Top 5 Banks in The USA

Last Updated on July 8, 2020 By Toby Slater Leave a Comment

As a report of Federal Deposit Insurance Corporation in February 2014, there were 6799 FDIC insured commercial banks in the USA. The central bank of USA is the Federal Reserve Bank which was established in 1913.

Table of Contents

4 Types of banks in USA

Savings banks
Commercial banks
Credit unions
Savings and loans

The USA’s Largest Banks

1. JP Morgan Chase & Co.

JP Morgan Chase & Co. is one of the largest and Top rated banks of USA, it is a result of merger of several banking companies and societies in 1996. Its headquarters is in New York.

JP Morgan Chase & Co is a multinational banking and financial service provider. The bank group assets worth 2.53 billion dollars. JP Morgan Chase & Co is ranked in top ten for all Global Investment Banks. The gigantic bank operates in over 100 countries with more than 228,000 people working as employees.

JP Morgan Chase & Co provides business and financial services to millions of customers, small businesses banks and many of the prominent corporations, institutions and governments.

2. Bank of America

The Bank of America (BOA) was established in 17^thOctober, 1904 by Amadeo Giannini. It was firstly known as the Bank of Italy. The BOA has an assets worth 2.2 billion dollars.

Bank of America is multinational banking and financial service company of the USA and its headquarter is in Charlotte, North Carolina. BOA is 2^ndlargest banking system of the USA with 5100 banking outlets, more than 16,300 ATMs and more than 150,939 employees all across the globe.

3. Wells Fargo

Wells Fargo was established in 18^thMarch, 1852 by Henry Wells and William Fargo. It is one of the oldest banking system of USA and third largest banking institution of USA. Wells Fargo’s headquarter is in San Francisco, California. Wells Fargo is World’s largest bank in terms of market capitalization with an asset base of 1.9 billion dollars.

4. Citigroup

Citigroup was established in 16^thJune, 1812. Its headquarters is in Manhattan, New York. It is the consumer division of the financial and banking service multinational Citigroup. Citibank has 983 bank branches in North America.

Its major business groups are market insurance, transactions, credit cards and online division that covers more than 15 million users. The bank has an estimated assets of 1.8 billion dollars

5. Goldman Sachs Group

Goldman Sachs Group was in established in 1869 by Marcus Goldman and Samuel Sachs. Its headquarter is in New York. The Bank’s first investments was establishing the use of commercial papers for investors and entrepreneurs.

The bank has many branches in USA and other countries with estimated more than 35,000 employees and more than 1000 ATMs across the country. Its assets worth 916 billion dollars. The company operates its branches in Asia, Europe and America.