US banks

US banks

The largest banks in the United States are private commercial enterprises servicing U.S. businesses and a substantial share of international transactions. They offer a variety of services but many of these banks cooperate with each other and other organisations.

To get a better idea, let's have a look at the top 15 banks in the U.S.

JPMorgan Chase

Chase Bank

  • Headquartered in New York City
  • Total assets: US$M3,190,100,000.

JPMorgan Chase is the largest banking institution in the United States and No. 1 of America's Big Four banks. It is essentially a conglomerate of several financial companies.

For JPMorgan, the bulk of revenues come from:

  • Consumer and small business banking via branches and terminals. These groups of clients can obtain consumer credit and mortgages, open savings accounts, get payment cards, and take advantage of other banking services.
  • Corporate banking. This primarily includes banking services to major businesses, such as corporate lending, investments, and treasury services.
  • Asset management. The bank offers securities (shares, bonds, etc.) placement and trading services to its clients.

JPMorgan is one of the most powerful custodians in the world.


JPMorgan is one of the most powerful custody service providers in the world.

Bank of America

Bank of America

  • Headquartered in Charlotte, NC
  • Total assets: US$M2,350,294,000.

Bank of America operates mostly in the United States, it also has a global branch network.

Key areas of business are:

  • Retail banking, which includes most loans to individuals and small businesses, deposits, ATM network, remote online access, and mobile apps.
  • Asset and wealth management: custody and trust services.
  • International banking operations. In addition to the above to payments, the bank provides advisory services to major clients, manages their non-monetary assets, etc.
  • Stock market trading.
  • Other operations. Aside from this, Bank of America operates many other businesses, including reselling toxic mortgages, etc.
  • Bank of America is a major shareholder of other, mostly financial, companies.

The bank is also one of the Big Four banks and a systemically important financial institution for the United States.

Citigroup Inc.

  • Headquartered in New York City
  • Total assets: US$M1,693,227,000.

One of the most well-known banking institutions in the U.S. It plays an important role in the financial sector of the U.S. and more than 160 countries all over the world.

  • In the U.S., Canada and Mexico, Citigroup provides retail banking services for individuals and small businesses.
  • The bank focuses on the issue of debit and credit cards in countries throughout the world. Cards account for most of the bank’s revenues from global retail transactions. Moreover, the bank is the world's largest credit card issuer.
  • The bank also services institutional clients, including major corporations and governments.

Citibank is a shareholder of other companies but this business is not among the largest ones.


Most of Citibank’s earnings come from the domestic U.S. market but its global operations are also essential.

Most of Citibank’s earnings come from the domestic U.S. market but its global operations are also essential.

Wells Fargo & Company

Wells Fargo

  • Headquartered in San Francisco
  • Total assets: US$M1,776,718,000.

One of the largest banking conglomerates. In addition to the U.S., Wells Fargo has a strong presence in Canada.

The corporation’s key banking areas include:

  • Retail banking.
  • Asset and wealth management.
  • Stock trading.

The company holds shares of financial institutions, industrial and hi-tech corporations, etc.

Goldman Sachs Group

Goldman Sacks

  • Headquartered in New York City
  • Total assets: US$M351,163,000.

This is one of the most well-known banks founded in 1869. The bank mostly targets major clients.

Key lines of Goldman Sachs’ business are:

  • Investment banking. In this segment, the bank acts as an advisor for high net worth investors and as a stock market player.
  • Institutional banking for stock markets, foreign exchange transactions, and marketplace trading. This is what generates most of the bank’s revenues and pays for more than 2/3 of its assets.
  • Business financing: investments into existing businesses, direct lending or purchase of shares and bonds.
  • Asset and wealth management.
icon-infoGoldman Sachs sources more than half of its total revenues in the Americas; about one fourth, in Europe, the Middle East and Africa; about 1/6, in Asia.

Morgan Stanley

Morgan Stanley

  • Headquartered in New York City
  • Total assets: US$M173,043,000.

The main areas of business for the firm today are investments in securities and securities trading.

The bank focuses on:

  • Securities transactions, including on the stock exchange. The bank offers a broad range of capital raising, risk management and financial advisory services, etc.
  • Wealth management.
  • The bank is also a shareholder of other companies, mostly financial and hi-tech corporations.

Since Morgan Stanley operates mostly on the stock market, there is no reason to divide its operations into domestic and international ones, as the leading securities issuers and stock exchanges have long crossed state borders.

U.S. Bancorp

US Bank

  • Headquartered in Minneapolis, MN
  • Total assets: US$M547,852,681.

The banking corporation doing business in a variety of areas. Operates primarily in the United States.

Key services provided by U.S. Bancorp are:

  • Services for medium and large businesses, including payments, loans, and representation on financial markets.
  • Retail banking, i.e. services for individuals and small businesses, such as lending, deposits, and bank cards.
  • Investment banking and asset management.

Most of the corporation’s assets are loans provided to its clients; loan interest accounts for most of the revenues.

Truist Financial Corporation

  • Headquartered in Charlotte, NC
  • Total assets: US$M506,471,000.

One of the top ten largest banks in the United States. BB&T offers a wide variety of traditional banking products to businesses and individuals. The bank has many branches in the eastern states of the U.S.

  • It focuses on business and retail lending.
  • The bank takes deposits and is a leader in terms of deposits in several states.
  • Truist Financial Corporation also offers insurance products and services.

Loan interest accounts for most of the bank’s revenues.

PNC Financial Services Group

PNC Bank

  • Headquartered in Pittsburgh, PA.
  • Total assets: US$M453,973,605.

The major financial services corporation operating in several segments of the financial market.

Key business areas of PNC are:

  • Retail banking, in particular, a large ATM network, small business lending, and Visa cards.
  • Corporate lending in the United States, Canada, and the United Kingdom.
  • Mortgages. PNC has a special mortgage division, with offices throughout the U.S.
  • Institutional banking services and advisory services.

The Bank of New York Mellon

The Bank of New York Mellon

  • Headquartered in New York City
  • Total assets: US$M384,538,000.

The bank’s operations are focused on the stock market and asset management.

Key business areas are:

  • Custody services. The Bank of New York Mellon is the world's largest custodian bank.
  • Investment banking and broker-dealer services.
  • The bank also offers foreign exchange and clearing services.

The Bank of New York Mellon primarily operates and generates revenue in the United States but it also maintains a presence in many other countries on all continents.

Capital One Financial Corporation

  • Headquartered in Tysons Corner, VA
  • Total assets: US$M107,235,113.

The bank specializes in two retail loan products, namely:

  • Auto loans. Capital One Financial Corporation is the second largest auto finance company in the United States.
  • Credit cards. The bank is one of the five largest credit card issuers (Visa and Mastercard).

Capital One generates most of its revenue from interest on its products. Besides the United States, the bank also conducts business in Canada and the United Kingdom.

State Street Corporation

State Street Corporation

The bank offers asset management and custody services. In this regard, the above information about the other banks would be true for State Street Corporation.

The bank does not offer retail banking services. State Street Corporation hold shares of other companies, mostly financial and hi-tech corporations.


The bank does not offer retail banking services. State Street Corporation hold shares of other companies, mostly financial and hi-tech corporations.

American Express - AmEx

American Express

  • Total assets: US$M126,565,746.
  • Headquartered in New York City

The bank needs no introduction because its main products are known all over the world.

These products include:

American Express generates revenue from product transactions in and outside the United States.

Ally Financial

Ally Financial

The bank provides a variety of services and focuses mostly on car finance and related services. The bank does not have traditional brick-and-mortar offices but operates online.

Its services include:

  • Auto loans
  • Auto auctions
  • Related insurance services.

In addition, the bank provides mortgage loans and works with stock exchanges.

Citizens Financial Group

Citizens Financial Group

  • Headquartered in Providence, RI
  • Total assets: US$M185,036,173.

The major U.S. bank. Mostly operates in the eastern states.

Between 1988 and 2015, Citizens was a subsidiary of The Royal Bank of Scotland Group, one of the largest banks in the UK. However, the British owner suffering from financial losses sold Citizens Financial Group through an initial public offering. From that point on, the bank has been on its own again. During its peak growth in 2015, Citizens operated 1,200 branches and 3,200 ATMs.

Key business areas are:

  • A full line of retail banking services. To provide the services this, the bank opened branches in supermarkets.
  • Small business banking, such as loans, deposits, and global transactional services.
  • Corporate banking, which includes settlements and investment management.

The bank’s reputation was tarnished by the 2015 investigation into failing to credit consumers the full amounts of their deposited funds, followed by the allegations of an almost 3 million-dollar loan to Donald Trump.

Nevertheless, the bank has overcome the hardships, resolved the conflicts and continues to develop.

Table of contents
  1. JPMorgan Chase
  2. Bank of America
  3. Citigroup Inc.
  4. Wells Fargo & Company
  5. Goldman Sachs Group
  6. Morgan Stanley
  7. U.S. Bancorp
  8. Truist Financial Corporation
  9. PNC Financial Services Group
  10. The Bank of New York Mellon
  11. Capital One Financial Corporation
  12. State Street Corporation
  13. American Express - AmEx
  14. Ally Financial
  15. Citizens Financial Group