The biggest banks in America are JPMorgan-Chase, Banks of America, Citibank, Wells Fargo, U.S. Bancorp, Goldman Sachs, Morgan Stanley, PNC Financial Services, TD Bank, Captial One. Total assets range from $2.687 trillion to $408 billion. Lately, the top 5 American banks are trying to become one-stop shops for all their customer’s financial needs, while the bottom 5 are using industry-disrupting technological knowledge to enhance their financial products and services. Read on to find out how!
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Biggest American Banks
JPMorgan-Chase is the largest bank in America with $2.687 trillion assets. It is the sixth-largest bank in the world, the result of a merger between J.P. Morgan and Chase.
JPMorgan-Chase’s investment bank division contributes greatly to its worldwide assets. Right now, Jamie Dimon is remaking JPMorgan-Chase by implementing cost-saving measures and expanding operations aggressively. They can survive and thrive even during times of crisis (including their scandals), by successfully riding it out through financial conservatism. It has more than 5100 branches.
JPMorgan-Chase offers a wide variety of banking services, ranging from investment banking services such as private wealth management to retail and commercial bank services.
2. Bank of America
Bank of America, the second largest bank on our list, has $2.434 trillion in total assets. It specializes in wealth management firm services. Merrill Lynch is a wholly-owned subsidiary of Bank of America.
It’s a well-known institution and therefore has a complex system of rules designed to help maintain the wide range of financial products it offers in its 4,600 branches.
Bank of America’s main services include commercial banking, wealth management, and investment banking services. Like most big banks, Bank of America can get away with high fees and low interest rates because of the unbelievable convenience it can offer due to its enormous size.
Citibank, the 3rd largest bank on our list, has total assets worth 1.951 trillion. It was the first American bank to offer its services in a foreign country (Argentina).
The bank has recently successfully navigated its way out of the Enron Scandal after paying $2 billion and is now once again thriving.
Citibank claims to be the world’s largest credit card issuer. Lately, it is no longer focusing on retail banking, instead turning its attention to private wealth services. It has only 2,649 branches and is reportedly closing down a number of them.
4. Wells Fargo
Wells Fargo is the fourth largest bank on our list with 1.927 trillion in total assets due to merger with Norwest Corporation and acquisition of Wachovia National Bank.
Also, Wells Fargo has more branches than any other bank on our list, with over 8,050 branches. This means customers can find a branch wherever they live. Unparalleled ease of access has made it very popular so far. Mired in a fake account scandal that is still ongoing in 2020.
This bank is recently experiencing a subsequent reduction in profits. It has recently agreed to pay $3 billion, but we think it will be a while before the millions of customers (who have suffered due to the fraudulent opening of customer accounts without their consent) forgive them.
Investments, individual retirement accounts, college savings plans, credit and lending, insurance, advisory services, account services, and business services are offered by Wells Fargo.
5. Goldman Sachs
Goldman Sachs has only $992 billion in total assets. It is a ubiquitous investment bank whose alumni network runs deep in in American business and American politics.
Also, Goldman Sach’s aggressive competitiveness and talent acquisition/high reward culture sets it apart. Founded by Marcus Goldman, it is famous for its political connections.
Their Investment Banking arm deals with stock market offerings. They also offer Asset Management and Security Services. It is actually their Trading and Principle Investments arm, which carries out its securities trading activities, that brings in most of their profits.
6. Morgan Stanley
Morgan Stanley differentiates itself by adopting the latest technology and harnessing the power of youth-led innovation. It has $895 billion in total assets.
This wealth and investment firm works hard to offer differentiated services that larger banks don’t.
While their wealth management business accounts for 44% of revenue, other services include investment banking, trading, market trends research and sustainable investing.
7. U.S. Bancorp
We are now down to the billions. Fifth largest American bank, U.S. Bancorp is a financial powerhouse with $495.426 billion in consolidated assets. Its large size is the result of at least 10 mergers/acquisitions.
Operating primarily in West America, it has 3,067 branches across only half of the nation’s states, and it plans to reduce the number of branches soon.
Business banking, checking/savings accounts, credit cards, mortgages, and wealth management products can be counted amongst its diverse list of services.
8. Truist Financial Corporation
Truist Financial Corporation has total assets worth $463.7 billion after it was born through a merger between BB&T and SunTrust.
It has committed to digital transformation by investing in innovative technology. Currently, shares are falling. After the recent merger, it remains to be seen what the Truist experience will offer.
It offers banking, securities, asset management, mortgage, and insurance services.
9. PNC Financial Services
PNC Bank has total assets worth $410 it focuses on developing original products (like ones that combat fraud).
Unlike large banks, smaller banks on our list can’t compete in terms of branch numbers.
PNC’s limited location-wise with 2,481 branches but they try to make up for it through competitive interest rates. They offer checking and savings account, virtual wallet tools, asset management, and loan services.
10. TD Bank
TD Bank differentiates itself through considerable foreign influence (as a subsidiary of Canada’s Toronto-Dominion Bank which has total assets worth $1.41 trillion CAD) and use of artificial intelligence. It has total assets worth $408 billion.
TD Bank began ensuring safe service through its digital lending technology after there was a data breach in 2012. Its digital lending technology now protects customers by verifying their accounts and detecting fraud.
Unlike U.S. Bancorp, TD Bank is available primarily in the East Coast.
In conclusion, it can be said that the 5 largest banks focus on wealth management services and dominate through size by having locations dispersed evenly throughout the country, while the second 5 top banks are competing through digital transformation of their products and services.
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