As of December 31, 2023, the 15 largest banks in the United States collectively hold approximately $12.95 trillion in assets. The rankings of these top banks often fluctuate, with larger banks occasionally swapping places and smaller ones being replaced by faster-growing competitors. Mergers, acquisitions, or bank failures can also lead to changes in this list. For example, on May 1, JPMorgan Chase acquired all deposits and nearly all assets of First Republic Bank, which had been the 14th largest bank as of March 31, 2023. This marked the second-largest bank failure since Washington Mutual’s collapse in 2008, which JPMorgan Chase also acquired.
Below are the largest banks in the U.S. by consolidated assets, based on the latest data from the Federal Reserve:
| Rank | Bank Name | Total Assets | Previous Rank |
|---|---|---|---|
| 1 | JPMorgan Chase | $3.40 trillion | 1 |
| 2 | Bank of America | $2.54 trillion | 2 |
| 3 | Wells Fargo | $1.73 trillion | 4 |
| 4 | Citigroup | $1.68 trillion | 3 |
| 5 | U.S. Bancorp | $650.7 billion | 5 |
| 6 | PNC Financial Services | $557.5 billion | 6 |
| 7 | Truist Bank | $527.5 billion | 8 |
| 8 | Goldman Sachs | $521.1 billion | 7 |
| 9 | Capital One Financial | $475.6 billion | 9 |
| 10 | TD Group US Holdings | $367.2 billion | 10 |
| 11 | Bank of New York Mellon | $332.5 billion | 11 |
| 12 | State Street | $293.2 billion | 12 |
| 13 | BMO | $265.7 billion | 13 |
| 14 | Citizens Financial | $221.8 billion | 14 |
| 15 | First Citizens Bank | $213.8 billion | 15 |
- JPMorgan Chase
Chase Bank, the consumer banking division of JPMorgan Chase, operates over 4,700 branches and more than 16,000 ATMs. It has branches in 48 continental U.S. states, making it the bank with the most branches in the country.
Assets: $3.40 trillion
Headquarters: New York - Bank of America
Serving approximately 68 million customers and small businesses worldwide, Bank of America offers advanced digital tools, including a versatile mobile app. In 2022, it removed its nonsufficient funds (NSF) fee and reduced overdraft fees, following an industry trend.
Assets: $2.54 trillion
Headquarters: Charlotte, North Carolina - Wells Fargo
Founded in 1852, Wells Fargo has introduced specialized apps for savings and mobile banking aimed at millennials. The bank is working on rebuilding its customer relationships after several missteps.
Assets: $1.73 trillion
Headquarters: San Francisco - Citigroup
Citigroup, a global financial services corporation, has around 673 branches in the U.S. and over 1,800 branches internationally. U.S. customers can access over 65,000 fee-free ATMs.
Assets: $1.68 trillion
Headquarters: New York - U.S. Bancorp
U.S. Bancorp, the parent company of U.S. Bank, traces its roots back to 1863 as the First National Bank of Cincinnati. Through mergers, it has grown into the fifth-largest commercial bank by assets, known for its extensive branch network and digital services.
Assets: $650.7 billion
Headquarters: Minneapolis - PNC Financial Services
Originally founded as Pittsburgh Trust and Savings Co. in 1852, PNC now has around 2,570 branches in 28 states and Washington, D.C. PNC acquired BBVA USA for $11.6 billion, completing the deal on June 1, 2021.
Assets: $557.5 billion
Headquarters: Pittsburgh - Truist Financial
Formed by the merger of BB&T and SunTrust, Truist serves about 12 million consumer households as of 2020. BB&T and SunTrust, previously ranked 11th and 12th by assets, combined to create this top-10 bank.
Assets: $527.5 billion
Headquarters: Charlotte, North Carolina - Goldman Sachs
Goldman Sachs is a global investment banking and management firm. It offers various financial services, including banking products through its online platform Marcus, which launched in 2016 and offers personal loans.
Assets: $521.1 billion
Headquarters: New York - Capital One Financial
A Fortune 500 company, Capital One Bank operates branches on the East Coast as well as in Texas and Louisiana. Select cities feature Capital One Cafés, coffee shops where customers can open accounts and attend financial workshops. Capital One was named the best big bank in the 2024 Bankrate Awards.
Assets: $475.6 billion
Headquarters: McLean, Virginia - TD Group Holdings
TD Bank, the U.S. commercial banking arm of Canada’s TD Bank Group, offers mortgages, deposit accounts, credit cards, and services for commercial and small business clients. It has over 1,100 branches along the East Coast and access to around 2,600 branches.
Assets: $367.2 billion
Headquarters: Cherry Hill, New Jersey - Bank of New York Mellon
The Bank of New York was the first company traded on the New York Stock Exchange in 1792. Today, it is an investment company serving corporations, institutions, and individual investors, with private banking services for wealthy clients.
Assets: $332.5 billion
Headquarters: New York - State Street
Founded in 1792, State Street Corp. is a financial services and asset management company with a global presence in over 100 markets. It offers investment research, trading, and management services to asset owners, insurance companies, and pension funds.
Assets: $293.2 billion
Headquarters: Boston - BMO
BMO operates more than 500 branches across the U.S., with locations in states like Arizona, Illinois, Florida, and Wisconsin.
Assets: $265.7 billion
Headquarters: Chicago - Citizens Financial
Citizens offers a variety of retail, small business, and commercial banking products. With around 1,200 branches in 14 states, customers also have access to approximately 3,300 ATMs. In February 2022, Citizens acquired HSBC branches and online accounts.
Assets: $221.8 billion
Headquarters: Providence, Rhode Island - First Citizens Bank
With a history spanning 125 years, First Citizens Bank merged with CIT Bank in early 2022. As of December 31, 2021, CIT Bank was the 48th largest U.S. bank by assets, while First Citizens was ranked 40th.
Assets: $213.8 billion
Headquarters: Raleigh, North Carolina
Bottom Line
The 15 largest banks in the U.S. collectively hold trillions in assets and are constantly evolving due to mergers, acquisitions, and failures. These banks offer a wide range of services and maintain a strong presence through numerous branches and digital tools. Consumers should stay informed about the financial landscape and consider their options when choosing a bank to meet their personal or business needs. Regularly reviewing and managing accounts can help ensure optimal financial health.
