In this article, we will look at the 20 largest banks in the US by asset size in 2024. If you wish to skip our detailed analysis, you can go directly to 5 Largest Banks in the US by Asset Size in 2024.
Overview of the Banking Sector in the US
According to the latest data by the Federal Reserve System, the total assets for large domestically chartered commercial banks stood at $13.48 trillion as of April 10, 2024. The total assets for small domestically chartered banks were $6.64 trillion as of the same date. Assets of the large commercial banks between January 2015 and March 2023 increased from $9.1 trillion to $13.2 trillion. This translates to an asset increase of around 44.8%. Assets of small commercial banks increased from $3.6 trillion to $7 trillion in the same period, reporting a 94.5% increase. The report also shows a 22.7% increase in the assets of foreign-related institutions active in the United States between January 2015 and March 2023. Their total assets went from $2.5 trillion in 2015 to $3.1 trillion in 2023.
However, the ratio of the total assets of large banks in comparison with small banks was 2.56. It dropped to 1.90 by March, 2023. These recent trends show a shift of assets from the 25 largest commercial banks in the United States to the smaller banks. March 2023 sent ripples of a banking turmoil throughout the US and global banking sector, with Silicon Valley Bank (SVB) collapsing. The First Republic Bank (FRB) and Signature Bank (SBNY) followed SVB’s lead, making the failure the biggest bank collapse after Washington Mutual Bank’s ordeal in 2008. Silicon Valley Bank ranked at the 16th position before its failure on March 10, 2023. It had assets worth $194.51 billion at the time. Similarly, Signature Bank ranked as the 29th largest bank in the United States by assets before it failed on March 12, 2024. The bank had total assets worth $110.36 billion. You can also look at 25 Largest Banks in the World by Assets.
Key Players in the Banking Sector
JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corporation (NYSE:BAC), and Wells Fargo & Company (NYSE:WFC) rank among some of the largest banks in the world, and the United States. As of December 31, 2023, JPMorgan Chase & Co. (NYSE:JPM) had total assets worth $3.89 trillion, making it the largest bank in the United States by asset size. As of March 31, 2023, the bank had $303 billion in stockholders’ equity. On April 12, 2024, JPMorgan Chase & Co. (NYSE:JPM) reported financial results for the first quarter of FY 2024. The bank reported a revenue of $42.5 billion. Its net income reached $14.0 billion, and reduced to $13.4 billion after excluding the increase of $725 million to the FDIC special assessment. Here is what Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co. (NYSE:JPM), had to say:
“We reported strong results in the first quarter, delivering net income of $13.4 billion, or $14.0 billion excluding a $725 million increase to the FDIC special assessment. Last month, we announced a 10% increase in the common dividend. Our exceptionally high CET1 capital ratio of 15.0% and peer-leading returns provide us with the capacity and flexibility to both reinvest for growth and maintain an attractive capital-return profile, without compromising our fortress balance sheet.
This quarter, NII declined 4% sequentially, and as expected, NII ex. Markets declined 2% sequentially due to deposit margin compression and lower deposit balances, mostly in CCB. Looking ahead, we expect normalization to continue for both NII and credit costs.
Our lines of business saw strong underlying performance. In CCB, client investment assets were up 25% excluding First Republic, and we continued to add new customers. In CIB, IB fees increased 21%, reflecting improved DCM and ECM activity. In CB, we saw strong growth in Payments fees and onboarded a significant number of new client relationships. Finally, in AWM, asset management fees were up 14%, with continued strong net inflows.”
Bank of America Corporation (NYSE:BAC) reported total assets worth 3.15 trillion as of December 31, 2023. On April 16, the company reported its financial earnings for the first quarter of 2024. The bank reported a net income of $6.7 billion, which comes up to $0.76 per diluted share. This included FDIC’s special assessment expense accrual to compensate for the losses of Signature Bank and Silicon Valley Bank failures. It reported a net income of $7.2 billion excluding this expense. Here are some comments from Bank of America Corporation’s (NYSE:BAC) Q1 2024 earnings call:
“During the quarter, we paid out $1.9 billion in common dividends and we bought back $2.5 billion in shares, which more than offset our employee awards. As part of those share awards in the first quarter, we announced our seventh consecutive year of share and success compensation awards, covering more than 95% of our associates and further aligning their interests with shareholders. Tangible book value per share of $24.79 is up 9% year-over-year. Looking at regulatory capital, our CET-1 level improved to $197 billion from December 31, and the CET-1 ratio was stable at 11.8% and remained well above our current 10% requirement. We also remain quite well positioned against the current proposed capital rules as our CET-1 level is also above the 10% requirement even when we include estimated RWA inflation from those new proposed rules.”
Wells Fargo & Company (NYSE:WFC) is another key player in the banking sector. It reported $1.90 trillion in total assets as of December 31, 2023, making it one of the largest bank in the United States by asset size. On April 12, 2024, Wells Fargo & Company (NYSE:WFC) also reported its earnings for the first quarter of 2024. It reported a net income of $4.6 billion, which comes up to $1.02 per diluted share. The bank also announced a total revenue of $20.863 billion in Q1 of FY2024, up from $20.729 billion in Q1 of FY2023. Here are some comments from Wells Fargo & Company’s (NYSE:WFC) Q1 2024 earnings call:
“We continue to see strength in the US economy. Spending patterns of consumers using our debit and credit cards remain generally consistent and continue to grow year-over-year. Consumer credit is performing as we expect. Wholesale credit continues to perform well and our views around commercial real estate have not significantly changed since last quarter. These are all positives. In addition, we remain committed and confident in our ability to increase efficiencies across the enterprise and areas we have targeted for investments such as credit card, investment banking and trading are performing well. We are beginning to see early signs of share and fee growth, which will be important as we diversify our revenues and reduce net interest income as a percentage of revenue.”
Now that we have looked at the banking sector of the United States, let us look at the 20 largest banks in the US by asset size in 2024. You can also take a look at Top 20 Most Profitable Banks in the World.
20 Largest Banks in the US by Asset Size in 2024
Our Methodology
In order to compile a list of the 20 largest banks in the US by asset size in 2024, we have considered total assets as the sole and primary metric. The data has been taken from S&P Global Market Intelligence. The latest data is available from December 31, 2023. The 20 largest banks in the US are arranged in ascending order of their asset size in 2024.
20 Largest Banks in the US by Asset Size in 2024
20. First Citizens BancShares, Inc. (NASDAQ:FCNCA)
Total Assets as of December 31, 2023: $213.77 billion
First Citizens BancShares, Inc. (NASDAQ:FCNCA) reported total assets of $213.77 billion as of December 31, 2023, ranking it 20th on our list. First Citizens BancShares, Inc. (NASDAQ:FCNCA) also has total deposits worth $145.86 billion as of Q4 2023.
19. Fifth Third Bancorp (NASDAQ:FITB)
Total Assets as of December 31, 2023: $214.57 billion
With total assets worth $214.57 billion, Fifth Third Bancorp (NASDAQ:FITB) ranks 19th on our list. Fifth Third Bancorp (NASDAQ:FITB) is headquartered in Cincinnati, Ohio, with 1,104 domestic branches and one foreign branch as of 2023.
18. HSBC Holdings PLC (NYSE:HSBC)
Total Assets as of December 31, 2023: $219.65 billion
HSBC Holdings PLC (NYSE:HSBC) is headquartered in New York, NY. HSBC Holdings PLC (NYSE:HSBC) ranks 18th on our list with total assets worth $219.65 billion in Q4 of FY2023.
17. Citizens Financial Group, Inc. (NYSE:CFG)
Total Assets as of December 31, 2023: $222.41 billion
Headquartered in Providence, Rhode Island, Citizens Financial Group, Inc. (NYSE:CFG) ranks 17th on our list of the 20 largest banks in the US by asset size in 2024. Citizens Financial Group, Inc. (NYSE:CFG) reported total assets of $222.41 billion as of December 31, 2023.
16. American Express Company (NYSE:AXP)
Total Assets as of December 31, 2023: $261.11 billion
American Express Company (NYSE:AXP) is headquartered in New York, NY. American Express Company (NYSE:AXP) ranks 16th on our list with total assets worth $261.11 billion in Q4 of FY2023.
15. Bank of Montreal (NYSE:BMO)
Total Assets as of December 31, 2023: $292.74 billion
Bank of Montreal (NYSE:BMO) is headquartered in Chicago, Illinois, and has over 55,000 employees as of 2023. Bank of Montreal (NYSE:BMO) runs as a subsidiary of an originally Toronto-based multinational investment bank. It reported total assets worth $292.74 billion as of Q4 2023, ranking it 15th on our list.
14. State Street Corporation (NYSE:STT)
Total Assets as of December 31, 2023: $297.26 billion
State Street Corporation (NYSE:STT) is headquartered in Boston, Massachusetts, with two domestic branches and ten foreign branches. State Street Corporation (NYSE:STT) ranks 14th on our list, with total assets worth $297.26 billion as of December 31, 2023.
13. The Bank of New York Mellon Corporation (NYSE:BK)
Total Assets as of December 31, 2023: $409.98 billion
The Bank of New York Mellon Corporation (NYSE:BK) reported $409.98 billion in total assets as of 2023. The Bank of New York Mellon Corporation (NYSE:BK) also reported $283.69 billion in total deposits in the same year. It ranks 13th on our list.
12. The Charles Schwab Corporation (NYSE:SCHW)
Total Assets as of December 31, 2023: $493.18 billion
Headquartered in Westlake, Texas, The Charles Schwab Corporation (NYSE:SCHW) ranks 12th on our list of the 20 largest banks in the US by asset size in 2024. The Charles Schwab Corporation (NYSE:SCHW) reported assets worth $493.18 billion. It also reported total deposits worth $289.97 billion in Q4 FY2023.
11. Toronto-Dominion Bank (NYSE:TD)
Total Assets as of December 31, 2023: $523.28 billion
Toronto-Dominion Bank (NYSE:TD) ranks 11th on our list with $523.28 billion in total assets as of Q4 FY2023. Headquartered in Wilmington, Delaware, Toronto-Dominion Bank (NYSE:TD) has 1,179 domestic branches and no foreign branches as of 2023.
10. Truist Financial Corporation (NYSE:TFC)
Total Assets as of December 31, 2023: $535.35 billion
Truist Financial Corporation (NYSE:TFC) is headquartered in Charlotte, North Carolina, and ranks 10th on our list. The bank has 2,001 domestic branches as of 2023 and no foreign branches. Truist Financial Corporation (NYSE:TFC) reported total deposits worth $395.87 billion in 2023, and total assets worth $535.35 billion in Q4 2023.
9. PNC Financial Services Group, Inc. (NYSE:PNC)
Total Assets as of December 31, 2023: $561.60 billion
PNC Financial Services Group, Inc. (NYSE:PNC) ranks ninth on our list of the 20 largest banks in the US by asset size in 2024. The bank operates as a PNC Financial Services Group subsidiary, with around 2,371 domestic branches as of 2023. PNC Financial Services Group, Inc. (NYSE:PNC) has $561.60 billion in total assets as of Q4 of 2023.
8. Capital One Financial Corporation (NYSE:COF)
Total Assets as of December 31, 2023: $629.99 billion
With $471.44 billion in total assets, Capital One Financial Corporation (NYSE:COF) ranks 8th on our list of the 20 largest banks in the US by asset size in 2024. Capital One Financial Corporation (NYSE:COF) has $457.47 billion in total deposits as of Q4 2023.
7. U.S. Bancorp (NYSE:USB)
Total Assets as of December 31, 2023: $663.49 billion
U.S. Bancorp (NYSE:USB) is headquartered in Minneapolis, MN, and ranks seventh on our list. U.S. Bancorp (NYSE:USB) reported total deposits worth $512.31 billion in Q4 of 2023.
6. Morgan Stanley (NYSE:MS)
Total Assets as of December 31, 2023: $1.193 trillion
Morgan Stanley (NYSE:MS) ranks sixth on our list with total assets of $1.193 trillion in the fourth quarter of 2023. Morgan Stanley (NYSE:MS) also reported total deposits worth $351.81 billion in the same period.
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Disclosure: None. 20 Largest Banks in the US by Asset Size in 2024 is published on Insider Monkey.
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