Banks are in the news recently, and banking may even be a topic you have at the top of your own mind at the moment. Especially after the widely reported closure of the once mighty Silicon Valley Bank (SVB) and Signature Bank (SBNY) by US regulators in March of 2023- as well as the closure of the crypto-industry’s favorite bank, Silvergate- businesses and individuals across the world are more worried about the security of their bank and respective money deposited into said banks right now, and rightfully so. However, maybe worries are not as warranted as some believe, because- in a very controversial move- US regulators have vowed that all depositors of SVB will receive their funds in-full… rather than capping the insured amount at the typical $250,000 FDIC Insurance Limit.
This is pretty major news, whether it’s realized by the average person or not.
After all, the failure of SVB was the 2nd largest bank failure in US History, just behind Northwestern Mutual in 2008… and, ironically, SBNY is the 3rd largest bank closure in history. At the same time, there have been many worries proliferating regarding First Republic Bank… but, in a bit of relief for other banks and consumers, it was announced on March 16th, 2023, that some of the “big banks” like JP Morgan Chase, Wells Fargo, and Bank of America, among 11 total banks, have offered a $30 Billion rescue plan and plan to deposit funds to First Republic Bank to help save the struggling California-based company and their customers from financial ruin of significant proportions. But this only helps to plug the holes in the financial ship that some think may be sinking… it doesn’t stop the worries for all banks completely, at least not yet.
Plus, the bank worries have spread across the pond- with Switzerland’s Credit Suisse raising fears by continuing to see vast sums of money be withdrawn from the bank, following the more than $100 Billion that was taken by customers in 2022. To help stem concerns, as reported by CNBC and other outlets, Switzerland’s National Bank has offered a lifeline to the 1856-founded Credit Suisse by allowing the embattled institution to borrow up to 50 Billion Swiss Francs (roughly $54 Billion Dollars). It’s almost too much to handle, right?
Again, times are rough… for some banks.
However, for some thriving smaller banks and especially for some of the systemically-important “big banks,” that are “too big to fail” because the government has already bailed them out during prior financial crises and deemed them crucial to the financial system- business is as good as ever, with BILLIONS of dollars of new money flowing out of smaller banks and swiftly into new accounts with banks like JP Morgan Chase, Wells Fargo, and Bank of America amongst others.
Certainly, in the wake of the SVB crisis, people are asking… what banks are the safest? And, for many people, the answers to their questions appear to lie at some of the world’s biggest banks.
This said, we’ve compiled a list detailing 9 of America’s Largest Banks in 2023 to help you research, with all numbers from the reports banks file with the Federal Reserve. Even so, note that *numbers may not represent 100% of assets managed by banks and they are based on the Cumulative Global Assets figures reported by the banks to the Federal Reserve as of the most recent filing dates on Dec. 31, 2022. Also, many of the banks do not operate in all 50 States and may or may not be in a location near you, and the headquarters locations are the bank headquarters and not necessarily corporate headquarters. Regardless, there is a lot of information to digest- so, be sure to do your own research and maybe click the respective website links in this article to learn more, if any of the banks mentioned in this article are of interest to you.
Now, read on to learn more about the Top 9 Banks (in terms of assets) in America!
The 9 Biggest Banks In The USA In 2023
JP Morgan Chase & Co/ Chase Bank
Website: https://www.chase.com/
Bank Headquarters: Columbus, Ohio
CEO: Jamie Dimon
Year Founded: 1799 (Chase Bank Founding Year); 2000 (JP Morgan Chase & Co. Founding Year)
USA Branch Locations: 4,791
Assets Under Management*: $3.201 Trillion USD
Account Types Offered: Personal Banking (Checking & Savings), Credit & Loans, Business Banking; Private Banking & Wealth Management, and more.
Bank of America
Website: https://www.bankofamerica.com/
Bank Headquarters: Charlotte, North Carolina
CEO: Brian Moynihan
Year Founded: 1998 (via the merger of BankAmerica & NationsBank); 1956 (as BankAmerica); 1784 (as its predecessor, the Massachusetts Bank, through the merger with FleetBoston in 1999)
USA Branch Locations: 3,819
Assets Under Management*: $2.418 Trillion USD
Account Types Offered: Personal Banking (Checking & Savings), Credit & Loans, Business Banking; Private Banking & Wealth Management, and more.
Citigroup/ Citibank
Website: https://www.citi.com/
Bank Headquarters: Sioux Falls, South Dakota
CEO: Jane Fraser
Year Founded: 1812
USA Branch Locations: 661
Assets Under Management*: $1.766 Trillion USD
Account Types Offered: Personal Banking (Checking & Savings), Credit & Loans, Business Banking; Private Banking & Wealth Management, and more.
Wells Fargo
Website: https://www.wellsfargo.com/
Bank Headquarters: Sioux Falls, South Dakota
CEO: Charles W. Scharf
Year Founded: 1852
USA Branch Locations: 4,670
Assets Under Management*: $1.717 Trillion USD
Account Types Offered: Personal Banking (Checking & Savings), Credit & Loans, Business Banking; Private Banking & Wealth Management, and more.
US Bancorp/ US Bank
Website: https://www.usbank.com/
Bank Headquarters: Cincinnati, Ohio
CEO: Andrew Cecere
Year Founded: 1929
USA Branch Locations: 2,236
Assets Under Management*: $585.1 Billion USD
Account Types Offered: Personal Banking (Checking & Savings), Credit & Loans, Business Banking; Private Banking & Wealth Management, and more.
PNC Financial Services/ PNC Bank
Website: https://www.pnc.com/
Bank Headquarters: Wilmington, Delaware
CEO: Bill Demchak
Year Founded: 1845
USA Branch Locations: 2,617
Assets Under Management*: $552.3 Billion USD
Account Types Offered: Personal Banking (Checking & Savings), Credit & Loans, Business Banking; Private Banking & Wealth Management, and more.
Truist Financial/ Truist Bank
Website: https://www.truist.com/
Bank Headquarters: Charlotte, North Carolina
CEO: William H. Rogers Jr.
Year Founded: 1891
USA Branch Locations: 2,123
Assets Under Management*: $546.2 Billion USD
Account Types Offered: Personal Banking (Checking & Savings), Credit & Loans, Business Banking; Private Banking & Wealth Management, and more.
Goldman Sachs
Website: https://www.goldmansachs.com/
Bank Headquarters: New York, New York
CEO: David M. Solomon
Year Founded: 1869
USA Branch Locations: 2
Assets Under Management*: $487 Billion USD
Account Types Offered: Personal Banking (Checking & Savings), Credit & Loans, Business Banking; Private Banking & Wealth Management, and more.
Capital One
Website: https://www.capitalone.com/
Bank Headquarters: Mclean, Virginia
CEO: Richard Fairbank
Year Founded: 1994
USA Branch Locations: 292
Assets Under Management*: $453.3 Billion USD
Account Types Offered: Personal Banking (Checking & Savings), Credit & Loans, Business Banking; Private Banking & Wealth Management, and more.
For some people, their current banking situation suffices and no changes are sought… and that’s great. But, for those who are seeking to make a change- perhaps you’re looking at one of the above banks, so this comparison between Chase Bank, Wells Fargo, Bank of America, and other major US Financial Institutions should help you more clearly see where some of the big banks stand when compared side-by-side.
Regardless, nothing in this article should be considered any sort of financial advice- none of the figures are guaranteed to be accurate- and it is always best to do your own research or consult others who you trust whenever you are making any sort of decisions. Lastly, of course, this article is provided solely for informational, educational, and entertainment purposes, and FlowerFieldz is not a current partner or paid endorser of any of the companies mentioned throughout this article… but we do hope you find this information helpful and enjoy the content of this article and check out more articles on the FlowerFieldz Blog to keep up with the latest news.
Now, do you have some banking to do?
