Top Banks in the USA
An overview of leading US financial institutions
An overview of leading US financial institutions
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 4 types of banks in the USA:
According to Moody’s, the US banking system is stable, due to the continuing growth in the domestic economy and the banks’ strong liquidity profiles.
For anyone considering a career in banking in the USA, this list is a helpful guide on where to start. To learn more, see all our lists of financial institutions.
JP Morgan Bank Chase & Co is the largest banking group in the US. It is headquartered in New York and employs 250,000 staff 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.
In 2016, the bank reported total assets of US$2.5 trillion and posted a net profit US$24.73 billion.
Bank of America is one of the largest lender banks in the US, headquartered in Charlotte, North Carolina. The bank, through its banking and non-bank subsidiaries across throughout 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.
As of 2016, the bank’s total assets amounted to US$2.19 trillion and net profit reached US$17.91 billion.
Headquartered in San Francisco, Wells Fargo & Co is a diversified financial services company. The bank employs 268,800 individuals and operates through the following business segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. It offers its services under three categories: personal, small business, and commercial. Wells Fargo holds the distinction of being the very first bank to receive a charter from the United States government.
As of 2016, the total assets of the bank were US$1.93 trillion and net profit was US$21.93 billion.
Citigroup is a multinational investment banking and financial services company headquartered in Manhattan, New York City. It employs around 219,000 staff and is present in 19 countries through 2,649 branches. It provides financial products and services to consumers, corporations, governments, and institutions worldwide. The company operates through two segments: Citicorp and Citi Holdings.
In 2016, the bank reported total assets of US$1.8 trillion and posted a net profit of US$1.65 billion.
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. It is headquartered in New York and employs 34,400 staff.
As of 2016, the bank’s total assets amounted to US$894 billion and net profit reached US$7.40 billion.
Morgan Stanley is a global financial services firm providing investment banking, securities, wealth management, and investment management services. 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. It employs approximately 56,000 staff.
As of 2016, the total assets of the bank were US$815 billion and net profit was US$8.85 billion.
US Bancorp is headquartered in Minneapolis and employs around 71,000 individuals. It operates as a bank holding company which, 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.
In 2016, the bank reported total assets of US$445.9 billion and posted a net profit of US$5.94 billion.
PNC Financial Services is based in Pittsburgh and employs around 49,000 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.
In 2016, the bank’s total assets amounted to US$366 billion and net profit reached US$3.9 billion.
TD Group US Holdings is headquartered in New Jersey and employs around 26,000 people. The bank provides banking, insurance, brokerage, and investment banking services. It is a subsidiary of the Canadian multinational Toronto-Dominion Bank, which is based in Toronto, Ontario.
As of 2016, the total assets of the bank were US$353.62 billion and net profit was US$512 million.
Based in Virginia, Capital One Financial is a diversified financial services holding company. 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. It operates through the following business segments: Credit Card, Consumer Banking, Commercial Banking, and Others.
In 2016, the bank reported total assets of US$357 billion and posted a net profit of US$3.75 billion.
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This has been a guide to the top banks in the USA. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: