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The 15 largest banks in the US

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Photo by Adobe Stock, Illustration by Bankrate
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Photo by Adobe Stock, Illustration by Bankrate
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The 15 largest banks in the United States (U.S.) hold a combined total of $13.5 trillion in assets as of June 30, 2022.

Each year there are changes to this exclusive club. Larger banks trade places with one another and smaller banks drop out, replaced by faster-growing rivals.

Here are the biggest banks in the U.S. by assets, according to the latest numbers from the Federal Reserve.

1 JPMorgan Chase $3.38 trillion 1
2 Bank of America $2.44 trillion 2
3 Citigroup $1.72 trillion 4
4 Wells Fargo $1.71 trillion 3
5 U.S. Bancorp $582.25 billion 5
6 PNC Financial Services $534.35 billion 6
7 Truist Bank $532.08 billion 7
8 Goldman Sachs $501.91 billion 8
9 TD Group US Holdings $405.22 billion 9
10 Capital One Financial $388.44 billion 10
11 Bank of New York Mellon $365.10 billion 11
12 State Street $296.43 billion 12
13 Citizens Financial $226.53 billion NR
14 Silicon Valley Bank $211.82 billion 14
15 Fifth Third Bank $205.55 billion 13

1. JPMorgan Chase

Chase Bank is the consumer banking division of JPMorgan Chase. Unlike some of its competitors that are closing branches, Chase is expanding its branch network in key markets. It currently has nearly 5,000 branches and 16,000 ATMs. Nearly half of the country’s households are Chase customers, according to Chase. Read Bankrate’s review of Chase Bank.

Assets: $3.38 trillion

Headquarters: New York

2. Bank of America

Bank of America serves about 66 million consumers and small business clients worldwide. Like many of the biggest banks, itoffers robust digital tools that include a versatile mobile app. Bank of America recently said it was eliminating its nonsufficient funds (NSF) fee and reducing its overdraft fee, following an industry trend. Read Bankrate’s review of Bank of America.

Assets: $2.44 trillion

Headquarters: Charlotte, North Carolina

3. Citigroup

Citigroup is a global financial services corporation. Its retail banking division, Citibank, is based in Sioux Falls, South Dakota. Citibank has about 700 branches in the U.S. and more than 1,800 branches outside of the country. U.S. customers can also access more than 65,000 fee-free ATMs. Read Bankrate’s review of Citibank.

Assets: $1.72 trillion

Headquarters: New York

4. Wells Fargo

Wells Fargo was founded in 1852. Although the bank has focused on consolidating and eliminating branches, it still has the most branches of any bank in the country. In addition to its main app, Wells Fargo has introduced a savings app and a mobile banking app geared toward millennials. The bank has rebranded and is focusing on repairing its fractured relationship with customers after a series of missteps. Read Bankrate’s review of Wells Fargo.

Assets: $1.71 trillion

Headquarters: San Francisco

5. U.S. Bancorp

U.S. Bancorp is the bank holding company and parent company of U.S. Bank. What we’ve come to know as the fifth-largest commercial bank by assets began in 1863 as the First National Bank of Cincinnati. Multiple mergers led to the formation of the bank known today for its extensive branch network and investment in improving its digital offerings. Read Bankrate’s review of U.S. Bank.

Assets: $582.25 billion

Headquarters: Minneapolis

6. PNC Financial Services

PNC is a regional bank operating in parts of the Northeast, South and Midwest. It was founded as Pittsburgh Trust and Savings Co. and in 2008 acquired the troubled Cleveland-based National City Corp. That transaction roughly doubled the bank’s size. Today, the bank has around 2,300 branches.

PNC agreed to acquire BBVA USA for $11.6 billion in November 2020 and the deal closed June 1. The Federal Reserve’s latest quarterly report, dated June 30, however, still shows BBVA and PNC as separate banks. Once assets are combined PNC Bank is projected to be a top-five bank based on assets.

In 2018, PNC started to expand outside of its traditional market of 19 states, mostly east of the Mississippi River, and Washington D.C. The deal with BBVA USA would accelerate that expansion.

Assets: $534.35 billion

Headquarters: Pittsburgh

7. Truist Financial

Truist is the bank formed by the merger of equals of BB&T and SunTrust. Truist provides financial services to about 10 million consumer households. BB&T and SunTrust, which were ranked the 11th and 12th largest banks by assets, respectively, as of Sept. 30, 2019, now form the sixth-largest bank.

Read Bankrate’s review of BB&T and SunTrust.

Assets: $532.08 billion

Headquarters: Charlotte, North Carolina

8. Goldman Sachs

Goldman Sachs is a global investment banking, management and securities firm. Its clients have access to a variety of financial services, including banking products through Marcus, its online banking arm that made its debut in fall 2016 and began offering personal loans. Read Bankrate’s review of Marcus by Goldman Sachs.

Assets: $501.91 billion

Headquarters: New York

9. TD Group US Holdings

TD Bank is the U.S. commercial banking arm of Canada’s TD Bank Group. Customers have access to mortgages, deposit accounts, credit cards and products for commercial and small business clients. The bank has about 1,300 branches along the East Coast. Read Bankrate’s review of TD Bank.

Assets: $405.22 billion

Headquarters: Cherry Hill, New Jersey

10. Capital One Financial

Capital One is a Fortune 500 company with subsidiaries that include Capital One Bank. In addition to branches on the East Coast and in Texas and Louisiana, bank customers in select cities have access to Capital One Cafes, coffee shops with free Wi-Fi where visitors can open accounts and attend financial workshops. Read Bankrate’s review of Capital One and its online banking products.

Assets: $388.44 billion

Headquarters: McLean, Virginia

11. Bank of New York Mellon

When the New York Stock Exchange opened in 1792, the Bank of New York was the first company traded. Today, Bank of New York Mellon is an investment company that serves different corporations and institutions as well as individual investors. Private banking services are available for its wealthy clients.

Assets: $365.10 billion

Headquarters: New York

12. State Street

Founded in 1792, State Street Corp. is a financial services and asset management company with about 40,000 employees and a global presence in more than 100 markets. Services include investment research and trading and investment management. Its clients include asset owners, insurance companies and pension funds, among others.

Assets: $296.43 billion

Headquarters: Boston

13. Citizens Financial

Citizens has about 1,172 branches in 14 states and Washington, D.C.

It also has more than  2,700 ATMs. It is headquartered in Providence, Rhode Island.

Citizens Financial Group has agreed to acquire 80 East Coast HSBC branches and HSBC Direct in a deal that’s expected to close early in 2022.

Assets: $226.53 billion

Headquarters: Providence, Rhode Island

14. Silicon Valley Bank

Silicon Valley Bank has been around since 1983. It grew around $27 billion from June 30, 2021 to Sept. 30, 2021 — jumping seven spots from number 22.

Assets: $211.82 billion

Headquarters: Santa Clara, California

15. Fifth Third Bancorp

Fifth Third Bancorp is the indirect parent company of Fifth Third Bank NA.

Fifth Third has about 1,100 branches in Ohio, Florida, Georgia, Kentucky, Illinois, Indiana, Michigan, North Carolina, Tennessee and West Virginia. Read Bankrate’s review of Fifth Third Bank.

Assets: $205.55 billion

Headquarters: Cincinnati

Written by
Matthew Goldberg
Consumer banking reporter
Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance.
Edited by
Managing editor
Reviewed by
Professor of finance, Creighton University