According to the US Federal Deposit Insurance Corporation, there were 6,799 FDIC-insured commercial banks in the USA as of February 2014. The country’s central bank is the Federal Reserve Bank, which came into existence after the passage of the Federal Reserve Act in 1913.
There are four types of banks in the USA:
Savings and loans
According to Moody’s Investors Service (March 2021), the US banking system outlook changed from negative to stable, reflecting the sector’s improving operating environment and significant buildup of reserves, which are more than sufficient to absorb expected pandemic-related net charge-offs. Both the accelerating economic recovery and stabilization of asset risk will also help ease the pressure on profitability.
Moodys expects US banks to maintain solid buffers against stress losses, even as shareholder distributions resume, and maintain strong funding and liquidity.
For anyone considering a career in banking in the USA, this list of top banks in the USA is a helpful guide on where to start. To learn more, see all our lists of financial institutions.
The Top Banks in the USA Include:
JP Morgan Chase & Co.
JP Morgan Bank Chase & Co is the largest banking group in the US, employing over 255,000 individuals worldwide. The bank provides investment banking, asset management, private banking, private wealth management, and treasury and securities services under the JP Morgan brand.
Fiduciary activity under the group’s private banking and private wealth management segments is done under the sponsorship of JPMorgan Chase Bank NA – the actual trustee. The Chase brand is used for the bank’s credit card services in the US and Canada, retail banking activities in the US, and commercial banking. JPMorgan Chase & Co. was founded in 1799 and is headquartered in New York, New York.
Net income: USD 29.13 billion (2020)
Total assets: USD 3.69 trillion (3/2021)
Bank of America Corp
Bank of America is one of the largest lender banks in the US and is headquartered in Charlotte, North Carolina. The bank, through its banking and non-bank subsidiaries across the US and international markets, provides a range of banking and non-bank financial services and products through four business segments – Consumer Banking, Global Wealth and Investment Management, Global Banking, and Global Markets.
The bank serves approximately 66 million consumer and small business clients through approximately 4,300 retail financial centers, about 17,000 ATMs, and digital banking platforms with approximately 40 million active users. Founded in 1784, it employs around 212,000 staff.
Net income: USD 17.89 billion (2020)
Total assets: USD 2.97 trillion (3/2021)
Wells Fargo & Co.
Headquartered in San Francisco, Wells Fargo & Co is a diversified financial services company founded in 1852. The bank employs 264,500 individuals and operates through the following business segments – Community Banking, Wholesale Banking, and Wealth and Investment Management.
The bank offers its services under three categories – Personal, Small Business, and Commercial. It holds the distinction of being the very first bank in the US to receive a charter from the government.
Net income: USD 3.30 million (2020)
Total assets: USD 1.96 trillion (3/2021)
Citigroup is a multinational investment banking and financial services company headquartered in New York City founded in 1812. It employs around 211,000 staff and is present in 19 countries through 2,303 branches.
The bank provides financial products and services to consumers, corporations, governments, and institutions worldwide. It operates through two segments – Citicorp and Citi Holdings.
Net income: USD 11.05 billion (2020)
Total assets: USD 2.31 trillion (3/2021)
Goldman Sachs Group Inc.
Goldman Sachs operates as an investment banking, securities, and investment management company worldwide through four segments – Investment Banking, Institutional Client Services, Investing and Lending, and Investment Management. With 40,300 employees, it is headquartered in New York.
Net income: USD 9.46 billion (2020)
Total assets: USD 1.3 trillion (3/2021)
Morgan Stanley is a global financial services firm providing investment banking, securities, wealth management, and investment management services. It employs approximately 70,000 staff.
The bank operates through two major segments – Institutional Securities, which offers capital raising and financial advisory services, as well as advice on mergers and acquisitions, restructurings, real estate, and project finance; and Wealth Management, which offers various financial services and solutions.
Net income: USD 11.0 billion (2020)
Total assets: USD 1.12 trillion (2020)
Headquartered in Minneapolis, US Bancorp operates as a bank holding company that, through its subsidiary, provides banking services and financial services. The bank also engages in credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage services, and leasing.
The company provides its products and services through a network of 2,434 banking offices, principally operating in the Midwest and West regions of the United States, as well as through online services and over mobile devices. It employs around 68,000 individuals and operates a network of 4,232 ATMs. The bank was founded in 1863.
Net income: USD 4.96 billion (2020)
Total assets: USD 553.4 billion (3/2021)
PNC Financial Services Group Inc.
PNC Financial Services is based in Pittsburgh and employs around 50,400 staff. The group operates through its Retail Banking, Corporate and Institutional Banking, Asset Management Group, Residential Mortgage Banking, BlackRock, and Non-Strategic Assets Portfolio segments.
The PNC Financial Services Group, Inc. was founded in 1852. It operates 2,162 branches and 8,900 ATMs.
Net income: USD 7.52 billion (2020)
Total assets: USD 474.4 billion (3/2021)
TD Group US Holdings LLC
TD Group US Holdings is headquartered in Cherry Hill, New Jersey. It provides banking, insurance, brokerage, and investment banking services at over 1,140 locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas, and Florida.
The bank employs over 25,000 people and serves over 9.6 million customers. It is a subsidiary of the Canadian multinational Toronto-Dominion Bank, which is based in Toronto, Ontario.
Net income: USD 512 million (2016)
Total assets: USD 353.6 billion (2016)
Capital One Financial Corp
Based in Virginia, Capital One Financial is a diversified financial services holding company among banks in the USA. The company, along with its subsidiaries, offers a wide range of financial products and services to consumers, small businesses, and commercial clients through physical branches, the internet, and other distribution channels.
The bank operates through the following business segments – Credit Card, Consumer Banking, Commercial Banking, and Others.