The banking industry in the United States has changed over the years. Many of the banks operating in the country today provide a series of products that their customers can benefit from.
New products and services are being added on a regular basis. Also, their services are improving by the day and bank customers are getting served faster than ever.
In this write-up, the top 15 banks in the United States will be highlighted for you. Also, We will mention their total asset and total deposit, which are the criteria used in measuring their performances.
List of Largest banks in the US and their total assets
Check below for the complete list
- JPMorgan Chase & Co has a total asset of $2.53 trillion. The headquarters is located at New York and the total deposit is $1.44 trillion
- Bank of America Corp. has a total asset of $2.28 trillion. The headquarters is at Charlotte, North Carolina and the total deposit is $1.31 trillion
- Wells Fargo & Co has a total asset of $1.95 trillion. The headquarter is at San Francisco, California and the total deposit is $1.34 trillion
- Citigroup Inc. has a total asset of $1.84 trillion. The headquarter is in New York, New York State, and the total deposit is $959.82 billion
- Goldman Sachs Group Inc. has a total asset of $917 billion. the headquarter is located in New York and the total deposit is $139 billion
- Morgan Stanley has a total asset of $851.86 billion. the headquarter is located at New York and the total deposit is $159.44 billion
- U.S. Bancorp has a total asset of $462.04 billion. the headquarter is located at Minneapolis and the total deposit is $347.21 billion
- TD Group US Holdings LLC has a total asset of $380.91 billion. The headquarters is located at Cherry Hill, New Jersey. The total deposit is $264.11 billion.
- PNC Financial Services Group Inc. has a total asset of $380.77 billion. The headquarter is located at Pittsburgh and the total Deposit is $265.05 billion
- Bank of New York Mellon Corp. has a total asset of $371.76 billion. The headquarters is located at New York and the total deposit is $244.32 billion.
- Capital One Financial Corp has a total asset of $365.59 billion. The headquarters is located at Mclean, Virginia.
- State Street Corp. has a total asset of $238.42 billion. The headquarters is located at Boston and the total deposit is $184.90 billion.
- BB & T Corp. has a total asset of $221.64 billion. The headquarters are located at Winston-Salem, North Carolina. The total deposits amount to $157.37 billion
- Sun Trust Banks Inc. has a total asset of $205.96 billion. The headquarters is located at Atlanta and their total deposit is $106.78 billion
- HSBC USA Inc. has a total asset of $201.30 billion. The headquarters in New York City and it has a total deposit is $129.25 billion
The banks lend their deposits and investments to members of the public, who may want to buy cars, homes, invest in a business, pay for college and a host of other things.
Considering the place of importance of banks to the American people, banks are considered to be very vital to the health of the American economy. Many Americans make banks their first point of call for investing, borrowing and savings.
Down history lane
The first sets of banks came up in the United States between 1791 and 1832. The banks took permission from governments at the state level to begin operations. The Bank of the United States, the country's central bank, was responsible for overseeing the activities of these banks.
The American central bank was founded in 1791 at the initiative of Alexander Hamilton. He was the first Secretary of Treasury. The Congressional Charter of the Central Bank, however, ended in 1811, followed by the creation of yet another Bank of the United States in 1861; this second bank stopped operation in 1832.
In the early days of banking in the United States, banks were extra cautious about whom to lend to and how long the lending period should be. Many banks preferred to make only short-term lending so that they can have sufficient cash to meet depositor's unexpected demands.
Many of the banks only lend out money for periods ranging from 30 to 60 days and nothing longer. Among those borrowing the monies were shopkeepers and manufacturers, who were using the loans to pay off their workers and suppliers until they could make sales. They would then pay back the loan after making sales.
The scenarios described above prevailed only in the cities, but things are somewhat different in less settled parts of the country where farmers could easily obtain loans from banks as frequently as they dared.
Such loans were used to finance the shipment of farm products to the market and purchasing equipment and farmlands. The conditions at the localities tend to be more liberal, but the losses were higher consequent of unpredictable weather conditions.
The biggest banks in the United States have grown in leaps and bounds since the last financial crises that rocked the American economy.
There are many banks in the country and the top 15 among them have combined total assets of $13.2 trillion! That asset can be sufficient to buy 13 inches MacBook Pro for everyone on earth and a little something will be left over for accessories, even though the global population is up to 7.6 billion people.
Moreover, the rate of competition among the top performing banks in the United States is rising by the day. The top 15 banks are not always among the best; there are times some other banks would overthrow some of the top performers, and the profound competition testifies to the heated competition going on among the banks.
The larger banks tend to trade places with one another at the top, while some of the smaller ones drop off the ladder with the faster-growing ones replacing them among the top performers. This is healthy for the American economy to say the fact.
The least performing bank among the top 15 banks in the United States has a total asset of $201.30 billion, which means any bank that wants to gain an entry into the Club must have a total asset higher than that; that is quite a lot of money, you will agree.
If the said asset is converted to $100 bills, for example, and then laid end to end from the earth, the $100 bills will extend to the moon since it will cover many thousand miles