Top 10 Biggest US Banks by Assets in 2023 (2023)

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Top 10 Biggest US Banks by Assets in 2023 (1)

Top 10 Biggest US Banks by Assets in 2023 (2)

Alexandra Samet|January 04, 2023

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  • JPMorgan Chase is the top largest bank in the US, with a balance sheet total of $3.31 trillion.
  • Insider Intelligence broke down the top 10 banks in the US by assets, with key insights as to how they got there, where they plan to go in the future, and how smaller banks can compete in the industry.
  • Do you work in the Financial Services industry?

The Federal Reserve has rolled out a list of top US banks by assets, and we’ve broken down exactly how these financial service giants manage to stay ahead of the competition. For decades, banks have been merging, partnering, and expanding—so much so that the top four banks accounted for 50% of all US banking assets last year.

In addition to having more than a trillion dollars in consolidated domestic assets, JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo increased their tech spending to meet the growing demand for efficient mobile banking apps and compete with neobanks and other fintechs.

The incumbents’ shift towards digital strategy gave them an edge among customers—from traditional to early adopters—regardless of their level of comfort with technology. This demonstrates that digital payment options are no longer complementary, but crucial in today’s mobile-first world.

These are the top 10 banks in the US by assets, with key insights as to how they got there, where they plan to go in the future, and how smaller banks can stand out in a competitive industry.

Top 10 Biggest US Banks by Assets in 2023 (3)

1. JPMorgan Chase – $3.31 Trillion

By targeting digitally-savvy consumers and introducing artificial intelligence (AI) to its offerings, JPMorgan Chase has been able to outperform its competitors. JPMorgan is playing the long-game by acquiring millennials through digital channels—in hopes of eventually converting them to higher-value customers.

Additionally, JPMorgan is investing heavily in banking technology, and had the biggest tech budget of all banks in 2019 with $11.4 billion. A key focus of these funds is identifying use cases to implement AI techniques—such as leveraging voice assistants to enable investment banking clients to access analyst reports and stock exchange information.

In addition to keeping tabs on direct competitors, JP Morgan is also keeping tabs on how companies in other sectors are marketing to clients. “We look across all industries—it may be totally unrelated to financial services,” says Allison Beer. “When we find some delightful customer experience, I’ll screenshot it on my phone and show it to my team as inspiration,” adds Beer.

Top 10 Biggest US Banks by Assets in 2023 (4)

Top 10 Biggest US Banks by Assets in 2023 (5)

2. Bank of America – $2.41 Trillion

Bank of America has been able to cut costs and appeal to young users by adapting strategies for the digital age. The bank’s digitized branches–which allow customers to access contactless ATMs and connect with call centers via video-conference technology—accumulated half the traffic of nearby branches only five months after launching in 2017.

Top 10 Biggest US Banks by Assets in 2023 (6)

Top 10 Biggest US Banks by Assets in 2023 (7)

Bank of America’s digital-only services have also re-defined what the company offers its customers. Its voice-enabled assistant, Erica, allows customers to make peer-to-peer (P2P) payments as well as bill payments. Since officially launching in 2017, Erica has surpassed 15 million users.

What’s more, digital payments network Zelle, allows users to digitally send real-time payments to friends and family. By integrating this feature into its mobile app, Bank of America has opened the door for increased consumer engagement.

Among the new financial service products to launch this year, Bank of America released a business-to-consumer (B2C) payout solution that gives users greater flexibility with payments; a new credit card meant for business travelers; and a new credit card tied to a cash rewards program.

Like what you’re reading? Click here to learn more about Insider Intelligence’s leading Financial Services research.

3. Citigroup – $1.714 Trillion

For four years in a row, Citibank has been named the “Best Bank for High-Net-Worth Families” by Kiplinger’s Personal Finance. For customers that maintain $200,000 in deposit, retirement, and investment accounts, the bank grants them access to its Citigold Package.

Insider Intelligence’s Mobile Banking Competitive Edge Study also shows that Citi took the top spot for digital money management tools, as rated by consumers. Its in-platform features—including the ability to view recurring charges and see a financial wellness score—helped Citi secure a spot as one of the best banks in the US.

As for the future of growth, it’s all about ensuring “that every product we deliver at Citi is digital first,” says Michael Naggar, chief digital officer of Citibank’s US consumer bank. “Today, digital means taking transactions out of the call center and branch and digitizing them. But our goal is connecting analog and digital so that people can’t see where one ends and the other begins,” adds Naggar.

Now, due to rising interest from its customers, Citigroup is looking into launching crypto services, such as financing, trading, and custody. What’s more, it narrowly beat out Wells Fargo this year, securing the top 3 spot in assets of the big four banks in 2022.

4. Wells Fargo & Co. – $1.712 Trillion

Wells Fargo is following the lead of top competitors by targeting millennials through mobile financial services. Pay with Wells Fargo is a mobile service where users can access their most used payment features before signing into the app. Additionally, Wells Fargo’s app, Greenhouse, helps customers simplify their bills and track spending.

Over the last year, Wells Fargo has been optimizing its business to focus on sectors with strong revenue-generating potential, like credit cards. For example, the financial services firm has a new suite of Visa credit cards, which will directly challenge a joint card from PayPal, Synchrony Financial, as well as Citigroup’s Double Cash, per Bloomberg.

Joining the contactless payment market has also bolstered Wells Fargo’s position as a leading bank. This is not surprising, as 78% of the top 100 US merchants are now accepting contactless transactions and 44% of US consumers prefer contactless payments, per Insider Intelligence research.

5. U.S. Bancorp – $591.21 Billion

U.S. Bancorp, the parent company of U.S. Bank National Association, earned a spot on the list of top US banks, due to its commitment to compete with tech giants making their way into the banking industry.

With Facebook, Amazon, Apple, and Google all announcing their desire to launch financial services, U.S. Bancorp was inspired to improve its own technology. According to Terry Dolan, chief financial officer of U.S. Bancorp, “the bank plans to partner with fintechs in order to maintain competitive banking technology.”

6. PNC Financial Services – $553.39 Billion

PNC Bank stands out as a top US bank, due to its specialized customer perks and original products and services. For example, PNC offers mobile payment options to corporate clients who hold Visa commercial cards—allowing them to leverage popular mobile wallets like Apple Pay.

What’s more, PNC has taken steps to combat fraud, a growing problem in the financial industry and the digital world—including piloted credit cards with card verification values that periodically refresh. While fraudsters may be able to guess three-digit CVV codes relatively easily due to the limited number of permutations, periodically changing CVVs makes stolen data less valuable.

Most recently, PNC responded to the rise in digital banking by rolling out hybrid branches called solution centers—housing self-serve tools such as video teller machines, ATMs, and mobile workstations while in-person staff assist with more complex needs. The hybrid approach is a strong tactic that aligns well with consumer preferences. For example, a 2020 KPMG survey showed that once the pandemic eases, customers would be less likely to visit branches to manage accounts (6%) or check balances (8%).

7. Truist Financial Corporation – $534.19 Billion

Truist is the bank formed by Branch Banking and Trust Company (BB&T) and SunTrust at the end of 2019. According to the Federal Reserve’s 2019 figures, BB&T and SunTrust were ranked 11th and 12th in bank assets, respectively.

Now operating over 2,000 branches in 15 states and Washington, D.C., the combined bank offers consumer and commercial banking, asset management, securities brokerage, mortgage, and insurance products and financial services.

8. Goldman Sachs – $513.91 Billion

A newcomer to the top ten, Goldman Sachs is a well known global investment banking, management and securities firm. Its clients have access to a variety of financial services, including banking products through Marcus—its online banking division that made its debut in fall 2016 and began offering personal loans, per Bankrate.

While its investment banking arm experienced a hit in Q3 of 2022, Goldman saw its consumer and wealth management revenue increase 18% YoY due to credit card balances and higher interest rates. Additionally, its fixed income saw 41% YoY growth—helping Goldman exceed analysts’ estimates. The firm has also announced a full overhaul of its products and services to mitigate its losses in other areas.

9. TD Bank – $394.33 Billion

In addition to having extensive influence abroad, TD Bank has become one of the largest banks in the US due to its integration of artificial intelligence and utilization of digital technology.

TD Bank has partnered with KAI Consumer Banking to launch Clari, an AI-powered chatbot in Canada. Clari answers customers’ questions via text message and notifies them when credit card payments and when a payment is made. As Clari has significantly cut down the call volume in Canada, it is likely that TD Bank may develop a similar chatbot for its US branches.

In another partnership, the company teamed up with fintech provider, Amount, to leverage its suite of digital lending tools—including fraud detection and account verification.

10. Capital One – $391.81 Billion

Capital One has made the list of top US banks, likely due to its ongoing commitment to digital transformation. Capital One increased its technology staff from 2,500 in 2011 to 9,000 in 2019, helping launch Eno—its AI-powered chatbot, similar to Bank of America’s Erica.

Despite its major data breach in mid-2019, the bank also came first on our Banking Digital Trust Report, where it was the frontrunner on all six pillars of trust: security, privacy, reputation, reliability, ease of use, and feature breadth. Capital One’s high scores likely stemmed from its recent large-scale cloud migration, which has improved service continuity, facilitated upgrades, and reinforced security protocols to get back into customers’ good graces.

Capital One also acquired fintech United Income in 2019, a digital platform that offers wealth management services for people transitioning into retirement. This combination allows the firm to offer technological capabilities with human facets. For example, by providing access to a team of wealth managers, this makes Capital One appealing to consumers who still desire human interaction.

Top 10 Biggest US Banks by Assets in 2023 (8)

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Editor's Picks


What is the largest bank by assets in the US? ›

1. JPMorgan Chase. Chase Bank is the consumer banking division of JPMorgan Chase. It currently has more than 4,700 branches and more than 16,000 ATMs.

What is the largest bank by assets? ›

Industrial and Commercial Bank of China Limited

Why is there only two U.S. Bank among the 10 largest banks in the world? ›

Answer and Explanation: The reason for the existence of two U.S banks among the ten largest banks globally is the integration of financial markets. The United States has financial market integration in its economy where several financial institutions amalgamate to form one major one.

What is the most stable U.S. Bank? ›

The Safest Banks in the U.S.
  • JPMorgan Chase.
  • U.S. Bank.
  • PNC Bank.
  • Citibank.
  • Wells Fargo.
  • Capital One.
  • M&T Bank Corporation.
  • AgriBank.

Is U.S. Bank bigger than Wells Fargo? ›

Both banks have 24/7 customer service, but Wells Fargo has a much larger network of branches and ATMs.
U.S. Bank vs. Wells Fargo branches and ATMs.
U.S. BankWells Fargo
1 more row
Mar 4, 2021

What are the 5 largest banks in the US in terms of assets? ›

  • JPMorgan Chase – $3.31 Trillion.
  • Bank of America – $2.41 Trillion.
  • Citigroup – $1.714 Trillion.
  • Wells Fargo & Co. – $1.712 Trillion.
  • U.S. Bancorp – $591.21 Billion.
  • PNC Financial Services – $553.39 Billion.
  • Truist Financial Corporation – $534.19 Billion.
  • Goldman Sachs – $513.91 Billion.
Jan 4, 2023

What are the top 4 banks USA? ›

The “big four banks” in the United States are JPMorgan Chase, Bank of America, Wells Fargo, and Citibank. These banks are not only the largest in the United States, but also rank among the top banks worldwide by market capitalization, with JPMorgan Chase being the most valuable bank in the world.

Which bank has more assets? ›

Central Bank of India

Central Bank of India is a public sector bank with assets of 3.69 trillion Indian rupees as of fiscal year 2021.

Which is the No 1 bank in world? ›

Rankings by Total Assets
RankProfileTotal Assets
1.Industrial & Commercial Bank of China$5,526,549,753,556
2.Agricultural Bank of China$4,838,281,275,360
3.China Construction Bank Corp$4,753,871,528,000
4.Bank of China$4,000,536,083,169
92 more rows

What are the 4 biggest banks in the world? ›

Internationally, the term "Big Four Banks" has traditionally referred to the following central banks:
  • The Bank of England.
  • The Federal Reserve.
  • The Bank of Japan.
  • The European Central Bank.

Which is the best bank in USA? ›

What are the top 10 banks in the United States?
  • Chase Bank.
  • Bank of America.
  • Citibank.
  • Wells Fargo.
  • U.S. Bank.
  • PNC Bank.
  • Truist Bank.
  • Goldman Sachs.
Jan 26, 2023

Which U.S. Bank has most international branches? ›

Citibank is one of the best international banks in the US for expat banking because of their very international model. It currently physically operates in 97 markets 2, supporting clients from more than 160 countries, making access to their ATMs more convenient.

What is the oldest bank in USA? ›

Future Treasury Secretary Alexander Hamilton founds the Bank of New York, the oldest continuously operating bank in the United States—operating today as BNY Mellon.

Which is the safest bank in world? ›

World's safest banks
2Zürcher KantonalbankSwitzerland
3Landwirtschaftliche RentenbankGermany
6 more rows

Which bank has the highest customer satisfaction? ›

Satisfaction Benchmarks by Company
First Hidden ColumnCompany2021
1Bank of America76
1Wells Fargo74
1 more row

Are credit unions safer than banks? ›

Like banks, which are federally insured by the FDIC, credit unions are insured by the NCUA, making them just as safe as banks.

Is U.S. Bank bigger than Chase? ›

JPMorgan Chase is the largest and most powerful bank in America, holding nearly $4 trillion in assets. Its competitor, U.S. Bancorp, takes fifth place. But bigger doesn't always mean better when it comes to where you're looking to open an account.

Which U.S. Bank has the most customers? ›

Chase, the largest bank for consumers and small businesses, is part of JPMorgan Chase & Co.

Is Chase or Bank of America better? ›

On the whole, Bank of America and Chase charge similar fees for their accounts. Bank of America has a higher monthly fee for its savings account. However, most its checking accounts have much lower monthly fees. This is due to Chase's many checking accounts increasing in rewards levels, making the fees more expensive.

Is Wells Fargo in trouble? ›

As recently as 2022, Wells Fargo has been in trouble for fraud with the immediate payment app Zelle. It also found itself in hot water in 2022 for rejecting more mortgage applications by prospective black homeowners than it approved.

Is Wells Fargo closing locations? ›

Wells Fargo was the top net branch closer in 2021, closing on net 267 retail locations.

What is the largest investment bank in the US? ›

The largest investment banks are noted with the following:
  • JPMorgan Chase.
  • Goldman Sachs.
  • BofA Securities.
  • Morgan Stanley.
  • Citigroup.
  • UBS.
  • Credit Suisse.
  • Deutsche Bank.

What are the Tier 1 banks in the US? ›

The leading banks in the U.S.

There are four major banks in the United States: JPMorgan, Bank of America, Wells Fargo, and Citigroup, and JPMorgan is the largest of them. The bank tops the rankings in terms of market capitalization, total assets, investment banking revenue, and net income.

What bank is better than Wells Fargo? ›

With 4,000 more ATM locations than Wells Fargo, reduced fees and a wider variety of welcome bonuses, Chase is a better option for most customers.

What is the smallest bank in America? ›

Oakwood Bank, America's smallest bank, has about $3 million in total assets and about $2.13 million in total deposits (bank data here).

What are the Tier 3 banks? ›

Tier 3 capital is capital banks hold to support market risk in their trading activities. Unsecured, subordinated debt makes up tier 3 capital and is of lower quality than tier 1 and tier 2 capital.

Who has the most assets in the world? ›

Rankings by Total Assets
1.AT&TNorth America
2.SoftBank Group CorporationAsia
3.Royal Dutch Shell plcEurope
4.Microsoft CorporationNorth America
92 more rows

Which bank is more popular? ›

About a year earlier, Wells Fargo had 63 more locations than Chase. But as reported by Bankrate in a September 2020 article about the most popular banks in each state, Wells Fargo was on pace to fall behind Chase as the No.
Wells Fargo4,824
Bank of America3,955
PNC Bank2,689
U.S. Bank2,257
7 more rows
Jun 20, 2022

What is the largest bank by revenue? ›

US-based JPMorgan Chase & Co is the leading bank in the US by revenues in 2021.

What are the 5 world banks? ›

Its five institutions share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development.
  • IBRD. The International Bank for Reconstruction and Development.
  • IDA. The International Development Association.
  • IFC. The International Finance Corporation.
  • MIGA. ...
  • ICSID.

Which is the largest bank in the world 2023? ›

It's worth noting that ICBC is the world's largest bank in terms of assets under management ($5.5 trillion as of Dec 2021), and in terms of annual revenues ($143 billion as of Dec 2022). The bank was founded just 39 years ago in 1984.

Who has the best banking system in the world? ›

Banking system z-scores, 2021 - Country rankings:

The average for 2021 based on 136 countries was 17.25 index points. The highest value was in Luxembourg: 51.67 index points and the lowest value was in Iceland: 1.28 index points.

What are the big 4 investment banks? ›

What Are the Big 4 Investment Banks? The big four are JPMorgan, Goldman Sachs, Citigroup, and Morgan Stanley. Some other global giants are treading right on their heels, including Deutsche Bank, Barclays, Credit Suisse, and UBS.

Which bank is in all 50 states? ›

There are no banks that have branch offices in all 50 states right now.

Who is U.S. Bank owned by? ›

Yes, U.S. Bancorp [NYSE: USB] is the publicly traded parent company of U.S. Bank.

Which bank has most ATMs worldwide? ›

Which bank has the most ATMs?
BankNumber of ATMs
Bank of America17,000
Wells Fargo13,000
1 more row
Aug 5, 2021

Who owns Capital One? ›

Capital One, National Association: CONA is a national bank headquartered in McLean, Virginia and is wholly owned by COFC. It offers banking products and financial services to consumers, small businesses, and commercial clients.

When was the last bank run in the US? ›

On September 25, 2008, Washington Mutual (WaMu), the sixth-largest American financial institution at the time, was shut down by the U.S. Office of Thrift Supervision.5 Over the ensuing days, depositors had withdrawn more than $16.7 billion in deposits, causing the bank to run out of short-term cash reserves.

What is the 2nd oldest bank in America? ›

The second oldest part of the bank is Chemical Bank, founded by Balthazar P. Melick in 1823. The bank's third oldest predecessor is J.P. Morgan & Co, established in 1871 by J.P. Morgan. Next is Chase National Bank, formed by John Thompson in 1877.

What is the oldest black bank in America? ›

In 1888, Capital Savings Bank in Washington, DC, became the first Black bank to open, and the Savings Bank of the Grand Fountain United Order of True Reformers in Richmond, Virginia, became the first chartered Black-owned bank in the United States, later opening in 1889.

What are the big 4 banks USA? ›

The “big four banks” in the United States are JPMorgan Chase, Bank of America, Wells Fargo, and Citibank. These banks are not only the largest in the United States, but also rank among the top banks worldwide by market capitalization, with JPMorgan Chase being the most valuable bank in the world.

Which is the No 1 bank in the world? ›

United States: JPMorgan Chase, Wells Fargo. United Kingdom: HSBC, Barclays. China: Industrial and Commercial Bank of China (ICBC), China Construction Bank. Japan: Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group.

What is the largest privately owned bank in the US? ›

MidFirst Bank is a privately owned financial institution based in Oklahoma City, Oklahoma. It is the largest privately owned bank in the United States, with $34.7 billion in assets.

Is Chase bigger than Wells Fargo? ›

But Chase operates in 49 states and the District of Columbia, while Wells Fargo has branches in 36 states. Chase also has a larger ATM network, consisting of 16,000 machines compared to Wells Fargo's 12,000.

Which is the most powerful bank in the world? ›

The largest bank in the world in terms of total assets under management (AUM) as well as gross revenues is the Industrial and Commercial Bank Of China Ltd. This institution provides credit cards and loans, financing for businesses, and money management services for companies and high net worth individuals.

Who is bigger Bank of America or Chase? ›

Chase is the largest bank in the U.S., across every metric. It operates more than 4,800 branches in 48 states and the District of Columbia as well as some 16,000 ATMs.

What is the most trusted bank? ›

The Lifestory Research 2022 America's Most Trusted® Bank Study found Chase the most trusted bank. The America's Most Trusted® Study is a large-scale survey of consumers in the United States that seeks to identify the brands that people trust the most within their respective industries.

Which is the safest bank in the world? ›

World's safest banks
2Zürcher KantonalbankSwitzerland
3Landwirtschaftliche RentenbankGermany
6 more rows

What bank owns US government? ›

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.

What family owns the biggest bank? ›

Rothschild family
EtymologyRothschild (German): "red shield"
Place of originFrankfurter Judengasse, Frankfurt, Holy Roman Empire
Founded1760s (1577)
FounderMayer Amschel Rothschild (1744–1812) (Elchanan Rothschild, b. 1577)
8 more rows

Which bank is fully owned by the government? ›

State Bank of India, Punjab National Bank, Bank of Baroda, Bank of India, Central Bank of India, Canara Bank, Union Bank of India, Indian Overseas Bank, Punjab and Sind Bank, Indian Bank, UCO Bank, and Bank of Maharashtra.

What bank did Warren Buffett invest in? ›

Buffett and Berkshire seem to be all in on Bank of America (BAC -0.10%), which is now the second-largest bank by assets in the U.S. and the second-largest position in Berkshire's portfolio. Berkshire scooped up billions' worth of the stock even as it was exiting other positions in 2020.

What is the best bank in America? ›

What are the top 10 banks in the United States?
  • Chase Bank.
  • Bank of America.
  • Citibank.
  • Wells Fargo.
  • U.S. Bank.
  • PNC Bank.
  • Truist Bank.
  • Goldman Sachs.
Jan 26, 2023


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