10 Largest Banks in the United States
These are the ten largest bank holding companies in the United States according to the Federal Reserve. Size of the banks is measured in terms of total assets. During the latest financial crisis a number of financial companies filed to become bank holding companies to gain access to borrowed funds from the Federal Reserve and three of these new banks make the top ten list. Combined these banks control over $11 trillion dollars in assets and probably most Americans have some kind of finance or banking deal with at least one of these companies whether it be deposits, checking account, mortgage, life insurance or some other money related matter.
1) Bank of America - $2.3 trillion dollars
Image Source (Bank of America Tower in New York)
Bank of America is the largest bank in the United States and one of the largest companies of any kind in the world with over $2.3 trillion dollars of assets under management. Over 12% of all bank deposits in the United States are held by Bank of America which is based in Charlotte, North Carolina.
2) JP Morgan Chase - $2.1 trillion
Image Source (Chase Tower in Phoenix)
JP Morgan Morgan Chase is not far behind Bank of America with over $2.1 trillion dollars in assets. Based in New York City this powerhouse bank has grown tremendously in assets through deals to takeover investment banker Bear Stearns in 2007 and giant mortgage lender Washington Mutual in 2008. In both cases JP Morgan Chase worked closely with the federal government to acquire these on the rocks companies.
3) Citigroup - $2 trillion
Image Source (Citigroup Center in NYC)
Based in New York Citigroup is the 3rd largest bank in the United States and third to have over $2 trillion dollars in assets. Risky lending and trading nearly forced this behemoth into bankruptcy during the latest financial crisis.
4) Wells Fargo - $1.2 trillion
Wells Fargo is based in San Francisco and grew larger in 2008 with the acquisition of troubled Wachovia for $14.8 billion dollars. Wells Fargo has been plagued by bad consumer loans as many of its mortgages were home equity loans.
5) Goldman Sachs - $881 billion dollars
Image Source Goldman Sachs headquarters in NYC)
Goldman Sachs was an investment bank that filed to become a bank holding company during the recent financial crisis so it could borrow money from the government in the form of the Federal Reserve. Goldman Sachs is headquartered in New York City.
6) Morgan Stanley - $820 billion
Image Source (Unfinished Revel Casino in Atlantic City which cost Morgan Stanley a billion dollars)
Morgan Stanley is another investment bank that like Goldman Sachs became a bank holding company during the financial crisis to gain access to cheap money from the Federal Reserve. Morgan Stanley is also based in New York and lost a bundle of money when it recently walked away from the Revel Casino project in Atlantic City.
7) MetLife - $566 billion
MetLife is the the largest life insurance company in the United States and qualifies here because it also filed to become a bank holding company during the recent crisis to gain access to easy money from the government. MetLife's headquarters are in NYC.
8) Barclays Group US - $428 billion
Barclays Group US is headquartered in Wilmington, Delaware and has total assets under management of $428 billion dollars which constitutes the US portion of Barclays Group based in London.
9) Taunus Corporation - $364 billion
Image Source (Deutsche Bank Towers in Frankfurt, Germany)
Taunus Corporation is the American holding company for Deutsche Bank which is based in Frankfurt, Germany. Taunus Corp is based in New York City.
10) HSBC North America Holdings - $345 billion
HSBC North America Holdings is the American assets of the HSBC Holdings Company which is based in London and Hong Kong while HSBC North America is based in NYC.
For more see Largest Economies in the World