, formerly the City Bank of New York, was considered an East Coast equivalent of Wells Fargo during the 19th century, when both banks were purely regional. . Citi was also the first bank in the United States to open a banking office in a foreign country, having expanded to Argentina in 1914. Today, only 26 percent of Citi’s branches are in the United States, although they generate the 51 percent of the bank’s income.
Reference
Top 10 Banks in the US
US Bank/US Bank
Today’s US Bancorp (which includes US Bank) is the result of the combination of major regional banks in the West and Midwest. The company has $389 billion in assets, as well as $250 billion in deposits, from 16 million customers. Banks were prohibited by law from using “United States” in their names in 1913, and US Bancorp was one of the last companies allowed to do so, having added the phrase to its name the year before.
cabin crew
Headquartered in Pittsburgh, PNC is primarily a regional financial institution, operating primarily on the East Coast, but with offices in nineteen states, in addition to Washington, DC. PNC actually has two historical meanings: Pittsburgh National Corporation and Providence National Corporation, both Pennsylvania banks that merged to form the beginnings of today’s company. From then on they decided to use only the initials due to the coincidence of their names. PNC was an early adopter of “virtual wallet” services among traditional banks, and is known for its annual index of the prices of items from the Christmas carol “The Twelve Days of Christmas.”
Bank of New York Mellon
The Bank of New York was founded in 1784 by none other than the first Secretary of the Treasury, Alexander Hamilton. Bank of New York Mellon is the firm’s direct successor organization, having merged with T. Mellon and Sons, a Pittsburgh institution that financed the steel and fuel industries. This long history makes it the oldest banking corporation in the country. It has $27.9 trillion in assets under custody, making it the world’s largest custodian bank serving other financial institutions.
state street
State Street Corporation of Boston originated as a shipping finance company. It still does business in a similar spirit, focusing on global banking services and investment management for foreign institutional investors. State Street was involved in a landmark court case in 1998 that found that a computer algorithm can be patented in the US.
capital one
Capital One is primarily a retail banking operation, providing primarily credit cards, auto loans, and home loans, as well as checking and savings account services. Originally a pure credit card company, Capital One expanded into banking in earnest in 2005. In early 2014, Capital One came under fire for changing its terms of customer service to allow the bank to contact customers of any size. way, including deliberately misleading them with false information. telephone caller IDs.
td bank
The final institution on our top 10 bank list is not based in the United States; Toronto-Dominion Bank is headquartered in Toronto, Ontario, Canada. More than 22 million people worldwide are customers of TD Bank, primarily in the US and Canada. TD has branches in quite remote places, including Canada’s Northwest Territories and the Yukon.
Update: If you have financial questions other than major banks, SmartAsset can help. Many people contacted us saying they wanted help with financial planning, so we created a tool to connect you with a financial advisor who can meet your needs. You first answer a series of questions about your situation and your goals. The program then narrows thousands of advisors down to three trustees that meet your needs. You can read their profiles to learn more about them, interview them over the phone or in person, and choose who to work with in the future. This allows you to find a good fit while doing much of the hard work for you.