An Overview of The Top 10 Largest Banks in The USA

The United States, boasting one of the world’s largest and most dynamic economies, is home to a robust and influential banking sector. Within this financial landscape, the top 10 largest banks stand as pillars of economic stability and play pivotal roles in shaping the nation’s financial health. 

These financial institutions, characterized by their extensive reach, diverse service offerings, and substantial assets, serve as the backbone of the American economy. To know more about the largest banks in the USA, continue reading ahead. 

Top 10 Largest Banks in USA

From retail and commercial banking to investment services and wealth management, these banks cater to the diverse financial needs of individuals, businesses, and government entities. Here are the top 10 largest banks in the USA.

  • JPMorgan Chase
  • Bank of America
  • Wells Fargo
  • Citibank
  • US Bank
  • Truist Financial
  • PNC Financial Services
  • TD Bank
  • Capital One
  • Charles Schwab Bank

1. JPMorgan Chase:

JPMorgan Chase & Co. formed through historical mergers, stands as a financial giant with a global footprint. With total assets consistently ranking among the world’s largest, the bank offers a comprehensive suite of services spanning retail and commercial banking, investment banking, asset management, and treasury services. 

Headquartered in New York City, it operates globally, serving millions of customers through an extensive network. JPMorgan Chase’s commitment to technological innovation is evident in its substantial investments in digital platforms and fintech collaborations, reflecting a keen focus on enhancing customer experiences and operational efficiency. 

As a major player in global finance, the bank’s influence extends beyond traditional banking, impacting major financial transactions, and investment activities, and serving as a key indicator of broader economic trends.

2. Bank of America:

Bank of America, a powerhouse in the American financial landscape, traces its roots to the early 20th century. Consistently ranking among the top global banks by total assets, the institution provides a diverse range of financial services, including consumer banking, commercial banking, wealth management, and investment banking. 

Headquartered in Charlotte, North Carolina, Bank of America actively engages in community development and philanthropy, addressing societal challenges. Known for its commitment to digital banking, the institution places a strong emphasis on innovative online and mobile platforms to cater to evolving customer preferences. 

As one of the “big four” banks in the United States, Bank of America’s performance is closely observed as an influential indicator of the nation’s banking industry health and economic stability.

3. Wells Fargo:

Established in 1852 during the California Gold Rush during the Westward expansion of America, Wells Fargo has grown into one of the oldest and largest financial institutions in the United States. Headquartered in San Francisco, California, the bank boasts a rich history and operates as a multifaceted financial services provider. 

With a consistent presence among the top global banks by total assets, Wells Fargo is renowned for its extensive retail and commercial banking services, catering to millions of customers nationwide. The bank places a strong emphasis on community engagement and philanthropy, actively supporting initiatives related to education, housing, and environmental sustainability. 

Despite facing challenges and undergoing strategic restructuring, Wells Fargo remains a key player in shaping the American banking landscape, offering essential financial services to individuals and businesses, and contributing to economic trends.

4. Citibank (Citigroup):

Citibank, a subsidiary of Citigroup Inc., stands as a globally recognized financial institution with roots tracing back to the early 19th century. Headquartered in New York City, Citibank operates as part of one of the largest financial services organizations globally, providing a comprehensive range of financial products and services. 

Renowned for its extensive global footprint, Citibank serves millions of customers in over 100 countries, establishing itself as a comprehensive financial partner. The bank offers diverse services, including retail banking, credit cards, corporate banking, and investment services, leveraging technology for innovation and digital solutions. 

With a significant international presence and involvement in international trade finance, Citibank, as part of Citigroup, plays a crucial role in the global financial landscape, influencing economic trends both nationally and globally.

5. U.S. Bank:

U.S. Bank, tracing its roots back to the 19th century, has become a cornerstone of the American banking sector with its headquarters in Minneapolis, Minnesota. As one of the largest banks in the United States, it boasts a significant national presence, offering a comprehensive range of financial services. 

With a commitment to innovation, U.S. Bank actively incorporates digital solutions, enhancing customer experiences and streamlining financial operations. Beyond traditional banking, the institution engages in community outreach, supporting local communities through philanthropy and social responsibility programs. 

6. Truist Financial:

Formed in 2019 through the merger of BB&T and SunTrust Banks, Truist Financial Corporation stands as a major financial entity with headquarters in Charlotte, North Carolina. The merger brought together the strengths of two prominent regional banks, creating a diversified financial services company. 

Truist Financial operates with a substantial national and regional presence, serving millions of customers through its extensive network of branches and ATMs. The bank provides diverse financial services, including retail and commercial banking, mortgage lending, and investment services. 

With an active engagement in digital transformation, Trust leverages technology to enhance customer interactions and deliver innovative financial solutions, marking its significance as a major player in influencing regional and national financial dynamics.

7. PNC Financial Services:

PNC Financial Services, a stalwart in the American banking landscape, traces its origins back to the mid-19th century. With headquarters in Pittsburgh, Pennsylvania, PNC has evolved into one of the largest diversified financial services institutions in the United States. The bank boasts a significant national presence, offering a comprehensive suite of financial products and services, including retail and corporate banking, wealth management, and asset servicing. 

PNC’s commitment to innovation is evident in its digital banking solutions, enhancing customer experiences and adapting to evolving financial trends. Actively engaged in community initiatives, PNC contributes to local development and social responsibility, underscoring its influential role in shaping the economic and financial well-being of the communities it serves.

8. TD Bank:

TD Bank, part of the Toronto-Dominion Bank, has established itself as a prominent player in the North American banking sector. Headquartered in Cherry Hill, New Jersey, TD Bank operates as a retail bank, catering to millions of customers across the United States and Canada. With a focus on customer-centric services, TD Bank offers retail banking, small business banking, and wealth management. 

Known for its extensive branch network and commitment to convenience, TD Bank has positioned itself as a customer-friendly institution. The bank’s strategic emphasis on digital innovation aligns with the evolving preferences of its diverse customer base, solidifying its influence in the modern banking landscape.

9. Capital One:

Capital One, headquartered in McLean, Virginia, has emerged as a leading financial services provider with a distinctive presence in the credit card, banking, and auto loan sectors. Founded in the 1990s, Capital One has grown rapidly, emphasizing technology and data-driven strategies. 

The bank’s diverse offerings include credit cards, consumer and commercial banking, and innovative digital services. Capital One’s commitment to technological innovation is exemplified through its Capital One Café locations and robust online platforms. With a customer-centric approach and a focus on digital transformation, Capital One has positioned itself at the forefront of the evolving financial services industry, influencing trends and expectations in banking.

10. Charles Schwab Bank:

Charles Schwab Bank, a subsidiary of The Charles Schwab Corporation, stands as a prominent force in the financial services industry, particularly in the realm of investment and brokerage services. Headquartered in Westlake, Texas, the bank is known for its emphasis on investment products, trading platforms, and wealth management services. 

Charles Schwab’s impact extends beyond traditional banking, catering to investors and individuals seeking brokerage and financial planning services. The bank’s commitment to providing accessible investment tools and educational resources has contributed to its influence in shaping the landscape of personal finance and investment strategies.

Bank NameYear FoundedTotal AssetsMain LocationCity of Origin
JPMorgan Chase17993,898New York CityNew York City
Bank of America19253,153Charlotte, North CarolinaConcord, North Carolina
Wells Fargo18521,909San Francisco, CaliforniaSan Francisco, California
Citibank (part of Citigroup)18122,368New York CityNew York City
U.S. Bank1863668Minneapolis, MinnesotaMinneapolis, Minnesota
Truist Financial2019542Charlotte, North CarolinaWinston-Salem, North Carolina
PNC Financial Services1845557Pittsburgh, PennsylvaniaPittsburgh, Pennsylvania
TD Bank, N.A.1817511Cherry Hill, New JerseyPortland, Maine
Capital One1994471McLean, VirginiaRichmond, Virginia
Charles Schwab Bank1973475Westlake, TexasSan Francisco, California


In conclusion, the top banks in the United States collectively represent a robust and dynamic financial sector that plays a pivotal role in shaping the nation’s economic landscape. From industry giants like JPMorgan Chase and Bank of America to regional powerhouses such as PNC Financial Services and TD Bank, these institutions contribute significantly to the stability, growth, and innovation of the American financial system. 

Each bank brings unique strengths, from extensive branch networks and diverse financial services to a commitment to digital innovation and community engagement. As key influencers in national and global finance, these top banks not only provide essential financial services to individuals and businesses but also serve as barometers for economic trends and indicators of the sector’s health. 


What criteria are used to determine the top banks in the United States?

The designation of top banks is typically based on factors such as total assets, market capitalization, profitability, and overall influence in the financial sector. 

How do the top banks contribute to the U.S. economy and financial stability?

Top banks play a crucial role in contributing to the U.S. economy by providing essential financial services to individuals, businesses, and government entities. Their activities, including lending, investment, and wealth management, contribute to economic growth, stability, and the overall functioning of financial markets.

What challenges do the top banks face in the rapidly changing financial landscape?

Top banks confront challenges such as technological disruptions, regulatory changes, cybersecurity threats, and evolving customer expectations. 

How do top banks balance innovation with the need for security and risk management?

Top banks strive to balance innovation by incorporating advanced technologies to enhance customer experiences, streamline operations, and offer innovative financial products. 

Oleksandra Mamchii

Working as a academic lead at Best Diplomats.

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