Top 15 largest banks in the US

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In the years since the Great Recession, the nation’s biggest banks have grown substantially. The top 15 largest banks now hold a combined total of $11.84 trillion in assets as of March 31.

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

Right now, you need at least $178.66 billion in assets to join the club.

Here are the 15 largest banks in the U.S. by assets, according to the latest numbers from the Federal Reserve.

Rank Bank name Total assets
1 JPMorgan Chase & Co. $2.69 trillion
2 Bank of America Corp. $2.03 trillion
3 Wells Fargo & Co. $1.76 trillion
4 Citigroup Inc. $1.63 trillion
5 U.S. Bancorp $533.13 billion
6 Truist Bank $495.08 billion
7 PNC Financial Services Group Inc. $433.80 billion
8 Bank of New York Mellon Corp. $387.04 billion
9 State Street Corp. $359.20 billion
10 TD Group US Holdings LLC $355.77 billion
11 Capital One Financial Corp. $339.22 billion
12 Goldman Sachs Group Inc. $254.67 billion
13 HSBC $201.89 billion
14 Fifth Third Bank $183.72 billion
15 Morgan Stanley $178.66 billion

1. JPMorgan Chase & Co.

Chase Bank is the consumer banking division of JPMorgan Chase. Unlike its competitors, Chase is taking steps to expand its branch network in key markets. The bank currently has nearly 5,000 branches and 16,000 ATMs. According to the bank, nearly half of the country’s households are Chase customers. Read Bankrate’s review of Chase Bank.

Assets: $2.69 trillion

Deposits: $1.90 trillion

Headquarters: New York

2. Bank of America Corp.

Bank of America serves about 66 million consumers and small business clients worldwide. Like many of the biggest banks, Bank of America is known for its digital innovation. It has more than 37 million digital clients and is experiencing success after introducing its virtual assistant, Erica, that assists account holders with various tasks. Read Bankrate’s review of Bank of America.

Assets: $2.03 trillion

Deposits: $1.67 trillion

Headquarters: Charlotte, North Carolina

3. Wells Fargo & Co.

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 relationship with customers after a series of missteps. Read Bankrate’s review of Wells Fargo.

Assets: $1.76 trillion

Deposits: $1.45 trillion

Headquarters: San Francisco

4. Citigroup Inc.

Citigroup is a global financial services corporation. Its retail banking division, Citibank, is based in Sioux Falls, South Dakota. Citibank has approximately 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: $1.63 trillion

Deposits: $1.21 trillion

Headquarters: New York

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: $533.13 billion

Deposits: $405.82 billion

Headquarters: Minneapolis

6. Truist Financial Corporation

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

Assets: $495.08 billion

Deposits: $362.83 billion

Headquarters: Charlotte, North Carolina

7. PNC Financial Services Group Inc.

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, it acquired the troubled Cleveland-based National City Corp. That transaction roughly doubled the bank’s size. Today, the bank has nearly 2,480 branches. Read Bankrate’s review of PNC Bank.

Assets: $433.80 billion

Deposits: $313.47 billion

Headquarters: Pittsburgh

8. Bank of New York Mellon Corp.

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 investments company that serves different corporations and institutions as well as individual investors. Private banking services are available for its wealthy clients.

Assets: $387.04 billion

Deposits: $25.87 billion

Headquarters: New York

9. State Street Corp.

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

Assets: $359.20 billion

Deposits: $263.43 billion

Headquarters: Boston

10. TD Group US Holdings LLC

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 1,300 branches along the East Coast and is known as “America’s Most Convenient Bank” for its flexible hours. Read Bankrate’s review of TD Bank.

Assets: $355.77 billion

Deposits: $305.69 billion

Headquarters: Cherry Hill, New Jersey

11. Capital One Financial Corp.

Capital One is a Fortune 500 company with subsidiaries, including 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: $339.22 billion

Deposits: $266.71 billion

Headquarters: McLean, Virginia

12. Goldman Sachs Group Inc.

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: $254.67 billion

Deposits: $180.22 billion

Headquarters: New York

13. HSBC North America Holdings Inc.

HSBC North America Holdings Inc., is the holding company for HSBC Holdings in the U.S.

HSBC has branches in the U.S. in cities such as New York, Los Angeles, Chicago, Atlanta, Houston, Miami, San Francisco, Seattle and Washington D.C. Read Bankrate’s review of HSBC.

Assets: $201.89 billion

Deposits: $146.30 billion

Headquarters: New York

14. Fifth Third Bancorp

Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, National Association.

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

Assets: $183.72 billion

Deposits: $140.44 billion

Headquarters: Cincinnati, Ohio

15. Morgan Stanley

Morgan Stanley is a financial services firm with offices in more than 41 countries around the world. Founded in 1935, it’s known for providing a wide range of investment and wealth management services and giving back to the communities it serves through special programs and volunteer initiatives.

Assets: $178.66 billion

Deposits: $156 billion

Headquarters: New York

All data is as of March 31, 2020. Assets are from the Federal Reserve and deposits are from the Federal Deposit Insurance Corp.

Featured image by Spencer Platt of Getty Images.

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