10 Largest Banks in the United States of America

Throughout the 1970s and 1980s, the United States had nearly 15,000 active banks. In 2024, this number has dwindled to just over 4,000 banks, per the latest count by the FDIC.  A large part of this decline is the result of decades worth of mergers and acquisitions, resulting in a few industry behemoths being formed.  With that in mind, the following is a look at the current 10 largest banks operating in the United States, ranked by assets under management (AUM) by the Federal Reserve.

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Largest Banks in the U.S.A by AUM

*Figures provided below were accurate at the time of writing and are subject to change.  Any potential investor should verify metrics*

1. JPMorgan Chase & Co.

Market Cap	Forward P/E 1 Yr.	Earnings Per Share(EPS)
563,919,131,878	12.41	$16.22

JPMorgan Chase & Co., an American multinational financial institution, is the largest bank in the United States by national assets and market capitalization.  It operates globally, providing a range of services from investment banking and asset management to private and commercial banking.  The bank’s history dates back to 1799 with the founding of The Bank of the Manhattan Company.

JPMorgan Chase is a key player in investment banking worldwide and is a component of the S&P 500 index.  The firm’s lineage includes numerous significant mergers and acquisitions, encompassing historic banks like Chase Manhattan Bank, J.P. Morgan & Co., and Bank One.

It maintains a robust “Fortress Balance Sheet” and is considered systemically important by regulatory authorities due to its size and reach in the financial markets

At the time of writing, JPM was listed by the majority of analysts as a ‘‘Strong Buy’ and boasted AUM of ~$3.395 trillion

2. Bank of America Corp

Market Cap	Forward P/E 1 Yr.	Earnings Per Share(EPS)
291,713,452,561	11.88	$3.07

Bank of America (BAC) is a premier global financial institution offering a wide spectrum of services, including retail banking, wealth management, investment banking, and trading across various asset classes.  It serves a diverse clientele ranging from individual consumers and small businesses to large corporations and governments.  With a substantial footprint, the bank operates around 3,800 retail financial centers and 15,000 ATMs, while also maintaining a strong digital presence with 57 million verified digital users.

The company’s strategy emphasizes responsible growth, with a commitment to client focus, managing risk effectively, and sustainable business practices that include operational excellence and community involvement.  Additionally, it supports about 4 million small business households with online products and services and operates in more than 35 countries.  Bank of America is listed on the New York Stock Exchange under the ticker symbol BAC and is known for its leadership in financial services and its extensive history spanning over two centuries

At the time of writing, BAC was listed by the majority of analysts as a ‘Buy‘ and boasted AUM of ~$2.540 trillion

3. Wells Fargo & Co.

Market Cap	Forward P/E 1 Yr.	Earnings Per Share(EPS)
204,298,854,048	12.10	$4.82

Wells Fargo is a multinational financial services company with a substantial global presence.  It operates across 35 countries and caters to over 70 million customers.  As one of the “Big Four” banks in the United States, it’s the third-largest by total assets and is a significant retail mortgage originator and servicer in the U.S.  The company’s primary subsidiary, Wells Fargo Bank, N.A., is headquartered in Sioux Falls, South Dakota, for legal purposes, with executive offices in New York City.

Wells Fargo provides a broad array of services, including asset management, banking, credit cards, equities trading, investment management, and wealth management.  It has faced controversies, such as the cross-selling scandal, impacting its operations and public image.  The company emphasizes corporate responsibility, aiming to create long-term economic growth and improved quality of life within its communities.

At the time of writing, WFC was listed by the majority of analysts as a ‘Buy‘ and boasted AUM of ~$1.733 trillion

4. Citigroup Inc.

Market Cap	Forward P/E 1 Yr.	Earnings Per Share(EPS)
116,641,157,933	10.40	$3.99

Citigroup Inc. is a globally diversified financial services holding company that provides a range of financial products and services to consumers, corporations, governments, and institutions around the world.  Founded in 1998 from the merger of Citicorp and Travelers Group, its history dates back to the early 19th century with the establishment of City Bank of New York, later known as National City Bank of New York.

Headquartered in New York City, Citigroup operates through various segments, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.  The company is known for its extensive network of customer service channels, including traditional brick-and-mortar branches, online services, and ATMs.

The organization’s restructuring efforts in recent years have seen it sell most of its non-U.S. consumer businesses to sharpen its focus on its core banking operations and wealth management.  As of the latest updates, Citigroup continues to drive its services under the leadership of CEO Jane Fraser and is committed to leveraging its global footprint to serve its diverse clientele effectively.

At the time of writing, C was listed by the majority of analysts as a ‘‘Buy‘ and boasted AUM of ~$1.685 trillion

5. U.S. Bancorp

Market Cap	Forward P/E 1 Yr.	Earnings Per Share(EPS)
68,417,638,955	11.21	$3.28

U.S. Bancorp, established in 1863 and headquartered in Minneapolis, Minnesota, is a significant financial services holding company serving individuals, businesses, and institutions across the U.S.  It offers a comprehensive range of financial products and services, including banking, asset management, and lending, through its multiple segments.

Known for its strategic mergers and growth, U.S. Bancorp has a rich history, beginning with the United States National Bank of Portland.  Today, led by CEO Andrew J. Cecere, it continues to innovate and expand its offerings​

At the time of writing, USB was listed by the majority of analysts as a ‘Buy‘ and boasted AUM of ~$0.651 trillion

6. PNC Financial Services Group Inc.

Market Cap	Forward P/E 1 Yr.	Earnings Per Share(EPS)
62,149,561,338	12.61	$12.79

The PNC Financial Services Group, Inc., has evolved through significant mergers and acquisitions, beginning as the Pittsburgh Trust and Savings Company in 1845.  It became First National Bank of Pittsburgh in 1863, later merging with Peoples-Pittsburgh Trust Company to form Pittsburgh National Bank.  The 1983 merger of Pittsburgh National Corporation and Provident National Corporation, both abbreviated as PNC, marked a significant step, creating a banking entity with substantial assets.

Throughout the 1980s, PNC was recognized for its conservative lending and aggressive marketing, which contributed to its profitability even during financial downturns.  The 1990s saw PNC diversifying through acquisitions, notably entering the mortgage business with the purchase of Sears Mortgage Banking Group and strengthening its asset management with the acquisition of BlackRock Financial Management. These moves were part of a broader strategy to focus on corporate, retail, investment and trust management, and investment banking.

Entering the new millennium, PNC continued to adapt and grow, rebranding as The PNC Financial Services Group and acquiring companies like Mercantile Bankshares and National City Corporation, significantly increasing its size and presence in the banking industry.  Despite facing challenges such as economic downturns and regulatory scrutiny, PNC has focused on restructuring and expanding its consumer mortgage business while also investing in high-growth areas and technological innovations to stay competitive

At the time of writing, PNC was listed by the majority of analysts as a ‘‘Buy‘ and boasted AUM of ~$0.557 trillion

7. Truist Financial Corp.

Market Cap	Forward P/E 1 Yr.	Earnings Per Share(EPS)
50,478,592,824	11.25	$-1.08

Truist Financial Corporation, formed from the merger of BB&T Corporation and SunTrust Banks in December 2019, operates across the Southeastern and Mid-Atlantic U.S.  Offering a wide range of financial services through segments such as Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings, Truist has grown through strategic acquisitions and an emphasis on digital and mobile banking.

Headquartered in Charlotte, North Carolina, and led by CEO William Henry Rogers Jr., the company aims to serve the evolving needs of its customers with an extensive service portfolio.

At the time of writing, TFC was listed by the majority of analysts as a ‘Buy‘ and boasted AUM of ~$0.528 trillion

8. Goldman Sachs Group Inc.

Market Cap	Forward P/E 1 Yr.	Earnings Per Share(EPS)
132,674,958,471	12.48	$22.82

Goldman Sachs Group, Inc., established in 1869, stands as a preeminent global financial institution headquartered in New York.  It offers a vast array of financial services across its segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions.  The firm’s services cater to a diversified client base, including corporations, financial institutions, governments, and individuals, encompassing areas such as financial advisory for mergers, acquisitions, and restructurings, client execution activities, asset management, wealth advisory services, and investment solutions.

Goldman Sachs also provides innovative solutions through its Platform Solutions segment, offering credit cards and point-of-sale financing alongside corporate and institutional client services.  The company’s extensive history and commitment to financial innovation have established it as a pivotal player in the capital markets sector, underscoring its role as a systemic linchpin in the global financial landscape

At the time of writing, GS was listed by the majority of analysts as a ‘Strong Buy‘ and boasted AUM of ~$0.521 trillion

9. Capital One Financial Corp.

Market Cap	Forward P/E 1 Yr.	Earnings Per Share(EPS)
53,857,060,963	10.21	$11.95

Capital One Financial Corporation, founded in 1988 and based in McLean, Virginia, is a diversified financial services provider in the U.S., Canada, and the U.K.  It offers various financial products and services through its Credit Card, Consumer Banking, and Commercial Banking segments, including various accounts, loans, online banking, and treasury management.

Capital One has expanded beyond its credit card origins into auto loans and retail banking, notably acquiring Hibernia National Bank in 2005. The company also focuses on digital innovation, acquiring tech and design companies to enhance its offerings.  With a positive corporate governance assessment, Capital One is committed to high operational standard

At the time of writing, COF was listed by the majority of analysts as a ‘‘Buy‘ and boasted AUM of ~$0.476 trillion

10. TD Bank

Market Cap	Forward P/E 1 Yr.	Earnings Per Share(EPS)
106,370,302,500	10.21	$4.68

TD Bank Group, under the Toronto-Dominion Bank (TD), has grown significantly through mergers and acquisitions, marking its presence strongly in both Canada and the United States.  Established in 1955 through the merger of the Bank of Toronto and The Dominion Bank, TD has evolved into a multinational banking and financial services entity.  Its head office, the Toronto-Dominion Centre, was opened in Toronto in 1967, symbolizing its growing influence.

TD Bank expanded its offerings in the 1990s by acquiring financial assets like the commercial branches of Standard Chartered Bank of Canada and Central Guaranty Trust, along with Waterhouse Investor Services.  A pivotal move was the acquisition of Canada Trust in 2000, which significantly branded its commercial banking operations in Canada under TD Canada Trust.  The early 21st century saw further expansion into the U.S. market with significant acquisitions including Banknorth and Commerce Bancorp, which were integral in establishing TD Bank, N.A., further solidifying its presence in the United States.

Today, TD Bank offers a comprehensive range of banking products and services across personal, small business, and commercial banking sectors.  It is one of the largest banks in the U.S., known for its retail, small business, and commercial banking products and services.  TD Auto Finance, a division of TD Bank, N.A., and TD Wealth® for wealth management services, underscore the diversity of financial solutions provided by TD Bank to its customers.  TD Bank operates under the ethos of convenience and customer service, branding itself as America’s Most Convenient Bank® and is recognized for its extensive online and mobile banking services catering to over 9.9 million customers

At the time of writing, TD was listed by the majority of analysts as a ‘Buy’ and boasted AUM of ~$0.367 trillion

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A Sure Thing?

The rise of digital assets cannot be denied, as they are clearly here to stay.  While this may be the case, it would be foolish to write off investing in traditional banks.  There may be numerous smaller banks operating on shaky foundations – as made evident by the various collapses that have occurred in recent years – but this does not take away from the sheer influence and financial might held by the ten listed above.  At the end of the day, banks tend to have stable earnings, offer dividends, and play a crucial role in economies, making them generally resilient investments.