Updated on Tuesday, December 21, 2021

The 25 largest banks in the U.S. have a combined $15.1 trillion in assets, according to the latest quarterly report from the Federal Deposit Insurance Corp. (FDIC). Some of these major banks hold trillions of dollars in assets — like Chase Bank ($3.3 trillion) — while others hold billions — like Regions Bank ($155 billion).

For more insight into U.S. banks, MagnifyMoney examined metrics such as the 25 most popular banks by customer accounts, the 10 largest online-only banks, and the 25 fastest-growing banks. Keep reading for more insight.

Key findings

• The four biggest banks in America each have more than a trillion dollars in assets. Chase Bank ($3.3 trillion) leads the way, followed by Bank of America ($2.4 trillion), Wells Fargo Bank ($1.8 trillion), and Citi ($1.7 trillion).
• Bank of America is the most popular bank — by far — by customer accounts. The bank has more than 118 million customer accounts, followed by Wells Fargo Bank (68 million) and Chase Bank (66 million).
• The three most popular banks also have the most branches. This time, Chase Bank is at the top with 5,031 branches, followed by Wells Fargo Bank (4,900) and Bank of America (4,311). They are also among the four banks with the most employees, with Citi joining the mix.
• The three largest online-only banks have a combined $935 billion in assets. These banks are Marcus by Goldman Sachs ($387 billion), Charles Schwab Bank ($379 billion) and Ally Bank ($169 billion).
• The fastest-growing banks within the top 100 in assets generally have smaller footprints. Silicon Valley Bank is the fastest-growing bank with 49.5% year-over-year growth. Signature Bank and Western Alliance Bank round out the top three fastest-growing banks with year-over-year gains of 40.9% and 36.9%, respectively.

25 largest banks in the U.S.

Chase Bank is the largest bank in the U.S. by assets — or items a bank owns, like loans and reserves.

Assets across the 25 largest banks average $605 billion, but it’s worth paying closer attention to the deep drop-off in assets after the top four. No. 4 Citi holds $1.7 trillion in assets, while the fifth-ranked institution — US Bank — drops drastically to $557 billion in assets.

Here are the 25 largest banks in the U.S. After, we’ll break down the top 10 further.

No. 1: Chase Bank

JPMorgan Chase — the parent company of Chase Bank — reported a record net revenue of $119.5 billion in 2020. Despite this, net income was smaller than in previous years due to loan loss provisions to cover losses on loans amid the COVID-19 pandemic. The New York-based bank is the only financial institution with more than $3 trillion in assets.

No. 2: Bank of America

Bank of America — parts of which date back 240 years — joins Chase Bank as the only financial institution with more than $2 trillion in assets. Net revenue in 2020 was $85.5 billion, down from $91.2 billion in 2019. The Charlotte, N.C.-based bank is the only bank with more than 100 million accounts. The next closest is Wells Fargo Bank, with fewer than 70 million.

No. 3: Wells Fargo Bank

Despite the fallout, Wells Fargo Bank experienced — and continues to experience — after a 2016 scandal surrounding fake accounts, the financial institution still has many customer accounts (more than 68 million). The bank’s total revenue in 2020, $72.3 billion, was 15% lower than the $85.1 billion in 2019. Like Chase Bank, its loan loss provisions jumped 426% year over year.

No. 4: Citi

Citigroup — of which Citi is a part — is led by Jane Fraser, the first woman to head a major Wall Street bank. The New York-based bank is the final on this list with more than $1 trillion in assets.

While there are 921 Citi branch locations in the U.S., Citigroup announced plans in April 2021 to end banking operations in 13 markets, from Australia to Russia to Vietnam.

No. 5: US Bank

In 2019, US Bank expanded to the East Coast, with a new branch in Charlotte, N.C. The bank now has 2,271 branches across 27 states. In September, the bank’s parent company — U.S. Bancorp — announced it was acquiring San Francisco-based Union Bank for about $8 billion. Union Bank appears in 24th on the list of institutions with the most branches at 296.

No. 6: Truist

While Trusit may not be a household name like some of the other major banks among the top 10, it’s a powerhouse with $517 billion in assets and nearly 15 million customer accounts. Truist is the result of the 2019 merger between BB&T and SunTrust Bank. Its total revenue in 2020 was $22.7 billion, up from $12.6 billion in 2019.

No. 7: PNC Bank

If you bank with PNC Bank, don’t be surprised if your access to branch locations expands soon. PNC recently acquired BBVA USA Bancshares Inc., including its U.S. banking subsidiary BBVA USA. Without BBVA, PNC Bank is still No. 7 on the assets list and No. 6 in branches, with nearly 20 million customer accounts.

No. 8: TD Bank

Initially formed in 1855 as The Bank of Toronto and founded by a group of millers and merchants, TD Bank now serves many customers outside Canada. The bank is one of seven with more than 20 million customer accounts. Its 2020 revenue, which is tracked in Canadian dollars, was generally unchanged compared to 2019.

No. 9: Marcus by Goldman Sachs

The sole online-only bank to make the top 10 list of institutions with the most assets, Marcus by Goldman Sachs combines the power of establishment with modern banking amenities. What Marcus by Goldman Sachs lacks in branch locations (it has zero), it makes up for in handy digital tools and perks like high-yield savings accounts.

No. 10: The Bank of New York Mellon

While New York is in the name, The Bank of New York Mellon services much more than just those in the Empire State. The financial institution doesn’t have a lot of branches (25), so get ready to lean on its digital services if you choose to bank there. Among the top 10 in assets, this institution has the smallest number of customer accounts by far.

Want to take your search for a new international bank? MagnifyMoney also has a list of the largest banks in the world.

25 most popular banks in the U.S.

Bank of America is the most popular bank by customer accounts among the top 100 in assets. Bank of America, which has more than 118 million customer accounts, provides services at more than 4,300 locations in the U.S.

USAA Bank makes the top 10 among customer account popularity despite being outside the top 25 by assets. The San Antonio-based online-only bank has $117.3 billion in assets.

While the number of branches, employees, and other factors can contribute to why one bank is more popular than another, there are many factors at play. Many consumers seek financial institutions that:

• Offer a mix of helpful digital tools and convenient in-person options
• Have low fees
• Create innovative product offerings

25 U.S. banks with the most branches

Chase Bank has the most branches in the U.S. by about 130, which isn’t all that surprising considering it has the third-highest number of customer accounts. And the banks with the most branches are also the three with the most customer accounts, just in differing orders.

However, there’s a wide gap in the number of branches by the bank first on the list — Chase Bank, 5,031 — and the one at 25th — Texas-based Prosperity Bank, 294.

Like the most popular banks, the following analysis only includes banks in the top 100 in assets.

Even though people visit-in-person branches less often — which makes sense amid the pandemic — some still prefer a personal touch.

25 U.S. banks with the most employees

While Wells Fargo Bank may only rank third by assets, this major banking player has more than 221,000 employees — the most among U.S. banks.

Banks that have a lot of branches that customers can visit tend to require a lot more staff to help run those in-person services. Because of this, some of the largest banks, such as Bank of America and Wells Fargo, are also some of the nation’s largest employers.

10 biggest online-only banks in the U.S.

While Marcus by Goldman Sachs is the largest online-only bank by assets, it’s not too far ahead of Charles Schwab Bank.

Thanks to convenient digital banking services, online banks are growing in popularity as trust in them grows. Because they lack the overhead costs of running branches, online banks often pass their savings to their customers in the form of lower fees and higher savings interest rates.

Before diving into the following table, note that we squeezed in an 11th online-only bank since Barclays and Sallie Mae Bank tied in assets at the bottom.

Marcus by Goldman Sachs is the sole online-only institution among the top 10 banks with the most assets — coming in ninth, they just made the cut.

25 fastest-growing banks in the U.S.

Silicon Valley Bank is the fastest-growing bank in the U.S. among the top 100 by assets. The Santa Clara, Calif.-based bank has just 24 branches and 5,554 employees. Most banks with the fastest growth in the past year have fewer branches and employees than the banks with the most assets.

Only seven of the 25 fastest-growing banks are among those with the most assets:

As long as you pick a bank that is FDIC-insured, your money (up to $250,000) will be safe whether you choose a small or large one. Larger banks tend to have more resources, such as in-person branches, but more modern options such as Ally Bank can allow tech-savvy users to do their banking from the comfort of their homes or while traveling.

Methodology

MagnifyMoney researchers used DepositAccounts-compiled data from the latest Federal Deposit Insurance Corp. (FDIC) call report, effective Sept. 30, 2021. The data was pulled on Dec. 6, 2021. Visit DepositAccounts.com for information on more than 4,800 banks.

Analysts used market value data compiled by Fortune magazine.

Capital One figures throughout are only for Capital One, N.A. and don’t include Capital One Bank (USA), N.A., a separate FDIC member.

Source: https://www.magnifymoney.com/blog/banking/largest-banks-in-the-us/

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