Overview of Banks in the United States of America

In December 2011, the five biggest banks in the United States of America accounted for 56% of the total economy. So you can imagine how big the US banking sector is from these numbers.

After the financial crisis, the biggest banks have become so big that these banks’ total assetsTotal AssetsTotal Assets is the sum of a company’s current and noncurrent assets. Total assets also equals to the sum of total liabilities and total shareholder funds. Total Assets = Liabilities + Shareholder Equityread more are $11.9 trillion. The top 10 banks acquired $11.9 trillion in the United States of America. It will be a huge affair if we combine all the US banks’ assets. Even if the finance industry accounted for just 10% of total non-farm profitsProfitsProfit refers to the earnings that an individual or business takes home after all the costs are paid. In economics, the term is associated with monetary gains. read more in 1947, it has grown leaps and bounds after 50 years. In 2010, the finance industry accounted for 50% of total non-farm profits.

Structure of Banks in the United States of America

The US banking system is quite different from most countries in the world. There are very small numbers of large banks (around 20 to 50), and there are huge numbers of small banks (5,000 to 10,000).

We will see a significant difference if we compare the US and Canadian banking systems. For example, Canada has five major banks (Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, and Toronto-Dominion Bank) and around 200 small to medium banks and trusts.

In the last 40 years, the US banking structure has undergone major economic melt-downs, mortgage booms to bust cycles, etc. The top 5 banks for the previous few years which inter-change their places every year among the top 10 positions are Bank of America Corporation, Citigroup Inc., JPMorgan Chase & Co., U.S. Bancorp, Wells Fargo & Co.

Top Banks in the United States of America

Let us look at the top 10 banks of the US in terms of total assets acquired in the recent years – 2019, 2020, or 2021: –

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#1. JPMorgan Chase & Co.:

JP Morgan Chase & Co. is the largest bank in the United States of America regarding total assets acquired. In 2021, the total assets acquired by this bank were $3.76 trillion. The headquarter of this bank is located in New York. JPMorgan Chase & Co. employed around 255,351 employees in 2020. At the end of 2020, the revenueRevenueRevenue is the amount of money that a business can earn in its normal course of business by selling its goods and services. In the case of the federal government, it refers to the total amount of income generated from taxes, which remains unfiltered from any deductions.read more and the operating income Operating IncomeOperating Income, also known as EBIT or Recurring Profit, is an important yardstick of profit measurement and reflects the operating performance of the business. It doesn’t take into consideration non-operating gains or losses suffered by businesses, the impact of financial leverage, and tax factors. It is calculated as the difference between Gross Profit and Operating Expenses of the business.read more were $119.54 billion and $35.40 billion, respectively. It is also the world’s sixth-largest bank in total assets acquired.

#2. Bank of America

Bank of America is the second-largest bank in the United States of America regarding total assets acquired. At the end of 2020, the total assets acquired by this bank were $3.17 trillion. The headquarter of this bank is located in Charlotte. Bank of America has employed around 200,000 employees. In 2020, the revenue and the net incomes were $85.52 billion and $17.89 billion, respectively. In 2016, it got the 11th position in the list of the world’s largest companies on Forbes Magazine Global 2000.

#3. Wells Fargo & Co.:

Wells Fargo & Co. is the third-largest bank in the United States of America regarding total assets acquired. In 2020, the total assets acquired by this bank were $1.955 trillion. The head-quarter of this bank is situated in San Francisco. Wells Fargo & Co. has employed around 268,800 employees. At the end of 2020, the revenue and the operating incomes were $72.34 billion and $581 million, respectively. In July 2015, Wells Fargo & Co. became the world’s largest bank in market capitalizationMarket CapitalizationMarket capitalization is the market value of a company’s outstanding shares. It is computed as the product of the total number of outstanding shares and the price of each share.read more.

#4. Citigroup Inc.:

Citigroup Inc. is the fourth largest bank in the United States of America regarding total assets acquired. In 2020, the total assets acquired by this bank were $2.260 trillion. The headquarter of this bank is located in New York. Citigroup Inc. has employed around 210,000 employees. At the end of 2020, the revenue and the operating incomes were $74.3 billion and $13.6 billion, respectively. In 2016, Citigroup Inc. was the 29th largest company on the Fortune 500 list.

#5. The Goldman Sachs Group, Inc.:

The Goldman Sachs Group, Inc. is the fifth-largest bank in the United States of America regarding total assets acquired. In 2020, the total assets acquired by this bank were $1.2 trillion. The headquarter of this bank is located in New York. Goldman Sachs Group has employed around 40,500 people. At the end of 2020, the revenue and the operating incomes were $44.6 billion and $12.5 billion, respectively. It was one of the oldest banks in the US. It was established in 1869, around 153 years ago.

#6. Morgan Stanley:

Morgan Stanley is the sixth-largest bank in the United States of America regarding total assets acquired. At the end of 2020, the total assets acquired by this bank were $1,118 billion. The headquarter of this bank is located in New York. Morgan Stanley has employed around 68,097 people. In 2020, the revenue and the operating income were $48.2 billion and $13.648 billion, respectively. It was established in 1935, around 87 years ago.

#7. U.S. Bancorp:

U.S. Bancorp is the seventh-largest bank in the United States of America regarding total assets acquired. At the end of 2021, the total assets acquired by this bank were $573.284 billion. The headquarter of this bank is situated in Minneapolis. U.S. Bancorp employed around 70,000 people in 2019. At the end of 2021, the revenue was $22.724 billion, and the operating incomes were $8.105 billion in 2016. It was established in the year 1968, around 54 years ago.

#8. PNC Financial Services Group, Inc.:

PNC Financial Services Group, Inc. is the eighth largest bank in the United States of America regarding total assets acquired. At the end of 2021, the total assets acquired by this bank were $560 billion. The headquarters of this bank is located in Pittsburgh. PNC Financial Services employed around 62,418 people in 2021. At the end of 2020, the revenue and the net incomeNet IncomeNet income for individuals and businesses refers to the amount of money left after subtracting direct and indirect expenses, taxes, and other deductions from their gross income. The income statement typically mentions it as the last line item, reflecting the profits made by an entity.read more were $16.901 billion and $7.558 billion, respectively. It is one of the oldest banks in the US. It was established in 1845, around 177 years ago; it started operating in 1852.

#9. The Bank of New York Mellon Corporation:

The Bank of New York Mellon Corporation is the ninth-largest bank in the United States of America regarding total assets acquired. At the end of 2019, the total assets acquired by this bank were $381.50 billion. The headquarter of this bank is situated in New York. Bank of New York Mellon has employed around 48,400 employees. At the end of 2019, the revenue and the operating incomes were $20.82 billion and $5.58 billion, respectively. Its predecessor was one of the oldest banks in the U.S. The Bank of New York Mellon Corporation was founded in 1784, almost 238 years ago. On the other hand, Mellon Financial is relatively new; it was founded 15 years ago.

#10. Capital One Financial Corporation:

Capital One Financial Corporation is the tenth largest bank in the United States of America regarding total assets acquired. At the end of 2020, the total assets acquired by this bank were $421.602 billion. The headquarter of this bank is located in McLean. Capital One Financial has employed around 51.985 employees. At the end of 2020, the revenue and the operating income were $26.033 billion and $3.203 billion, respectively. It is relatively a new bank, established in 1994, just 28 years ago.

We hope you liked this guide to an overview of the top 10 Banks in the United States of America. We also discussed the structure and financial status of the banks in the United States of America. If you are looking forward to making a career in banking, then you can check out some of the awesome resources: –

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