At the end of September 30, 2022, the 15 largest US banks held a combined total of $13.4 trillion in assets.
Several changes occur in this exclusive club from time to time. Larger banks trade with one another, and smaller banks disappear to be replaced by faster-growing rivals. Mergers and acquisitions are also possible factors.
According to the latest numbers from the Federal Reserve, the following are the largest banks in the U.S. based on their consolidated assets.
Largest US Banks
| Rank | Bank Name | Total Assets | Previous Rank |
| 1 | JPMorgan Chase | $3.31 trillion | 1 |
| 2 | Bank of America | $2.41 trillion | 2 |
| 3 | Citigroup | $1.71 trillion | 3 |
| 4 | Wells Fargo | $1.71 trillion | 4 |
| 5 | U.S. Bancorp | $591.21 billion | 5 |
| 6 | PNC Financial Services | $553.40 billion | 6 |
| 7 | Trust Bank | $534.19 billion | 7 |
| 8 | Goldman Sachs | $513.91 billion | 8 |
| 9 | TD Group US Holdings | $394.33 billion | 9 |
| 10 | Capital One Financial | $391.81 billion | 10 |
| 11 | Bank of New York Mellon | $344.65 billion | 11 |
| 12 | State Street | $300.01 billion | 12 |
| 13 | Citizens Financial | $224.48 billion | 13 |
| 14 | Silicon Valley Bank | $210.24 billion | 14 |
| 15 | First Republic Bank | $205.11 billion | NR |
1. JPMorgan Chase
Unlike some of its competitors, which have closed their branch networks, Chase Bank is expanding its branch network in key markets. Chase Bank is a division of JPMorgan Chase that specializes in consumer banking. As of this writing, Chase Bank has nearly 5,000 branches across the country and 16,000 ATMs. Its company claims that nearly half of the country’s households are Chase customers.
- Total assets: $3.31 trillion
- Headquarters: New York
2. Bank of America
Bank of America serves 67 million consumers and small businesses around the world, and it also has strong digital tools, such as a flexible mobile app. Bank of America recently said that it will get rid of its nonsufficient funds (NSF) fee and lower its overdraft fee. This is in line with what is happening in the industry as a whole.
- Assets: $2.41 trillion
- Headquarters: Charlotte, North Carolina
3. Citigroup
There are more than 700 Citibank branches in the U.S. and more than 1,800 Citigroup branches overseas. It’s a global financial services corporation. Citibank’s retail banking division, Citibank, is based in Sioux Falls, South Dakota. More than 65,000 ATMs are fee-free in the U.S.
- Assets: $1.71 trillion
- Headquarters: New York
4. Wells Fargo
Founded in 1852, Wells Fargo still has the most branches in the country despite consolidating and eliminating branches. Wells Fargo has launched a savings app and a mobile banking app for millennials, along with its main app. After a series of mistakes, the bank has rebranded and is trying to repair relationships.
- Assets: $1.71 trillion
- Headquarters: San Francisco
5. U.S. Bancorp
Founded in 1863 as the First National Bank of Cincinnati, U.S. Bancorp is the bank holding company and parent company of U.S. Bank. The bank we know today is formed by multiple mergers. It’s known for its extensive branch network and investment in digital technology.
- Assets: $591.21 billion
- Headquarters: Minneapolis
6. PNC Financial Services
Originally known as Pittsburgh Trust and Savings Co., PNC almost doubled its size when it acquired Pittsburgh Trust and Savings Co. in 1852.
In November 2020, PNC agreed to buy BBVA USA for $11.6 billion, and the deal closed on June 1.
- Assets: $553.40 billion
- Headquarters: Pittsburgh
7. Truist Financial
BB&T and SunTrust merged to form Truist, a bank with about 10 million consumer households. BB&T and SunTrust are now the sixth-largest banks in the world. As of Sept. 30, 2019, they were the 11th and 12th largest banks by assets, respectively.
- Assets: $534.19 billion
- Headquarters: Charlotte, North Carolina
8. Goldman Sachs
The Goldman Sachs Group is a global investment bank, management, and securities firm. Marcus, the company’s online bank, started giving out personal loans in the fall of 2016 and has several other financial products.
- Assets: $513.91 billion
- Headquarters: New York
9. TD Group US Holdings
With more than 1,300 branches along the East Coast, TD Bank is the U.S. arm of Canada’s TD Bank Group. Customers can get mortgages, deposit accounts, credit cards, and business products.
- Assets: $394.33 billion
- Headquarters: Cherry Hill, New Jersey
10. Capital One Financial
In addition to its subsidiaries, Capital One Bank is part of Capital One. Customers can open accounts and attend financial workshops at Capital One Cafés, coffee shops with free Wi-Fi in select cities, along with branches on the East Coast and in Texas and Louisiana.
- Assets: $391.81 billion
- Headquarters: McLean, Virginia
11. Bank of New York Mellon
The Bank of New York was the first company traded on the New York Stock Exchange in 1792. Bank of New York Mellon is an investment company serving corporations, institutions, and individual investors. It offers private banking services for wealthy people.
- Assets: $344.65 billion
- Headquarters: New York
12. State Street
Founded in 1792, State Street Corp. offers financial services and asset management to about 40,000 people in more than 100 countries. They offer investment research, trading, and investment management services. Asset owners, insurance companies, and pension funds are among its clients.
- Assets: $300.01 billion
- Headquarters: Boston
13. Citizens Financial
There are more than 1,000 Citizens branches in 12 states and Washington, D.C.
The bank is headquartered in Providence, Rhode Island, and has more than 3,000 ATMs.
After closing the deal to acquire HSBC branches in February 2022, Citizens Financial also got HSBC online accounts.
- Assets: $224.48 billion
- Headquarters: Providence, Rhode Island
14. Silicon Valley Bank
The Silicon Valley Bank has been around since 1983. In 2021, Silicon Valley Bank acquired Boston Private. Silicon Valley Bank offers business checking accounts and lending products.
- Assets: $210.24 billion
- Headquarters: Santa Clara, California
15. First Republic Bank
There are around 88 First Republic Bank branches in the U.S. The bank specializes in wealth management. Assets: $205.11 billion
