There are a variety of credit unions and largest banks in America to keep one’s money for safekeeping. The biggest National banks will always reign supreme for all the advanced banking options as well as security as compared to small and local banks. For instance, $13.2 trillion in assets is the combined total of the largest banks in The United States. Despite the increasing financial crisis, these are the only banks you can entrust with your hard earned money.
Here is the list of top 10 largest banks in America in terms of assets:
1. JPMorgan-Chase & Co
For as close to having $2.52 Trillion in the terms of Worldwide assets, JPMorgan-Chase stands at the very top position of the largest banks in America as well as bags the 6th spot all over the World. JPMorgan & company and Chase Manhattan, the oldest banks in America merged together to create the one and only JPMorgan-Chase. The “Chase” in the bank is usually associated with providing retail and commercial bank services whereas The “JPMorgan” is associated with private wealth management and investments.
2. Bank of America
The sole owners of Merrill Lynch, a giant in the field of wealth management makes the Bank of America world’s largest bank firm. North Carolina is one of the biggest financial centers in America being the home to Bank of America’s headquarters. The bank actually started off as a small firm in San Francisco that served immigrants in the early 1900’s and was called as the Bank of Italy. Till date, it has more than 50 million banking customers in retail. The bank’s headquarters in North Carolina are LEED certified and all the way eco-friendly.
3. Wells Fargo
Wells Fargo is one of the largest banks in America started by two Northeasterners in order to capitalize the Gold Rush and is headquartered in San Francisco. The bank stands at the highest position in the whole wide world in terms of market capitalization. Wells Fargo has actually fought for that title with China’s Industrial and Commercial Bank repeatedly. Initially granted to the First National Bank of Philadelphia, it is one of the oldest operating bank charters in the US.
Initially a regional bank in the 19th century, Citi Bank is one of the trailblazers of the city’s ATM’s as well as credit cards. Regarded as the first bank to open an office in a foreign country, Citi Bank was formerly called as City Bank of New York. The bank only has 26% of its branch offices in the United States which are actually responsible for generating up to 51% of the total bank’s revenue. The bank stands at the 4th position in the list of largest banks in America.
5. US Bancorp/ U.S Bank
The merger of major regional banks mainly from the west and Midwest resulted in the creation of US Bancorp. The bank is known to have more than 16 million customers and holds approximately $389 billion in terms of assets as well as $250 billion of deposits. 1913 was the year to ban all the banks from using the term “United States” in their company’s name and US Bancorp was the last one of the firms that were relinquished from the new rule.
The bank with branch offices in the total of 19 states in the whole America, PNC is one of the regional financial institutions that is solid on the east coast. PNC was established through a merger of two Pennsylvania’s historical banks- Pittsburgh National Corporation and Providence National Corporation. The companies decided to use an acronym after the coincidence of having an almost same name. It is one of the traditional banks that adopted the “virtual wallet” in the early times.
7. Bank of New York Mellon
Bank of New York Mellon is one of the largest banks in America. The bank is the direct successor organization of the firm The Bank of New York which by Alexander Hamilton, the very first secretary of the Treasury. The bank was curated from a firm merger with T.Mellon and sons which was a Pittsburgh institution financing steel and fuel industries. The bank is known to possess $27.9 Trillion in terms of assets making it the world’s largest custodian bank that caters to the institutes of finances.
8. State Street
Initially, a shipping financing firm, The State Street Bank in Boston has come down to the 8th on the list of the greatest banks in America. Time has not changed the single factor the bank works on. From focusing on global banking services to the overseas investors to the management, it does it all efficiently. The bank was once reported to be involved in a court case in 1998.
9. Capital One
Capital One is one of the largest banks in America that usually deals with retail banking operations as well as providing services for home loans, auto loans, credit cards, and savings. 2005 was the year in which the bank set its foot straight in the list of greatest banks though they initially dealt with credit cards only. The bank was once accused of deliberately deceiving its customers with fake caller IDs by changing its customer terms of services.
10. Morgan Stanley
It is one of the banks in America that deals with investment banking, wealth and investment management as well as security. Headquartered in the Manhattan, New York, the Morgan Stanley originally has 55,000 employees with offices in more than 40 countries. Established from the merger of JPMorgan and Co with Harold Stanley, the bank has $851.8 billion in terms of assets.