The banking industry in the United States is highly competitive, with hundreds of banks vying for customers. However, a few banks stand out from the crowd as being the largest and most influential in the country. Here are the 5 biggest USA banks by assets in 2022:
- JP Morgan Chase: $3.2 trillion
- Wells Fargo: $1.9 trillion
- Bank of America: $2.3 trillion
- Citigroup: $1.8 trillion
- Goldman Sachs: $1.4 trillion
These ten banks control a significant portion of the assets in the US banking system, and their size and influence is likely to continue to grow in the coming years. They are well-positioned to weather any financial storms that may come their way and to take advantage of opportunities as they arise. If you are looking for a safe and stable bank to do business with, any of these ten would be a good choice.
1. JPMorgan Chase – $2.87 Trillion
JPMorgan Chase is an American multinational investment bank and financial services company headquartered in New York City. JPMorgan Chase is the largest bank in the United States by assets and the sixth-largest bank in the world by assets with $2.87 trillion. The firm was formed in 2000 when Chase Manhattan Corporation merged with J.P. Morgan & Co.
The bank has operations worldwide, including asset management, private banking, commercial banking, retail banking, and investment banking. JPMorgan Chase is a major provider of financial services and has been ranked as the most valuable brand in the world for six consecutive years.
The roots of the firm can be traced back to 1799 when Aaron Burr founded The Manhattan Company, which was a precursor to JPMorgan Chase. In 1823, Benjamin Greene founded what would become Chemical Bank, which later merged with JPMorgan Chase in 1996.
Today, JPMorgan Chase is one of the Big Four banks in the United States alongside Citigroup, Bank of America, and Wells Fargo. The firm has more than 260,000 employees and serves more than 60 million customers worldwide.
In recent years, JPMorgan Chase has been involved in a number of high-profile legal cases, including the 2012 London Whale trading scandal and the 2016 breach
2. Bank of America – $2.56 Trillion
Bank of America is one of the biggest banks in America. As of 2019, it has a total assets of $2.56 trillion. It was founded in 1904 and is headquartered in Charlotte, North Carolina. Bank of America has nearly 4800 branch locations across the United States. The bank provides a wide range of products and services such as savings and checking accounts, credit cards, mortgages, loans, and investment products.
Bank of America also offers mobile and online banking services. In 2018, Bank of America was ranked #22 on the Fortune 500 list. The company employs more than 208 thousand people worldwide. Bank of America is a publicly traded company and its stock is traded on the New York Stock Exchange under the ticker symbol BAC.
3. Wells Fargo – $1.95 Trillion
Wells Fargo is one of the biggest banks in the US, with a whopping $1.95 trillion in assets. It’s headquartered in San Francisco and has more than 8,000 branches across the country. Wells Fargo offers a wide range of financial services, including retail banking, commercial banking, asset management, and mortgage lending. The bank has been dogged by scandal in recent years, with several high-profile cases of fraud and mismanagement coming to light. Despite this, Wells Fargo remains one of the most powerful financial institutions in the world.
4. Citigroup – $1.82 Trillion
Citigroup Inc. is an American multinational investment bank and financial services corporation headquartered in New York City. Citigroup was formed from one of the world’s largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group in October 1998. As of 2019, Citigroup is the third largest bank holding company in the United States by assets. It has approximately 200 million customer accounts and does business in more than 160 countries.
Citigroup has over 2,000 subsidiaries, such as Citicorp, Citibank, Primerica, and others. The company has three main divisions: Citigroup Global Markets, Citigroup Consumer Banking, and Citigroup Corporate & Investment Banking. Citigroup Global Markets comprises Salomon Smith Barney, Citigroup Investment Bank (CIB), and Citi Futures & Prime Brokerage.
Primerica provides financial services to middle-income families in the United States through its network of independent financial advisors (IFAs). Citi Corporate & Investment Banking (C&I) provides corporate banking, investment banking, and capital markets services to institutional clients around the world.
5. Goldman Sachs – $911 Billion
Goldman Sachs is a leading global investment bank that provides a wide range of financial services to a diversified group of clients, including corporations, governments, institutions, and individuals. Goldman Sachs has been in business for over 150 years and has operations in more than 50 countries. The firm is headquartered in New York City and has approximately 36,000 employees worldwide.
Goldman Sachs has a long history of success and has consistently been ranked as one of the most profitable banks in the world. In 2018, Goldman Sachs reported total revenue of $39.4 billion and net income of $11.0 billion.
The firm’s return on equity was 13.1% and its return on assets was 1.6%. Goldman Sachs is widely considered to be one of the most prestigious banks in the world and has a reputation for being extremely selective when it comes to hiring new employees.
The average Goldman Sachs employee earned a total compensation of $430,700 in 2018, which includes base salary, bonus, and stock options. Goldman Sachs is also one of the largest investors in private equity and venture capital. As of December 31, 2018, Goldman Sachs had $911 billion in assets under management. Goldman Sachs has been involved in some of the largest and most complex transactions in the world.