There are many different ways that you can choose a bank. You might look at a bank that offers a wide variety of products and features that you’re interested in, particularly high interest rates for its savings accounts, or exceptional customer service. A bank that has physical locations near you might also be worth checking out, though the prevalence of online banking may make this a less important factor.
The size of a bank may also play a role in helping you decide which financial institution to bank with.
While bigger may not always be better, it can be nice to know that a bank has been around for a while and has experience managing a large amount of money, two shared characteristics among all of the top 10 banks in the U.S. Plus, there is a sense of “too big to fail”, which may protect you more than the FDIC currently does.
10 Largest Banks In The United States
Top 10 Banks In The U.S. By Assets
One of the most common ways that banks are measured is by their total assets. Standard & Poor’s (the same company behind the S&P 500 stock index) regularly maintains a list of the top banks in the world. Here is a look at the top 10 banks in the U.S. in 2023, as ranked by total assets managed as of Dec. 31, 2022.
1. JPMorgan Chase
The largest bank in the U.S. is JPMorgan Chase, with total assets of around $3.7 trillion. Often referred to simply as “Chase Bank,” JPMorgan Chase has been formed over the years through mergers and acquisitions. Headquartered in New York City, Chase traces its roots back to The Bank of The Manhattan Company, formed by Aaron Burr in 1799.
Here’s our full review of Chase Bank.
2. Bank of America
Headquartered in Charlotte, North Carolina, Bank of America is the second-largest bank in the U.S., with total assets of just over $3 trillion. Bank of America was founded in 1998 with the merger of BankAmerica and Nations Bank, which was at the time the largest bank merger in American history.
Citigroup, which is often stylized as “Citi” or “Citibank,” has an asset value of over $2.4 trillion, making it the nation’s third-largest bank. Headquartered in New York City’s Lower Manhattan, Citigroup was formed in 1998 from the merger of Citibank and Travelers Group.
Here’s our full review of Citibank.
4. Wells Fargo
Wells Fargo is the fourth and final of the “Big Four” banks in the U.S., with total assets of nearly $1.9 trillion. It was established in 1852 during the California Gold Rush by two of the founders of American Express. Wells Fargo is headquartered in San Francisco.
5. Goldman Sachs
The Goldman Sachs Group was founded in 1869 and is headquartered in New York City. Goldman Sachs is an investment bank, and it’s well known for its expertise in advising businesses on mergers and acquisitions. Goldman Sachs manages total assets of around $1.4 trillion.
6. Morgan Stanley
Morgan Stanley was established in 1935 and has grown to become a major investment bank and financial services firm. Headquartered in New York City, it traces its roots to the Glass-Steagall Act of 1933, in which Congress passed a bill prohibiting banks from engaging in both investment and commercial banking. J.P. Morgan & Co. chose to continue working in the commercial banking sector, and several of its employees left to form Morgan Stanley as an investment bank.
Morgan Stanley has assets of nearly $1.2 trillion.
Here’s our full review of Morgan Stanley.
7. U.S. Bancorp
U.S. Bancorp, commonly referred to as “U.S. Bank,” is headquartered in Minneapolis. U.S. Bancorp currently operates under the second-oldest continuous national bank charter, which was originally granted in 1863 to the First National Bank of Cincinnati (later acquired by the company that is now U.S. Bancorp). U.S. Bancorp has total assets of nearly $675 billion.
Here’s our full review of U.S. Bank.
8. PNC Financial Services Group
PNC Financial Services Group, commonly known as “PNC Bank,” is the eighth-largest bank in the U.S., with total assets of around $560 billion. PNC traces its history back to 1852 as the Pittsburgh Trust and Savings Company and is headquartered in Pittsburgh.
Here’s our full review of PNC Bank.
9. Truist Financial Corporation
Truist Financial Corp. is headquartered in Charlotte, North Carolina, and has around $555 billion in assets. Truist Bank was founded in 2019 with the merger of BB&T and SunTrust banks, but it traces its roots back as far as 1872 with the founding of the Branch and Hadley merchant bank in Wilson, North Carolina.
Here’s our full review of Truist Bank.
10. Capital One
Capital One Financial Corporation is a bank that specializes in credit cards, auto loans, checking, and savings accounts. It is currently headquartered in McLean, Virginia, which is about 14 miles outside of Washington, D.C. Capital One has total assets of just over $455 billion.
Read our full Capital One review here.
Is A Bigger Bank Better?
While you may not want to put your money in a fly-by-night financial institution, size isn’t the only important factor in choosing a bank. Instead of just electing to work with the biggest bank out there, you should instead look at the products, services, and features offered to find the right bank for you. All of the banks on this list are financially sound, but you’ll need to take a closer look at each to see which is the best fit for your needs, regardless of its size.
The Bottom Line
Banks can be measured and compared in many different ways, and one of the most common yardsticks is the size of a bank by its total assets. The top 10 U.S. banks in 2023 all have over $450 billion in assets, and many of the top banks on the list have trillions of dollars of assets. While size isn’t everything, it may be a good indicator of a bank’s stability, product variety, and accessibility, making it an important factor to consider when switching banks or choosing where to park your money for the first time.
The post The Top 10 Largest U.S. Banks By Assets appeared first on The College Investor.