$1,533 billion JP Morgan Chase
2. $2,281 billion in Bank of America
3. $1,951 billion, Wells Fargo
Citi Bank $1,843 billion
5. $916bn Goldman Sachs
6.51 billion $ Morgan Stanley
U.S. Bankcorp $461 billion
TD Bank $380 billion
HSBC $273 billion
American Express 10. $181bn
The possibilities for banks and credit unions when deciding where to store money for safety appear limitless. Of course, there are smaller local and regional financial institutions that you may trust with your hard-earned money, but the biggest national banks are the best if you want complete service and extensive banking. These ten financial institutions are the largest banks in the US by assets held, according to the Federal Reserve. The top 10 banks in America are listed below.
JPMorgan-Chase
The Federal Reserve states that JPMorgan-Chase, the largest bank in the nation and the sixth-largest in the world, held close to $2 trillion in global assets as of the end of the previous year. As a result, it comes in first place on our ranking of the top 10 banks. The corporation was formed in 2000 as a result of the merger of J.P. Morgan & Company and Chase Manhattan Corporation, two banks that were considerably older. Although the bank offers retail and commercial banking services under the name Chase, J.P. Morgan is utilized for investment banking and private wealth management.
Although the original J.P. Morgan Bank was founded by the 19th-century banking tycoon John Pierpont Morgan, who also serves as the company's namesake, one of the people who founded Chase Manhattan was the early American politician and renowned duelist Aaron Burr. Despite difficulties, legal issues, and incompetence during the Bernard Madoff affair that resulted in billions of dollars in fines paid, the House of Morgan generated $96.6 billion in revenue last year.
American Bank
One of the largest financial hubs in the nation is Charlotte, North Carolina, thanks to the presence of Bank of America's headquarters. This organization, which owns Merrill Lynch, a titan in wealth management, is actually the largest wealth management firm in the world even if it is not the largest bank.
Despite having nearly 50 million retail banking clients today, Bank of America had very modest origins. The Bank of Italy, an interestingly named tiny organization that catered to immigrants in San Francisco around the turn of the 20th century, was where it all began. Bank of America briefly entered the Chinese financial market by purchasing a stake in the Chinese Construction Bank, which it eventually sold.
The business has worked to preserve its LEED-certified offices in Charlotte and New York eco-friendly, but it has also been charged with mortgage fraud in many lawsuits since 2010.
By Wells Fargo
Given that it was founded by two Northeasterners to profit from the Gold Rush, Wells Fargo has long been identified with San Francisco, where it is still located. Wells Fargo is the largest bank in the world according to one metric, market capitalization, after years of back-and-forth competition with China's Industrial and Commercial Bank.
The First National Bank of Philadelphia initially received the oldest continuously operating bank charter in the country, which is currently held by Wells Fargo. Although Wells Fargo has been charged with tax dodging, the bank pays the highest annual amount of corporate taxes of any US firm.
Citi
Citi Bank, formerly the City Bank of New York, was a pioneer of both the credit card business and automated teller machines. In the 19th century, when both banks were simply regional, Wells Fargo was seen as an East Coast counterpart. With its 1914 expansion into Argentina, Citi became the first American bank to establish a branch there. Currently, only 26% of Citi's branch locations are in the US, despite the fact that they account for 51% of the bank's revenue.
Reference
Top 10 US banks
US Bank/US Bancorp
Major regional banks from the West and Midwest were combined to form the modern US Bancorp, which includes U.S. Bank. The corporation has 16 million customers who have made deposits totaling $250 billion and assets worth $389 billion. In 1913, it became illegal for banks to include the term ""United States"" in their titles. US Bancorp was one of the final companies to be permitted to use the term after adding it to its name the year before.
PNC
PNC, which has locations in 19 states in addition to Washington, DC, is primarily a regional financial organization with headquarters in Pittsburgh. It operates mostly on the East Coast. Pittsburgh National Corporation and Providence National Corporation, two Pennsylvania banks that joined to establish the foundation of the current firm, are the two historical names that make up PNC. The coincidence of their names led them to decide to stick to using the moniker going forward. Among traditional banks, PNC was one of the first to offer ""virtual wallet"" services. It is also well-known for its yearly index of the costs of the products mentioned in ""The Twelve Days of Christmas.""
Mellon Bank of New York
None other than Alexander Hamilton, the first Secretary of the Treasury, established the Bank of New York in 1784. After merging with T. Mellon and Sons, a Pittsburgh-based organization that provided financing for the steel and petroleum sectors, Bank of New York Mellon is the company that directly succeeded that business. It is the oldest financial corporation in the nation thanks to its lengthy history. It is the world's largest custodian bank serving other financial institutions, with $27.9 trillion in assets under custody.
Street State
The State Street Corporation was founded as a shipping financing company in Boston. It continues to conduct business in a somewhat similar manner, concentrating on providing international banking services and investment management to institutional clients abroad. In 1998, State Street took part in a significant legal battle that established the US's ability to patent computer algorithms.
One Capital
Capital One is primarily a retail banking operation, providing largely credit cards, auto loans and home loans in addition to checking and savings services. Originally a pure credit card company, Capital One expanded into banking in earnest in 2005. Early in 2014 Capital One was criticized for changing its customer terms of service to allow the bank to contact customers in any manner it chose, including deliberately deceiving them with fake phone caller IDs.
A TD Bank
The final institution in our top 10 bank list isn't actually headquartered in the United States; the Toronto-Dominion Bank is quite naturally based in Toronto, Ontario, Canada. Over 22 million people worldwide are TD Bank clients, mostly in the US and Canada. TD has branches in quite remote locations, including Canada's Northwest Territories and the Yukon.
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