Like a game of dominoes, we all witnessed the collapse of the banks in America one after another. The event was the second-biggest banking crisis in the history of the country. It all began in March 2023 with the Silicon Valley Bank, which quickly went from being one of the largest banks to a bankruptcy-led shutdown.
A week later, Credit Suisse and the First Republic followed suit as things went downhill. The saving grace for Credit Suisse was its rival bank UBS, who purchased Credit Suisse in a deal close to $3.3 billion to mark the biggest banking merger since 2008. On the other hand, First Republic was purchased by JP Morgan Chase—the biggest bank in America.
Opting for the best online business banking services can streamline financial operations, providing real-time access to transactions, expense tracking, and customizable reporting tools. With enhanced security features and user-friendly interfaces, these platforms empower businesses to manage their finances efficiently in the digital landscape.
While JPMorgan Chase is still the largest bank in the country, it is natural to wonder how other banks compare to JPMorgan. To gauge a clearer picture of the banking scenario, here are the 10 biggest banks in America including JPMorgan Chase, ranked one by one for your comparison.
Here are the 10 Largest Banks in America after the 2023 Banking Crisis:
1. JPMorgan Chase & Co.
As of 2023, JPMorgan Chase is the world’s largest bank by market capitalization and one of the Big Four banks. With more than 200 years of history, it is also one of the oldest financial institutes in the United States.
(Credit- JPMorgan Chase)
- Headquarters: New York
- Total Assets: $3.7 Trillion
- Market Capitalization: $488 billion
- Branches: 4700+
- ATMs: 16,000+
2. Bank of America
Founded in 1904 by Amadeo Pietro Giannini, Bank of America serves close to 10.70% of American bank deposits as it competes to become the largest bank in America. It majorly focuses on commercial banking services, wealth management, and investment banking.
- Headquarters: Charlotte, North Carolina
- Total Assets: $3.1 trillion
- Market Capitalization: $325 billion
- Branches: 3800+
- ATMs: Around 16000
3. Citigroup
Citibank is often considered too big to fail, giving customers a sense of assurance and security. Founded 24 years ago in 1998, the bank is one of the best banks in America for high-net-worth families. Moreover, Citibank offers its exclusive Citigold Package to customers who maintain $200,000 in deposit, retirement, and investment account.
(Credit – Citigroup)
- Headquarters: New York City
- Total Assets: $2.4 trillion
- Market Capitalization: $123 billion
- Branches: 670+
- ATMs: 2300+
4. Wells Fargo
Wells Fargo serves over 70 million customers globally in around 35 countries. Opting for a similar strategy as other banking leaders, Wells Fargo targets millennials via its mobile financial services. Additionally, through Pay with Wells Fargo and its app Greenhouse, the bank offers a streamlined banking experience to all.
- Headquarters: San Francisco
- Total Assets: $1.8 trillion
- Market Capitalization: $197 billion
- Branches: 4,600+
- ATMs: 12000+
5. Goldman Sachs
Goldman Sachs is recognized globally for its investment banking, management, and securities services. For those looking for online banks in America, it also has its own online-only bank called Marcus. On the Marcus app, one can connect the Marcus account to the bank account to get access to various features from within the app.
- Headquarters: New York City
- Total Assets: $1.5 trillion
- Market Capitalization: $100
- Branches: N/A
- ATMs: N/A
6. Morgan Stanley
Morgan Stanley is a multinational investment bank with a presence in 41 countries.The bank serves individuals plus its corporations, governments, and institutions clientele.
The bank was also ranked #61 in the 2021 Fortune 500 list of the largest U.S. corporations by total revenue and operates in three segments: Institutional Securities, Wealth Management, and Investment Management.
- Headquarters: Ney York City
- Total Assets: $1.2 trillion
- Market Capitalization: $182 billion
- Branches: N/A
- ATMs: One can withdraw cash from any 2 million plus ATMs worldwide that allow Mastercard, Maestro, and STAR networks.
7. U.S. Bancorp
U.S. Bancorp is the parent company of the U.S. Bank National Association. It is one of the most prominent banks in America in the Fin-tech space, competing against giants like Google, Amazon, Apple, and Facebook. It primarily operates in the Western and Midwestern parts of the United States.
- Headquarters: Minneapolis
- Total Assets: $682 billion
- Market Capitalization: $85 billion
- Branches: 3100+
- ATMs: 4700+ along with 1000+ in the MoneyPass network
8. Truist Financial
Truist is the result of a merger between BB&T (Branch Banking and Trust Company) and SunTrust Banks. It operates in 15 states and Washington, D.C. Its services include commercial and business banking, securities brokerage, asset management, mortgages, and various insurance products and services.
(Credit – Truist Financial)
- Headquarters: Charlotte
- Total Assets: $490.80 billion
- Market Capitalization: $84 billion
- Branches: 2700+
- ATMs: Close to 3000
9. PNC Financial Services
In the list of largest Small Business Administration lenders and credit card issuers, PNC ranks high. Additionally, the bank operates one of the largest treasury management businesses and has one of the largest ATM networks.
- Headquarters: Pittsburgh
- Total Assets: $469.43 billion
- Market Capitalization: $85 billion
- Branches: 2600+
- ATMs: 60,000+
10. Charles Schwab Corporation
Charles Schwab Corporation is located primarily in financial centers in the United States and the United Kingdom. It is one of the rare breeds of banks that do not have their own ATM network. However, one can opt for third-party ATMs that accept VISA to withdraw cash.
- Headquarters: Westlake, Texas
- Total Assets: $401.25 billion
- Market Capitalization: $105 billion
- Branches: 400+
- ATMs: N/A
Calm after the Storm
Understandably, there was a panic wave among the public when the banking fallout. At the same time, the whole banking saga quickly went beyond the banking sector and eventually spread over the entire American economy.
While powerhouses like JPMorgan Chase and Bank of America were relatively unharmed, the rest of the banks faced moments of struggle during the crisis. Although there is no certainty, it wouldn’t be totally unwise to trust the largest banks in America with your finances over the smaller ones.
