The Biggest Banks in the United States

A Breakdown of America's Banking Giants

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Erin O'Neil wrote about banking for The Balance. She has worked as a consultant in wealth management and financial planning.
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Erin ONeil
Updated July 23, 2020

The term "big four" within the banking industry refers to the four largest banks in the United States: JPMorgan Chase & Co., Bank of America, Wells Fargo, and Citibank (Citigroup Inc.). These institutions serve the majority of personal and business account holders in the U.S. The four banks collectively hold $4.6 trillion in customer deposits, or about 45 percent of deposits in the United States.

However, the nation has many other very large banks, all with total assets in the billions. These banks easily fall under the definition of “big banks,” and would presumably be considered by some as too big to fail. Become familiar with these banks so you can make better choices for your banking needs. After all, if you haven't already, you'll probably be doing business with one (or several) of the top 15 biggest banks in the future.

JPMorgan Chase & Co.

Chase Bank
LordRunar/Getty Images 

Total customer deposits: $1.56 trillion

Total assets: $2.68 trillion

Headquarters: New York, NY

Bank of America Corp.

Bank of America
robwilson39/Getty Images 

Total customer deposits: $1.43 trillion

Total assets: $2.43 trillion

Headquarters: New York, NY

Wells Fargo & Co.

Wells Fargo Bank Exterior
 Wolterk/Getty Images

Total customer deposits: $1.32 trillion

Total assets: $1.92 trillion

Headquarters: San Francisco, CA

Citigroup Inc.

San Francisco, California scenics
 Robert Alexander/Getty Images

Total customer deposits: $1.07 trillion

Total assets: $1.95 trillion

Headquarters: New York, NY

Goldman Sachs Group Inc.

Goldman Sachs Profits Fall 70 Percent
Mario Tama/Getty Images 

Total customer deposits: $190 billion

Total assets: $992 billion

Headquarters: New York, NY

Morgan Stanley

U.S. Fed raise interest rates for the first time in 9 years
Richard Levine/Getty Images 

Total customer deposits: $190 billion

Total assets: $895 billion

Headquarters: New York, NY

U.S. Bancorp

US bank office building in Beverly Hills
 emyu/Getty Images

Total customer deposits: $346 billion

Total assets: $475 billion

Headquarters: Minneapolis, MN

TD Group US Holdings LLC

Exterior of TD Waterhouse bank in New York city.
photobyphm/Getty Images 

Total customer deposits: $886 billion

Total assets: $1.41 trillion

Headquarters: Cherry Hill, NJ

PNC Financial Services Group Inc.

PNC Bank
Torresigner/Getty Images 

Total customer deposits: $288 billion

Total assets: $410 billion

Headquarters: Pittsburgh, PA

Bank of New York Mellon Corp.

BNY Mellon Center
RiverNorthPhotography/Getty Images 

Total customer deposits: $259 billion

Total assets: $381 billion

Headquarters: New York, NY

Capital One Financial Corp.

Facade of Capital OnBank Midtown Manhattan location.
Heather Shimmin/Getty Images 

Total customer deposits: $262 billion

Total assets: $390 billion

Headquarters: McLean, VA

State Street Corp.

Buy the print Comp Save to Board State Street Corp Headquarters London
violinconcertono3/Getty Images 

Total customer deposits: $181 billion

Total assets: $245 billion

Headquarters: Boston, MA

Branch Banking & Trust Corp.

Total customer deposits ($ millions): $167

Total assets: $221.64 billion

Headquarters: Winston-Salem, NC

SunTrust Banks Inc.

SunTrust Bank
Joel Carillet/Getty Images 

Total customer deposits ($ millions): $165

Total assets: $205.96 billion

Headquarters: Atlanta, GA

HSBC USA Inc.

HSBC Bank signs
whitemay/Getty Images 

Total customer deposits ($ millions): $119 billion

Total assets: $175 billion

Headquarters: New York, NY

Alternatives to Big Banks

Happy girls in kunming, yunnan, China 'park 1903'
xujun/Getty Images 

Go local: if you prefer smaller institutions, there are likely several local banks and credit unions in your area. These organizations might be more community-minded, and you might also enjoy a more personal touch.

Still not sure what a credit union is? Learn how they work. You might also find lower fees at some of these institutions, especially credit unions.

Go online: Online banks are increasingly popular, and they can even stand on their own (without the need for a brick-and-mortar bank in some cases). They typically have competitive rates and low fees. However, there are some benefits to keeping access to a local branch.

There was a time when big banks offered the best selection of products and services, but that's no longer true. Small institutions sometimes even lead the way with new technologies, and big banks make it harder to manage your money. For example, some banks charge additional fees to download your transaction history into third-party software products, and your best bet for free checking is not a big bank.

Article Sources

  1. Visual Capitalist. "The Making of the “Big Four” Banking Oligopoly in One Chart." Accessed July 23, 2020.

  2. JPMorgan Chase & Co. "2019 Annual Report," Page 2. Accessed July 23, 2020.

  3. Bank of America Corp. "Annual Report 2019," Pages 2, 8. Accessed July 23, 2020.

  4. Wells Fargo & Co. "2019 Annual Report," Page 23. Accessed July 23, 2020.

  5. Citigroup Inc. "2019 Annual Report." Accessed July 23, 2020.

  6. Goldman Sachs Group Inc. "Annual Report 2019," Page 199. Accessed July 23, 2020.

  7. Morgan Stanley. "2019 Annual Report," Page 23. Accessed July 23, 2020.

  8. U.S. Bancorp. "2019 Annual Report," Select "Average Balances." Accessed July 23, 2020.

  9. TD Bank Group. "Financial Results - Consolidated Financial Statements," Page 127, Accessed July 23, 2020.

  10. PNC Financial Services Group. "2019 Annual Report," Page 2. Accessed July 23, 2020.

  11. Bank of New York Mellon Corp. "Annual Report 2019," Page X. Accessed July 23, 2020.

  12. Capital One Financial Corp. "2019 Annual Report," Page 15. Accessed July 23, 2020.

  13. State Street Corp. "Annual Report to Shareholders 2019," Page 54. Accessed July 23, 2020.

  14. HSBC USA. "Annual Report Form 10-K," Page 31. Accessed July 23, 2020.

  15. Union Bank. "Personal Accounts - Fee Schedule," Page 4. Accessed July 23, 2020.