The 8 Largest Banks in the U.S. by Assets: Trillions Accumulated

TEMPO.CO, Jakarta - The United States, a global economic powerhouse, relies on its leading banks to manage and drive its vast financial system. The major banks in the U.S. provide substantial support for both domestic interests and international investments. Despite market fluctuations, these financial giants continue to dominate, shaping the global economy and standing in a league of their own.

In this article, we will explore the top eight largest banks in the U.S., their impact, and what sets them apart in the competitive financial landscape.

8 Largest Banks in the U.S. 

Based on total assets as of Q4 of 2024, J.P Morgan Chase is hailed as the largest bank in the U.S., according to data published by Visual Capitalist and Bank Rate. The following are other influential institutions with significant assets:

1. J.P Morgan Chase - $4.0 Trillion 

As a consumer bank with a 225-year history, J.P. Morgan Chase is a leading force in American investment. Its asset protection services support over 80 million individuals, families, and businesses across various sectors. With more than 4,700 branches in 48 states and 15,000 ATMs, Chase Bank provides strategic economic solutions.

2. Bank of America Corp. - $3.3 Trillion 

Bank of America's reach extends beyond local markets, aiming to build a sustainable financial ecosystem. In early 2022, the bank reduced overdraft fees and eliminated non-sufficient funds (NSF) fees. Bank of America concluded 2024 on the right foot, including 10 percent growth in global banking deposits, over 14 billion digital client logins, and a 12 percent increase in wealth management client balances.

3. Citigroup Inc. - $2.4 Trillion 

With a focus on global accessibility, Citigroup has established significant credibility. While it offers 65,000 ATMs domestically, Citigroup has a far-reach international presence in over 180 countries. This global reach contributed to a 40 percent increase in net income for the bank at the end of 2024, exceeding its full-year revenue target.

4. Wells Fargo & Co. - $1.9 Trillion 

Wells Fargo's large branch network ensures its prominent position. With the second-highest number of branches in the U.S., it trails only J.P. Morgan Chase. Founded in 1852, Wells Fargo combines historical stability with innovation, becoming the first major U.S. bank to offer card-free ATM access.

5. Goldman Sachs Group Inc. - $1.7 Trillion 

Goldman Sachs Group provides one-stop financial services, excelling in global banking, asset and wealth management, global investment research, and platform solutions. It serves a diverse clientele, including enterprises, corporations, families, and individuals. Its products, such as credit cards, installment financing, and high-yield savings accounts, are designed to meet various needs.

6. Morgan Stanley - $1.2 Trillion 

Established in 1935, Morgan Stanley is a key player in the U.S. banking sector. With branches in over 40 countries, the institution promotes international connections through innovative strategies and leading-edge solutions.

7. U.S. Bancorp - $678 Billion

U.S. Bancorp, the parent company of U.S. Bank, is a fruitful embodiment of successful corporate mergers. Originating as the First National Bank of Cincinnati in 1863, it now operates numerous branches across the U.S. The U.S. Bank reported a net revenue increase to $27.5 billion in its latest financial highlights.

8. Capital One Financial Corp. - $638 Billion 

Capital One is recognized as a leading U.S. bank, known for its customer satisfaction. Its Capital One Cafés, which offer financial workshops and a café atmosphere, are popular among younger clients.

These largest banks in the U.S. play a crucial role in maintaining economic stability, driving innovation, and providing essential financial services to millions of individuals and businesses. Whether through digital banking innovations, wealth management solutions, or expansive international operations, these banks are more than just financial entities; they are pillars of economic strength and progress. For more financial information, explore the oldest banks in the world here.

Editor’s Choice: 10 Largest Banks in the World 2024, Holding Up to US$600bn Market Cap

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