Top 10 Biggest US Banks in 2024

  • JPMorgan Chase is the top largest bank in the US, with a balance sheet total of $3.31 trillion.
  • Insider Intelligence broke down the top 10 banks in the US by assets, with key insights as to how they got there, where they plan to go in the future, and how smaller banks can compete in the industry (just information).

1. JPMorgan Chase :

By targeting digitally-savvy consumers and introducing artificial intelligence (AI) to its offerings, JPMorgan Chase has been able to outperform its competitors. JPMorgan is playing the long-game by acquiring millennials through digital channels—in hopes of eventually converting them to higher-value customers.

2. Bank of America :

Bank of America’s digital-only services have also re-defined what the company offers its customers. Its voice-enabled assistant, Erica, allows customers to make peer-to-peer (P2P) payments as well as bill payments. Since officially launching in 2017, Erica has surpassed 15 million users.

3. Citigroup :

For four years in a row, Citibank has been named the “Best Bank for High-Net-Worth Families” by Kiplinger’s Personal Finance. For customers that maintain $200,000 in deposit, retirement, and investment accounts, the bank grants them access to its Citigold Package.

4. Wells Fargo & Co. :

Wells Fargo is following the lead of top competitors by targeting millennials through mobile financial services. Pay with Wells Fargo is a mobile service where users can access their most used payment features before signing into the app. Additionally, Wells Fargo’s app, Greenhouse, helps customers simplify their bills and track spending.

5. U.S. Bancorp :

U.S. Bancorp, the parent company of U.S. Bank National Association, earned a spot on the list of top US banks, due to its commitment to compete with tech giants making their way into the banking industry. 

6. PNC Financial Services :

PNC Bank stands out as a top US bank, due to its specialized customer perks and original products and services. For example, PNC offers mobile payment options to corporate clients who hold Visa commercial cards—allowing them to leverage popular mobile wallets like Apple Pay.

7. Truist Financial Corporation :

Truist is the bank formed by Branch Banking and Trust Company (BB&T) and SunTrust at the end of 2019. According to the Federal Reserve’s 2019 figures, BB&T and SunTrust were ranked 11th and 12th in bank assets, respectively.

8. Goldman Sachs :

A newcomer to the top ten, Goldman Sachs is a well known global investment banking, management and securities firm. Its clients have access to a variety of financial services, including banking products through Marcus—its online banking division that made its debut in fall 2016 and began offering personal loans, per Bankrate.

9. TD Bank :

In addition to having extensive influence abroad, TD Bank has become one of the largest banks in the US due to its integration of artificial intelligence and utilization of digital technology. 

10. Capital One :

Capital One has made the list of top US banks, likely due to its ongoing commitment to digital transformation. Capital One increased its technology staff from 2,500 in 2011 to 9,000 in 2019, helping launch Eno—its AI-powered chatbot, similar to Bank of America’s Erica. 

Leave a Reply

Your email address will not be published. Required fields are marked *