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Top 10 biggest banks in the U.S.A.

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EthanJenkins

Top 10 biggest banks in the U.S.A.

Banks play a significant role in the US economy. Wealth created by banks strengthens national purchasing power, resulting in a more stable economy. The banking sector pays billions of dollars in taxes every year. It also plays an important role in the economy as an employer – in 2013 the 20 largest banks in the USA employed over 1.2 million people, 228,000 of them at JP Morgan Chase & Co.

Role of banks in the economy
Banks also play an important role as intermediaries in our everyday lives. In general, banks have three main functions: they are a place where people can safely invest their savings and earn interest; Banks provide loans to individuals and companies, and banks are responsible for the electronic payment system. Banks also do various other things, such as helping companies access capital and assisting with mergers and acquisitions. In general, banks are the intermediaries between those who want to invest their money and those who have the idea of how to use it.

There are numerous banks and other financial institutions in the United States. In the years following the financial crisis, US banks have grown significantly. Currently, the top 10 banks in the US hold $11.8 trillion in assets. Also, let's take a look at the list of the 10 largest financial institutions in the US as of April 25, 2017.

List of the 10 largest banks in the US
Below is a complete list of the 10 largest banks in the United States.

JP Morgan Chase & Co was formed in 1996 as a result of a merger of several companies. It is a multinational financial services company with 94 offices in over 100 countries and headquarters in New York City. The largest bank in the US also ranks 6th in the world in terms of its asset base. Currently, JP Morgan Chase & Co has an asset base of $2.35 trillion. It provides various financial services to millions of individuals, small and medium-sized businesses as well as large corporations, institutions and even governments. Their services include Commercial Banking, Investment Banking, Treasury Bills and Bonds, Markets and Investor Services, Private Banking, Investment Management, Wealth Management and Brokerage.

Bank of America was founded by Amadeo Giannini in 1904 and was originally known as Bank of Italy. The bank is a multinational financial institution with 5,100 branches and is headquartered in Charlotte, North Carolina. At $2.185 trillion, it is currently the second largest bank in the United States by asset base.
Wells Fargo was founded in 1852 by Henry Wells and William Fargo. While it is only the third largest bank in the US by asset base, it was the largest bank in the world by market capitalization as of 2016. The bank had 8,700 retail locations in 35 countries and was headquartered in San Francisco. The bank is known for supporting several environmental programs and has also been accused of numerous economic crimes.

Citigroup was founded in 1812 and is currently headquartered in Manhattan, New York. Citibank is the consumer division of the multinational Citigroup with 983 branches in North America alone. The bank's services include retail banking, market insurance and credit cards. With a total asset base of $1.801 trillion, it is the fourth largest bank in the United States. It suffered massive losses during the financial crisis and was bailed out by the federal government and, as of June 2012, had the largest cash reserve of any commercial bank in the US.

The Goldman Sachs Group was founded in 1869 by Marcus Goldman and Samuel Sachs. This bank is one of the few financial institutions that managed to turn a profit during the financial crisis. Meanwhile, he was later fined $5.06 billion for falsely assuring investors that the securities he sold were backed by high-quality mortgages. With assets of $861 billion, Goldman Sachs Group closes the top 5 list of largest US banks.

Morgan Stanley with assets of $807.5 billion;
US Bancorp with assets of $428.6 billion;
Bank of New York Mellon with assets of $372.9 billion;
PNC Financial Services with assets of $361 billion;
Capital One with assets of $330.3 billion.

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