There are thousands of banks in the United States. It is very difficult to decide which bank is the best. Here is the list of the best
- JP Morgan Chase $2.533 billion
- Bank of America $2,281 billion
- Wells Fargo $1,951 billion
- Citi Bank $1,843 billion
- Goldman Sachs $916 billion
- Morgan Stanley $851 billion
- U.S. Bankcorp $461 billion
- TD Bank $380 billion
- HSBC $273 billion
- American Express $181 billion
When you ask yourself where to keep your money safe, the list of banks and credit unions seems endless. Sure, there are small, local and regional financial institutions to which you can entrust your hard-earned money, but for full-service, large-scale banking, the big national banks reign supreme. According to the Federal Reserve, these 10 financial institutions are the largest banks in the United States by assets held. Below are the top 10 U.S. banks.
The nation’s largest bank and the sixth largest in the world, JPMorgan-Chase held nearly $2 trillion in global assets at the end of last year, according to the Federal Reserve. That puts it at the top of our top 10 banks list. The company is the result of a 2000 merger of two much older banks, J.P. Morgan and Company and Chase Manhattan Corporation. While the J.P. Morgan name is used for investment banking and private wealth management, the bank provides retail and commercial banking services under the Chase name.
Nineteenth-century financial titan John Pierpont Morgan is the company’s namesake and founder of the original J.P. Morgan Bank, but American politician and notorious duelist Aaron Burr was one of the creators of the Chase Manhattan. The Morgan House had revenues of $96.6 billion last year, despite controversy and legal troubles related to allegations of energy price fixing and negligence during the Bernard Madoff scandal, which resulted in billions in fines.
Bank of America
The presence of Bank of America’s headquarters in Charlotte, North Carolina, alone makes the city one of the largest financial centers in the country. Although it is not the largest bank, it is in fact the largest wealth management company in the world, as it owns Merrill Lynch, a giant in this field.
Bank of America has about 50 million retail banking customers, but its beginnings were rather modest. It began as a small institution serving immigrants in San Francisco in the early 1900s, which was called, oddly enough, the Bank of Italy. Bank of America briefly ventured into finance in China by taking a stake in the Chinese Construction Bank, which it later sold.
The company has made efforts to keep its Charlotte and New York headquarters environmentally friendly and LEED certified, but it has also been accused of mortgage fraud in a number of lawsuits since 2010.
Wells Fargo has long been associated with San Francisco, where it is still headquartered, because it was founded by two Northeasterners to capitalize on the gold rush. In terms of market capitalization, Wells Fargo is the largest bank in the world, although it has been competing with China’s Industrial and Commercial Bank for that title in recent years.
Wells Fargo holds the oldest continuously operating bank charter in the United States, which was originally granted to First National Bank of Philadelphia. Wells Fargo pays the most corporate taxes of any U.S. company each year but has been accused of tax evasion practices.
A pioneer in the credit card and ATM industry, Citi Bank – formerly the City Bank of New York – was considered the East Coast equivalent of Wells Fargo in the 19th century, when both banks were purely regional. Citi was also the first U.S. bank to open a banking office in a foreign country, opening in Argentina in 1914. Today, only 26 percent of Citi’s branches are in the United States, although they generate 51 percent of the bank’s revenue.
US Bancorp/U.S. Bank
The current US Bancorp (which includes U.S. Bank) is the result of the combination of large regional banks in the West and Midwest. The company holds $389 billion in assets, as well as $250 billion in deposits, from 16 million customers. Banks were prohibited by law from using the term “United States” in their names in 1913, and US Bancorp was one of the last companies to be allowed to do so, after adding the phrase to its name the previous year.
PNC, headquartered in Pittsburgh, is primarily a regional financial institution, operating primarily on the East Coast, but with offices in nineteen states as well as Washington, DC. PNC actually has two historical meanings: Pittsburgh National Corporation and Providence National Corporation, two Pennsylvania banks that merged to form the beginnings of the current company. They decided to use only the acronym afterwards because of the coincidence of their names. PNC was an early adopter of “virtual wallet” services among traditional banks, and is known for its annual “Twelve Days of Christmas” carol price index.
Bank of New York Mellon
The Bank of New York was founded in 1784 by none other than the very first Secretary of the Treasury, Alexander Hamilton. The Bank of New York Mellon is the direct successor to that company, having merged with T. Mellon and Sons, a Pittsburgh-based institution that financed the steel and fuel industries. This long history makes it the oldest banking company in the country. It holds $27.9 trillion in assets on deposit, making it the world’s largest custodian bank serving other financial institutions.
State Street Corporation of Boston was originally a shipping finance company. It still operates in a similar spirit, focusing on global banking and investment management for foreign institutional investors. State Street was involved in a landmark 1998 court case that established that a computer algorithm could be patented in the United States.
Capital One is primarily a retail banking operation, providing primarily credit cards, auto loans and home loans in addition to checking and savings services. Originally, Capital One was just a credit card company, but it really got into the banking business in 2005. In early 2014, Capital One came under fire for changing its terms of service to allow the bank to contact customers in any way it wanted, including deliberately misleading them with fake call numbers.
The last institution on our Top 10 Banks list isn’t actually headquartered in the United States; the Toronto-Dominion Bank is quite naturally based in Toronto, Ontario, Canada. More than 22 million people worldwide are TD Bank customers, primarily in the United States and Canada. TD has branches in fairly remote locations, including the Northwest Territories and Yukon in Canada.