Updated February 29, 2024

Largest Banks in the US

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A list of the largest banks in the US was released. Which banks came out on top? Read on to find out, plus the benefits of working with a big bank.

The Federal Reserve provides a list of the largest banks in the U.S. But, given how fast-paced the industry is, a single merger or wrong investment can change the rankings of these financial giants.

For instance, the recent collapse of Silicon Valley Bank and First Republic Bank both impacted the list. First Citizens Bank bought out Silicon Valley Bank while JP Morgan Chase acquired First Republic Bank, leading to changes in their asset sizes.

With that, let's check out the largest banks in the U.S. (based on the most recent Federal Reserve Statistical Release), their assets, and what it took for them to get there.

What is the benefit of working with a larger bank?
Since larger banks have more customers, they're much more convenient when you want to access your money. They have more physical ATMs and bank branches compared to smaller banks. They can also have a wider variety of services because they cater to a wider variety of people.

JPMorgan Chase

Chase Bank (the banking branch of JPMorgan) is the largest bank in the US, with over $3.20 trillion in assets.

It's the only bank to have a physical presence in all 48 contiguous states. It has over 4,700 branches and 15,000 ATMs - more than any other bank in the nation.

JP Morgan is also a major provider of investment banking services. They actually operate the largest investment bank in the world by revenue.

Recently, JP Morgan has been looking more into AI research to see how it can help predict unseen situations and make banking safer. They also prioritize understanding customer needs in order to improve their services.

What is the number 1 bank in the world?
The number 1 bank in the world is Industrial & Commercial Bank of China Limited. They currently have assets totaling $5.7 trillion.

Bank of America

Bank of America has over 68 million customers and over $2.51 trillion in assets. They currently serve around 10.73% of all American bank deposits. They make banking convenient with thousands of ATMs and financial centers.

Its primary financial services revolve around commercial banking, wealth management, and investment banking.

In 2022, Bank of America was even named World's Best Bank by Euromoney.[1]

After surviving the 2008 global financial crisis, Bank of America shifted to focus on sustainable growth. They do this by: maintaining operational excellence, supporting employee well-being, and sharing success with their communities.


Citibank is the primary U.S. banking subsidiary of Citigroup. They are worth over $1.77 trillion in assets.

They have over 600 locations in the US and more than 1,800 branches outside of the country. Plus, there are over 65,000 fee-free ATMs nationwide.

In 2022, Citi started investing more in digitalization as a long-term goal to provide a better platform for their customers. They're also looking into investing in robotics and automated processes.

They offer the same services that other traditional banks offer, like personal banking and loans.

Wells Fargo

Wells Fargo is the result of a merger between the original Wells Fargo & Company and Norwest Corporation in 1998. It is the fourth-largest bank in the United States by total assets.

Currently, Wells Fargo has over $1.72 trillion in assets. With over 12,000 ATMs and 4,900 retail banking branches, they are able to effectively cater to their 70 million customers.

It's also one of the largest SBA lenders in the country, so it's a great option for small business owners.

Wells Fargo recently unveiled Vantage, a digital banking platform for their Commercial Banking and Corporate & Investment Banking clients. This new platform creates a more personalized experience using AI and machine learning that scales with the business.

U.S. Bancorp

U.S. Bancorp is the parent company of U.S. Bank. They have over $675 billion in assets.

With over 4,200 ATMs and 2,200 branches, it's no wonder they made it to this list.

They offer banking, investment, mortgage, trust, and payment services products.

Inspired mainly by the other tech giants currently emerging, U.S Bancorp has plans to partner with other fintech to improve their systems and remain competitive for their banking services.

Truist Financial Corporation

In 2019, a merger between BB&T and SunTrust formed Truist Financial Corporation. Now, they have over $574 billion in assets. And they span 17 states and Washington, D.C., with more than 2,700 branches and 3,000 ATMs.

Their services include consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services.

And just last year, they launched their robo-investing services - Truist Invest and Truist Invest Pro. These help clients create a personalized portfolio and essentially manage it for them.

PNC Financial Services

PNC Financial Services, a subsidiary of PNC Bank, has $557 billion in assets. Originally an East Coast regional bank, it extended its footprint after acquiring BBVA in 2021.

Now they have approximately 2,400 locations in 28 states and over 60,000 PNC and PNC partner ATMs from coast to coast.

Other than traditional banking services, PNC also provides asset management, wealth management, estate planning, loan servicing, and information processing.

PNC invests billions annually in product and technology development enterprise-wide. It even opened iLab in 2015, where they develop new technology, space design, and other processes and operations.

Goldman Sachs

Goldman Sachs has over $490 billion in assets. It's an investment banking, management, and securities firm. They also invest in and arrange financing for startups.

They have several headquarters in Manhattan, London, Warsaw, Bangalore, Tokyo, Hong Kong, Salt Lake City, and Dallas.

In 2016, they launched an online bank called Marcus by Goldman Sachs, offering savings accounts with high APYs for individuals. They also have a robo-advisor service called Marcus Invest.

The online bank has no physical branches or ATMs.

Goldman Sachs has been using AI and ML to accelerate its business operations and mitigate risks. In 2022, Goldman Sachs and IIT Kharagpur partnered to develop AI, ML, and natural language processing techniques for the financial services industry. The partners are planning to focus on developing deep-learning techniques that can train systems to read and summarize financial documents.

Capital One

Capital One has $469 billion in assets. They offer around 1880 ATMs, over 290 branches, and 50 cafe locations.

Yeah, you read that right! They have cafe locations. But what are those?

It is a community space where you can grab some food/coffee, do your banking, open new accounts, and even get 1-on-1 financial advice for free.

They also have Capital One The Lab. This is where they explore technology to create innovative products, improve consumer experiences, and engineer solutions.

TD Bank

TD Bank is the U.S. commercial banking operation of Canada's TD Bank Group. They have over $401 billion in assets. They offer banking services from personal banking to a variety of loans.

They have over 1,100 branches and more than 2,600 ATMs up and down the East Coast.

TD Bank won the 2022 BIG Innovation Awards for their TD Global Transfer (which lets customers send money to over 200 countries) and UGO (a unique internal tool for accelerating new business models).[2]

At the beginning of 2023, TD started experimenting with virtual and augmented reality. The goal is to interact with customers in more meaningful ways. For example, customers can learn digital banking features through interactive games.

Bank of New York Mellon

Bank of New York Mellon is an investment company. They were formed from the merger of The Bank of New York and the Mellon Financial Corporation in 2007.

They have over $341 billion in assets. Plus, around 80 branches across 19 states.

They are currently one of the world's largest custodian bank and securities services companies.

BNY also started a cybersecurity program designed to stay ahead of and respond to cybersecurity threats and attacks.

State Street Corporation

State Street is one of the largest asset management companies in the world. They currently have assets totaling over $298 billion, with over 20 office and retail locations located throughout the US.

State Street has a history dating all the way back to 1792, when it started as Union Bank. After many mergers throughout the years, they eventually sold their banking business to Citizens Financial Group in 1999.

Now, they focus on investment and asset management for institutional investors (serving corporations, asset managers, insurance companies, and central banks).


BMO is the U.S. division of Bank of Montreal, which owns it through the holding company BMO Financial Corporation.

BMO was founded in 1882 as N.W. Harris & Co. In 1984, they were acquired by the Bank of Montreal. They eventually became branded as BMO Harris Bank in 2011. In 2023, BMO Harris Bank changed its name to BMO.

They increased their presence in the U.S. through a series of acquisitions of other banks, like Suburban Bancorp, Marshall & Ilsley, and most recently, Bank of the West.

They currently have over $265 billion in assets and 600+ branches in the US.

BMO currently has a program called WMN-FINtech, especially for fintech startups founded and led by women. This accelerator program helps women grow their businesses and provides them with opportunities to pitch to investors.

Citizens Financial

Citizens Financial has over $221 billion in assets. In 2022, Citizens closed a deal with HSBC to acquire 80 of the latter's branches in the New York City Metro area, the Mid-Atlantic/Washington D.C. area, and Southeast Florida.

They now have over 1,100 branches in 14 states and over 3,400 ATMs.

Amidst the difficulty of the global pandemic, Citizens realized they were falling behind in technology. And so they've prioritized speeding up digital transformation and modernizing old systems.

They also saw that the new age is very mobile-first. So they are currently working to develop their online banking to be a very mobile-friendly platform.

Fifth Third Bank

Fifth Third Bank is the principal subsidiary of Fifth Third Bancorp. Their name is derived from the merger of 2 banks in 1909: Third National Bank and Fifth National Bank. Today, they are worth $207 billion.

They have over 1,100 branches and over 40,000 partner ATMs in 11 states.

In March 2023, Fifth Third was awarded Most Innovative Company by Fortune America.[3]

They even developed an app called Momentum which helps students pay off some student debt. It works by letting customers make micro-payments on student loans by rounding up debit card purchases.

Morgan Stanley

Morgan Stanley is a multinational investment bank and financial services company. They have about $205 billion in assets and offices in over 42 countries.

They focus mainly on institutional securities, wealth management, and investment management.

In October 2020, Morgan Stanley made a massive move and acquired E*TRADE. This now makes them a top player serving all types of customers and gives everyday investors access to Morgan Stanley's tools and expertise.

It also offers checking and savings services integrated into your E*TRADE account.

Every summer, Morgan Stanley's technologists go to CTO Innovation Summit to meet with firms and industry leaders in Silicon Valley to explore emerging trends and new products. They do this to ensure they are kept at the forefront of technological innovation.

M&T Bank

M&T has $202 billion in assets. They offer personal banking, business banking, and loans.

In April 2022, they completed their merger with People's United Financial. Customers from either bank can now withdraw or make use of the facilities of any of these two banks.

As it stands, M&T has over 1,000 branches and 2,200 ATMs across 12 states.

M&T is a huge supporter of diversity in local businesses. They created the Multicultural Small Business Lab program to help and empower local entrepreneurs to start and grow their businesses.


KeyBank is the primary subsidiary of KeyCorp, and has over $188 billion in assets. They have 1,000+ branches and over 40,000 KeyBank and Allpoint ATMs in 15 states.[4]

They are currently the only major bank based in Cleveland. Their services include savings and checking, loans, and financial wellness services.

KeyBank allocates billions in technology investments yearly. They are constantly trying to introduce and keep up with technological advancements that can make their services more convenient for their customers.

Through the bank's updated mobile app, customers can access the Key Financial Wellness Review, allowing them to build a personalized savings plan with the help of a KeyBank advisor.

Ally Financial

Ally Bank is an online-only bank with over $196 billion in assets. Their services include car finance, online banking, corporate lending, insurance, loans, and a stock trading platform.

They are actually one of the largest car finance companies in the U.S. Throughout their history, they have provided financing for over 150 million vehicles.

Fun fact: Ally actually started in 1919 as a division of General Motors to make it convenient for customers to finance cars at the dealership. They rebranded later in 2010 to Ally Financial and is now one of the largest online banks in the states.

Huntington Bank

Huntington has over $189 billion in assets. There are over 1,000 branches and over 1,700 ATMs, mainly in the Midwest.

Their wide selection of services includes personal banking, loans, investment, as well as insurance.

Huntington was the top-ranking bank in customer satisfaction in the North Central region and Pennsylvania in the J.D. Power 2023 U.S. Retail Banking Satisfaction Study.[5]

Unlike most other banks where the marketing team does not directly report to the CEO, Huntington Bank actually reserves their marketing and communications team a seat at the table with the executive management team.

They believe that the further Marketing and Communications gets from the decision-making, the harder it is to keep the brand authentic and functional with consumers.

How to Choose the Best Bank for You

All banks have something different to offer.

Figure out first what you're looking for. It's important that you carefully look into these banks and check if they have everything you need. Consider some of these:

  • Variety of services
    Large banks tend to offer more comprehensive services. If you want to handle all your finances under one bank, see if the bank offers what you need.

    So if you want to save but also want to invest, look if the bank has an investment platform as well as good savings rates.

  • Locations
    Since these are big banks, most have a lot of locations throughout the nation. But some big banks (like Ally or Morgan Stanley) have no physical branches.

    If you want to be able to bank in-person, look for banks that have a lot of physical branches/ATMs in your area.

  • Customer service
    If a problem occurs with your account, you're going to want the best help possible. Look into how they handle customer service. Do they have a 24/7 hotline? Or maybe you'd prefer that they have a branch near you so you can quickly get help.

  • Fees
    Most big banks will have fees, especially if they have physical branches. See if it has reasonable requirements to waive the monthly fee. Some (like Ally and Capital One) offer accounts with no monthly fee.

  • Savings rates
    Large traditional banks typically won't offer APYs as competitive as online banks. This is because they have high overhead to maintain their physical branches. Plus, unlike small banks, bigger banks don't really need to entice people to deposit because they already have a lot of money.

  • Banking heavyweights
    Banking heavyweights refer to banks at the forefront of the industry. These are large and influential institutions that are financially stable with a global presence, diverse services, and access to advanced technology.

    Choosing a heavyweight bank comes with many benefits that will enhance your overall banking experience.

  • Banking volatility
    A volatile bank is typically perceived as unstable which can put your deposits at risk. Thus, it is important to evaluate factors like financial stability, track record, customer reviews, etc. to lessen potential risks associated with banking volatility.

    You should opt for reliable banks with a good history and financial position to ensure the safety of your funds.

Is my money safer in a national bank or in a regional bank?
Your money is safe in either. What's important is that the bank that you put your money in is FDIC insured. Just like national banks, most regional banks are FDIC insured for up to $250,000.

Which factor is crucial for you in choosing a large bank?


To come up with the list of the biggest banks in the US, we checked the Federal Reserve data. Then we checked the total worth of the consolidated assets of each bank.

For the convenience of their customers, we checked into the number of physical branches as well as ATMs.

We also looked into the services each bank offers and what they specialize in.

What the Experts Say

CreditDonkey asked a panel of industry experts to answer readers' most pressing questions. Here's what they said:

Bottom Line

Large banks usually offer more convenience and a wide range of services. However, it doesn't mean it's always the best choice for you.

Remember that when the bank is larger, they cater to more customers. This means that they may have a less personal touch than if you bank with, say, regional banks or credit unions.

In order to figure out the best kind of institution to bank with, look first at the services you're looking for. Your money is insured in these institutions, so it really just boils down to the kind of service and treatment you want.


  1. ^ Euromoney. The world's best bank 2022: Bank of America, Retrieved 6/27/2023
  2. ^ Business Intelligence Group. 2022 BIG Innovation Awards, Retrieved 6/27/2023
  3. ^ Fifth Third Bancorp. Fifth Third Bank Awarded on the Fortune's America's Most Innovative Companies 2023 List, Retrieved 6/27/2023
  4. ^ KeyBank. Get to Know Key, Retrieved 11/10/2023
  5. ^ J.D. Power. 2023 U.S. Retail Banking Satisfaction Study, Retrieved 6/27/2023

Write to Katarina Rodriguez at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

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