What Are the Largest Banks in the U.S.?
Written by Ken Tumin | Edited by Ali Cybulski | Published on May 17, 2024
The largest banks in the U.S. consist of some names you may know and others that may be unfamiliar to you. But if you’ve ever wondered what the biggest banks in America are — and whether yours is one — keep reading.
The combined assets of the 15 largest banks in the U.S. total $13.87 trillion as of Dec. 31, 2023. That’s more than 58% of the combined assets of the 4,574 FDIC-insured institutions in the nation.
The four largest banks — known as the Big Four — hold combined assets of $9.35 trillion, more than 39% of the combined assets of all FDIC-insured institutions in the U.S.
In recent decades, the trend of the largest banks growing larger has continued. Much of the growth has been the result of mergers, acquisitions and bank failures.
Typically, the largest commercial banks tend to be the most popular because of their depth of services and broad branch coverage. However, these advantages often come with higher operating costs, which can translate to uncompetitive rates and fees.
Here’s more about the largest banks in the U.S., according to the most recent Federal Reserve data, to help you make informed banking decisions.
U.S. Banks and Credit Unions Ranked by Size
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- JPMorgan Chase
JPMorgan Chase Bank — better known as Chase Bank — is the largest bank in the U.S. based on consolidated assets. In 2023, Chase Bank acquired the second-largest bank ever to fail, First Republic Bank, which contributed to Chase Bank’s assets growing by $193 billion to $3.395 trillion.
Headquartered in New York, Chase Bank has just over 4,900 branches in the 48 contiguous states and the District of Columbia. It also has more than 15,000 ATMs.
Chase Bank offers a wide range of financial services, including all aspects of personal and business banking.
- Bank of America
With consolidated assets of $2.54 trillion, Bank of America is the second-largest bank in the U.S. It has about 3,800 branches that cover 38 states and the District of Columbia, with a headquarters in Charlotte, N.C.
The states with the most branches are California, Florida, Texas and New York. Bank of America ATMs are located throughout the U.S. and total nearly 15,000.
Bank of America offers a wide range of financial services, including all aspects of personal and business banking.
- Wells Fargo
Wells Fargo Bank is the third-largest bank in the U.S., with consolidated assets of $1.73 trillion. This amount is only slightly higher than those of the next-largest bank, Citi.
Wells Fargo boasts a big branch network, with more than 4,300 locations in 37 states and the District of Columbia — that’s the second-largest branch network in the country. The bank also provides more than 11,000 ATMs nationwide.
Wells Fargo offers a wide range of financial services, including all aspects of personal and business banking.
- Citi
Citigroup Inc. is the parent company of Citibank, which operates under the brand name Citi. With consolidated assets of $1.68 trillion, the bank is slightly smaller than Wells Fargo.
Unlike the other big three banks, Citi has focused more on digital operations and less on branches. The bank has fewer than 700 branches in the U.S., with most in New York and California.
Perhaps to compensate for fewer branches compared with its peers, Citi has partnered with the MoneyPass ATM Network to give Citi customers free access to more than 65,000 ATMs.
Citi offers a wide range of financial services, including all aspects of personal and business banking. One product, Citi Accelerate Savings, is a high-yield online savings account that earns a competitive rate and requires no minimum deposit, but it isn’t available everywhere.
- U.S. Bank
All of the other banks outside of the Big Four banks have assets of less than $1 trillion. The largest of these is U.S. Bank, which operates under parent U.S. Bancorp.
Headquartered in Minneapolis, U.S. Bank has about $651 billion in consolidated assets and approximately 2,300 branches in 27 states, with a substantial presence in the West and Midwest. U.S. Bank customers have free access to any of U.S. Bank’s ATMs, which total more than 4,500.
U.S. Bank offers a wide range of financial services, including all aspects of personal and business banking.
- PNC Bank
PNC Bank’s acquisition of BBVA USA in 2021 added nearly 600 branches across seven states to the bank’s footprint. With assets of over $557 billion, PNC Bank is now the sixth-largest bank in the U.S.
PNC Bank has about 2,300 branches in 28 states and the District of Columbia. PNC is the largest bank in Pennsylvania, with Pittsburgh serving as the headquarters for PNC Bank’s parent company.
The bank owns more than 8,400 ATMs. These PNC-owned ATMs, combined with PNC partner ATMs, provide customers free access to about 60,000 ATMs across the U.S.
PNC Bank offers a wide range of financial services, including all aspects of personal and business banking. An online account called PNC High Yield Savings is available in eligible markets and earns a competitive rate.
- Truist
The 2019 merger of BB&T and SunTrust — both large banks — resulted in Truist, which has consolidated assets of over $527 billion and is the seventh-largest U.S. bank.
Truist spans 17 states and the District of Columbia, with more than 1,900 branches. These locations are mainly concentrated in Florida, Georgia, North Carolina, Pennsylvania and Virginia. Customers have free access to 2,900-plus Truist-owned ATMs.
Truist offers a wide range of financial services, including all aspects of personal banking and business banking.
- Goldman Sachs Bank USA
Unlike the other top 10 banks, retail banking is a small part of Goldman Sachs Bank USA and its parent, The Goldman Sachs Group Inc. Goldman Sachs is best known as an investment bank.
At Goldman Sachs Bank USA, retail banking is centered around the brand Marcus by Goldman Sachs. It’s an online-only bank with a limited suite of consumer banking services that includes a high-yield savings account and a few types of certificates of deposit (CDs) as well as credit cards.
Goldman Sachs Bank USA — which includes the online consumer banking unit at marcus.com — has consolidated assets of $521 billion, making it the eighth-largest bank in the U.S. It has no physical branches, as it’s an online-only bank.
- Capital One
In 2012, Capital One acquired ING Bank, which was one of the largest online-only banks at the time. Since then, Capital One has increasingly focused on its digital bank services and reduced its branch network from about 1,000 locations to fewer than 300.
Although its branch network has shrunk, Capital One has seen its consolidated assets grow from nearly $251 billion at the end of 2012 to over $476 billion at the end of 2023. This makes it the ninth-largest bank in the U.S.
Most of Capital One’s personal banking products, including checking accounts, savings accounts and credit cards, are available online. Capital One also has a history of competitive rates on its online high-yield savings account, 360 Performance Savings.
Capital One offers its checking account customers free access to more than 1,300 Capital One ATMs and close to 79,000 ATMs on the MoneyPass and Allpoint ATM networks.
- TD Bank
Out of the 10 largest banks, TD Bank is the only one with a parent holding company located outside of the U.S. That company, TD Bank Group, is based in Toronto. One of the subsidiaries of TD Bank Group is the FDIC-insured TD Bank, which has its headquarters in Wilmington, Del.
TD Bank has consolidated assets of over $367 billion, making it the 10th-largest bank in the U.S. Its nearly 1,200 branches and more than 2,700 ATMs span most of the East Coast, from Maine to Florida. Most of its branches are located in Florida, New York and Massachusetts.
TD Bank offers a wide range of financial services, including all aspects of personal and business banking.
- Bank of New York (BNY) Mellon
With assets of about $333 billion, BNY Mellon is the 11th-largest bank in the U.S. Based in New York, BNY Mellon is a custodian bank, with no retail banking operations.
A custodian bank provides safeguarding and recordkeeping of assets for a variety of clients, such as investment managers, corporations and private banking clients.
- Charles Schwab Bank
The Charles Schwab Corp. may be known for its brokerage services, but subsidiary Charles Schwab Bank ranks as the 12th-largest bank in the U.S., with assets nearing $305 billion.
One important function of Charles Schwab Bank is to temporarily hold Charles Schwab brokerage customers’ cash as it’s awaiting investment.
Through its website, Charles Schwab Bank offers personal banking services that include checking accounts, savings accounts, home loans, lines of credit and credit cards. Charles Schwab has no physical bank branches.
The Schwab Bank Investor Checking has a well-regarded reputation that’s due in part to its unlimited ATM fee rebates worldwide. The Schwab Bank Investor Savings account has the same ATM perks but also comes with a lackluster rate history for an online savings account.
- State Street Bank and Trust Co.
With assets of over $293 billion, State Street Bank and Trust Co. is the 13th-largest bank in the U.S. Headquartered in Boston, State Street Bank and Trust Co. is a custodian bank, with no retail banking operations.
- BMO
BMO Bank is the second of the largest 15 banks in the U.S. that has a Canadian parent holding company. The FDIC-insured BMO Bank is headquartered in Chicago and has assets of nearing $266 billion, making it the 14th-largest bank in the U.S.
BMO acquired Bank of the West in 2023, resulting in the addition of 500 branches. BMO now has about 1,000 branches that span 24 states, mostly in the West and Midwest. Bank customers have free access to more than 1,400 BMO ATMs and any of the 40,000 machines in the Allpoint network nationwide.
BMO offers a wide range of financial services, including all aspects of personal and business banking. In 2023, the bank introduced BMO Alto to provide online deposit products, including CDs and a high-yield savings account.
- Citizens Bank
With close to $222 billion in consolidated assets, Citizens Bank is the 15th largest bank in the U.S. Both Citizens Bank and its parent holding company, Citizens Financial Group Inc., are based in Providence, R.I.
Citizens Bank operates about 1,100 branches and 3,300 ATMs across 14 states and the District of Columbia. Most branches are located in the New England, mid-Atlantic and Midwest regions.
Citizens Bank offers a wide range of financial services, including all aspects of personal banking and business banking.
In 2018, Citizens launched a digital bank called Citizens Access with an online high-yield savings account and online CDs. The bank has expanded with mortgage and mortgage refinancing loans as well as student refinancing loans.
Chase is not only the biggest bank but also has the most branches nationwide, at about 4,900. Others with the most branches don’t exactly track with our list of largest banks.
Here are the five largest banks with the biggest domestic branch totals, according to the most recent Federal Reserve data:
If you’re considering a large national bank, you will want to take time to weigh how size could be an advantage and a disadvantage.
Yes, size matters when you’re choosing a bank — but it’s not the most important factor. You’ll want to consider branch convenience, product selection and customer service, as well as rates and fees, before you think about bank size. Banks of all sizes can vary drastically in each of these areas.
You might believe that the biggest banks are “too big to fail.” However, your money is safe whether you choose a big or small financial institution, as long as it’s federally insured.
One size issue to consider is the importance of local investment. Local banks and credit unions often do more than large banks to support and finance local businesses. When you become a customer of a local bank, it helps the bank to continue providing local support.
Keep in mind that you can always choose more than one bank or credit union. Maybe you select a small local credit union for your checking account and then an online savings account from a large bank, electronically linking the two. Choosing two or more banks or credit unions can make it possible to get the best of both worlds.