When it comes to keeping your money in a safe place, you have to make sure that you make the right decision in terms of opting for a suitable bank. Small local banks and financial institutions exist that cater to securing some hard-earned cash but various banking facilities that the top ones provide are no match to it. The biggest banks in the United States have far-reaching banking services and assets worth millions that helped them secure the top position. After the financial crisis, the banks in the United States have grown on a very large scale.
The top fifteen banks are worth a combined sum of $13.7 trillion in assets. With each year there are changes in this exclusive club with banks moving upwards and downwards over a few million. Keep reading for the top 10 banks in America that are huge and the most trusted ones.
Being the sixth largest bank in the world and topping the list in the United States, JPMorgan-Chase has been reported to have been holding approximately $2trillion in terms of worldwide assets. J.P. Morgan & Co. and Chase Manhattan Corporation merged to make this company where it is now. The former is known for its investment banking and private wealth management, while the latter caters to retails and commercial services. John Pierpont Morgan, after whom the company was named as the original founder. Although, an early American politician and duelist, Aaron Burr founded Chase Manhattan. Despite various controversies, Morgan is still at the top of the list.
Charlotte has become one of the biggest financial centers in the US, all thanks to the Bank of America headquarters suited there. By owning Merrill Lynch, a giant in wealth management, the bank has become the world’s largest firm in the field. Having over 50 million retails customers, it started as a small organization that served immigrants in San Francisco in the ’90s and was named the Bank of Italy. The company has also made its contribution to the environment. It has tried to keep the HQ at Charlotte and New York, eco-friendly and LEED certified. The banks operates in the fields of Global Banking, Global wealth and investment management, and Consumer banking.
A financial services company that has its headquarters at San Francisco with offices all over the country. The bank was founded in 1852 and is the 3rd largest bank by assets and is 2nd in terms of market capitalization. It was formed to capitalize on the Gold Rush by two very intelligent Northeasterners. It is also the oldest operating charter bank in the US, leaving the First National Bank of Philadelphia far behind. The bank has been infamous for the avoidance of taxes but also pays the largest sum of corporate taxes of any United States company each year. The company is a result of a merger between San Francisco based Wells Fargo and Minneapolis based Norwest Corporation.
The bank operates in fields of community banking, wholesale banking, and wealth and investment management.
Being a global financial service corporation headquartered in Manhattan, New York, it also a pioneer in the credit card industry and automated teller machines. Formally known as City Bank of New York, it was also the only bank that has a foreign office in Argentina. Among all the branches, 26 % in the United States generate up to 51 percent of their revenue. The citizens of the United States can also access more than 65,000 free automated teller machines, all thanks to Citi.
The bank was first incorporated in 1812 and is the 4th largest bank in terms of asset controlling.
A combination of major regional banks from the West and the Midwest, this bank has established itself and also includes U.S. Bank. The bank holds up to $389 billion assets with over 16 million active customers. According to laws that came in later, banks were prevented from using the term “United States” in their names. However, US Bancorp was one of the last ones to be allowed to use the name has added a phase to its name in the previous year. The fifth largest commercial bank in terms of assets started off as the First National Bank of Cincinnati. Various mergers and collaborations led to the forming of the present US Bancorp.
Mostly operating on the East coast, the Pittsburgh based bank is more of a regional financial institution with offices in nineteen states including Washington, DC. The Pittsburg National Corporation and Providence National Corporation, both Pennsylvanian banks merged to form the company now known as PNC. The relative co-incidence made them go with an acronym of both the names. They also adapted the concept of “virtual wallets” and incorporated into their banking regime while others weren’t even aware at that point of time.
Founded in 1784 by Alexander Hamilton, the Bank of New York Mellon is the successor institution of that firm, after merging with T. Mellon and Sons. The long history attached to it makes it the oldest financial institution in America. Estimated to be worth over $27.9 trillion under custody, it is the world’s largest Canadian Bank also providing for other financial institutions. It also has a subsidiary that caters to investment management services, known by the BNY Mellon Wealth Management.
Originally started as a shipping financing firm, State Street is based in Boston. It mainly focuses its energy on global banking services and investment management. They provide these to overseas institutional investors to stay strong in the international forum.
The bank is mainly concerned with retail banking functions by providing credit cards, auto loans and home loans with amazing features. In addition to this, they also keep checking and saving services. Although the company started off purely as a credit card company, it ventured into banking in 2005.
Being the US commercial banking arm of Canada’s TD Bank Group, it has over 22 million customers worldwide. The clients are mostly from Canada and the United States. The bank also happens to have branches in remote locations such as Canada’s Northwest Territories and the Yukon. It also has over 1,300 branches along the East Coast known by the name “America’s Most Convenient Bank”. The bank bagged this title also due to its flexible hours and policies.
The banking sector is constantly undergoing transformations in the digital age, and it’s important for its biggest decision-makers to stay informed of how the leading USA banks continue to garner achievement.