Welcome to this publication about the Biggest Banks in the USA and the top 10 American banks in 2024, via Afrokonnect.
The five largest banks in the United States of America accounted for around 56% of the entire economy, these data should give you some idea of how large the banking industry in the United States is.
As a result of the financial crisis, the largest banks have grown to such a size that the combined assets of these institutions now amount over $11.9 trillion.
If we merge the assets of all of the US banks, it will be a massive undertaking.
Even though the financial sector was only responsible for 10% of overall non-farm revenues in 1947, it has risen by leaps and bounds in the intervening fifty years. In 2010, the financial sector was responsible for half of the earnings made by non-farm businesses.
Organizational Set-up of Financial Institutions in the United States of America
The financial system in the United States is considerably distinct from that in the majority of other nations throughout the globe.
There is a very low number of major banks, maybe between 20 and 50, but there is an extremely high number of minor banks (5,000 to 10,000).
When we compare the financial systems of the United States and Canada, we will see a considerable difference.
For instance, the country of Canada is home to five major financial institutions:
The Bank of Montreal, the Bank of Nova Scotia, the Canadian Imperial Bank of Commerce, the Royal Bank of Canada, and the Toronto-Dominion Bank.
In addition, there are approximately 200 small to medium financial institutions and trusts.
In the last four decades, the banking system in the United States has been rocked by significant economic collapses, cycles of rising and falling mortgage prices, and other financial upheavals.
Bank of America Corporation, Citigroup Inc., JPMorgan Chase & Co., U.S. Bancorp, and Wells Fargo & Co. have been the top five banks for the last several years, as they continue to switch places inside the top 10 positions each year.
Other prominent banks include Wells Fargo & Co. and U.S. Bancorp and are regarded as the Leading Financial Institutions in the United States of America.
Top 10 Biggest Banks in the USA
Let us have a look at the top 10 banks in the United States in terms of the total assets that they have acquired in the most recent years:
1. JPMorgan Chase
First place goes to JPMorgan Chase & Co., which has the title of being the most successful financial institution in the whole of the United States of America.
This financial institution has accumulated a total of $3.76 trillion worth of assets by the end of last year. New York is the location of this bank’s main office and headquarters.
JPMorgan Chase & Co. has around 255,351 workers on its payroll. At the conclusion of the year, the revenues came in at $119.54 billion, while the operating income was $35.40 billion.
Additionally, based on total assets, it is the sixth biggest bank in the whole globe. As well as one of the Best Nigerian Banks in USA.
2. Bank of America – Main Banks in USA
Regarding the overall assets it has amassed, Bank of America is the second-largest financial institution in the United States of America.
This financial institution has accumulated a total of $3.17 trillion worth of assets at the end of the year.
Charlotte is the location of this bank’s main office and headquarters. A little under 200,000 people are now employed at Bank of America.
In the year 2020, the revenues came in at $85.52 billion, while the net earnings came in at $17.89 billion. On the Forbes Magazine Global 2000 list of the top 2000 firms in the world, it was ranked 11th after having a very successful year.
3. Wells Fargo – Most Popular Banks in the United States
Wells Fargo & Co has accumulated a total assets of over $1.95 trillion dollars. San Francisco is the location of this bank’s main office and headquarters.
There are around 268,800 people working at Wells Fargo & Company. At the conclusion of the year, the revenues came in at $72.34 billion, and the operating earnings were $581 million.
Wells Fargo & Company took up the title of biggest bank in the world in terms of market value in July.
4. Citigroup Inc
The Citigroup Inc bank has accumulated a total of $2.260 trillion worth of assets. New York is the location of this bank’s main office and headquarters.
About 210,000 people are working at Citigroup Inc. in some capacity. At the end of the year, the revenues were $74.3 billion, and the operating earnings were $13.6 billion correspondingly.
On the list of the 500 biggest companies in the United States, Citigroup Inc. ranked 29th.
Biggest Banks in the USA – Safest Bank in United States of America
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5. The Goldman Sachs
In terms of total assets acquired, The Goldman Sachs Group, Inc. is the fifth-largest bank in the United States of America.
This bank has accumulated a total of $1.2 trillion worth of assets by the year. New York is the location of this bank’s main office and headquarters.
Approximately 40,500 individuals are employed by the Goldman Sachs Group.
At the conclusion of the year, the revenues came in at $44.6 billion, and the operating earnings were $12.5 billion.
It was one of the earliest financial institutions in the United States. It was established since 1869, which puts its age at over 153 years.
6. Morgan Stanley
This financial institution has accumulated a total of $1,118 billion in assets at the end of the year.
New York is the location of this bank’s main office and headquarters. Morgan Stanley is responsible for the employment of around 68,097 workers.
Both the revenue and the operating income for the year came in at a total of $48.1 billion and $13.648 billion correspondingly. It was formed in 1935, making it one of the oldest banks in the United States.
7. U.S. Bancorp
This financial institution has amassed a total of over $573.284 billion worth of assets by the end of the fiscal year.
Minneapolis is the location of this bank’s main office and headquarters. In 2019, U.S. Bancorp was responsible for the employment of around 70,000 workers.
The total revenue for the year ended up being $22.724 billion, while the operating income was $8.105 billion.
1968 was the year that it first opened its doors, putting its age up there with the oldest banks.
Most Secure & Top Rated Banks in the United States of America (USA)
8. PNC Financial Services Group, Inc.
PNC Financial Services Group, Inc is the 8th largest bank in the United States of America in terms of total assets acquired.
This ranking is based on PNC Financial Services Group’s total assets.
This financial institution has amassed a total of $560 billion worth of assets at the end of the year.
Pittsburgh area is home to the main office of this financial institution. In the year 2021, PNC Financial Services employed about 62,418 employees.
At the conclusion of the year, the revenues came in at $16.901 billion, while the net income was $7.558 billion.
It is considered to be one of the oldest banks in the United States.
It was founded in 1845, which is around over 177 years ago, yet it did not begin operations until 1852.
9. Bank of New York Mellon
The Bank of New York Mellon Corporation comes in at number nine on the list of the biggest banks in the United States of America in terms of the total assets they have accumulated.
This financial institution has accumulated a total of $381.50 billion worth of assets at the end of the year.
New York is the location of this bank’s main office and headquarters. In all, around 48,400 people are employed at Bank of New York Mellon.
At the end of the year, the revenues were $20.82 billion, while the operating earnings amounted to $5.58 billion.
The institution that came before it was one of the oldest banks in the United States.
In 1784, the predecessor of what is now known as the Bank of New York Mellon Corporation was established.
Mellon Financial, on the other hand, is a company that is not all that old; it was established 15 years ago.
Biggest Banks in the USA by Total Assets
10. Capital One Financial Corporation
Capital One Financial Corporation is the tenth biggest bank in the United States of America.
This bank has accumulated a total of 421.602 billion dollars’ worth of assets at the end of the year.
This financial institution has its headquarters in McLean, Virginia. A total of around 51,985 people are employed at Capital One Financial.
Both the revenue and the operating income for the year came in at a total of $26,033 billion, and $3.203 billion, respectively.
The bank didn’t open its doors until 1994, making it one of the more recent financial institutions in USA.
Top and Biggest Banks in the USA by total assets
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Conclusion: National American Banks
We are hoping that you found this overview of the top 10 banks in the United States of America to be helpful and informative.
We also spoke about the organization of the banks in the United States of America as well as their current financial situations. On that note, this brings us to the end of this article. Let us know what you think via the comments section below.
