Top 10 Bank Companies Raising The Economy By Force!

 The top 15 large banking companies in the United States hold a total of $13.4 trillion in assets. JPMorgan Chase is the top Bank in the U.S., with a total of $13.31 trillion in assets. The Federal Reserve has prepared a list of the top U.S. banking companies by assets. This blog breaks down that list for you. The top banks have been expanding and partnering for more than a decade. Now, the top four banks hold 50% of all banking assets in the previous year. We will talk about the top 10 banking companies you must know.

These companies have more than a trillion dollars in domestic needs. The banks, including JPMorgan, Bank of America, Wells Fargo, and Citigroup, have raised their tech spending to meet the demand for mobile banking apps.

Here are the top 10 banking companies we are going to talk about. These are leading entities that are competing in the industry at the forefront:

1. JPMorgan Chase
2. Bank of America
3. Citigroup
4. Wells Fargo
5. U.S. Bank
6. PNC Financial Services
7. Truist Financial Corporation
8. Goldman Sachs Bank 
9. T.D. Bank N.A.
10. Capital One Bank

 Now, let’s check them out one by one and see how they are helping the boost factor in the U.S. economy.

JPMorgan Chase 

It is at the top of the list and holds $3.95 trillion in assets, making it the world’s largest bank. This banking company holds the 2000 mergers of JPMorgan and Company and Chase Manhattan corporation. The JPMorgan name stands out for investment banking and private wealth management. Plus, this Bank offers retail and commercial bank services like Chase.

The Bank targets young consumers to run ahead in the competition. It also provides artificial intelligence to compete with its leading competitors. JPMorgan is targeting millennials through its digital channels to acquire high-value customers in the long run. In addition, JPMorgan heavily invests in banking technology and holds the biggest tech budget in all competitor banks, with $ 11.4 billion. 

Bank of America 

Bank of America is the second top Bank on the list. It holds about $2.43 trillion in assets. This Bank has a headquarters in Charlotte, North Carolina, and makes the city the biggest financial center in the country.

Bank of America holds about 5000 branches in the country. The Bank started as a small institution at the beginning of the 1900s and was known as the Bank of Italy. This Bank has been successful in cutting costs and appealing to youth by adopting digitized strategies. The digitized branches of the Bank allow customers to connect with call centers via video conference and access contactless ATMs, gathering about half the traffic of the nearby branches in just five months of launching. 

Citigroup 

Coming up to the next Bank, we have Citigroup with $2.394 trillion. It has been named the Best Bank for high net-worth families by Kiplinger’s Personal finance. Citigroup grants a Citigold package to customers who maintain $200,000 in deposits, investment accounts, or retirement. This Bank is a pioneer in the credit card industry and ATMs. Citibank customers can access about 700 branch locations and over 65,000 free ATMs. This multinational investment bank holds $1.7 trillion in assets and less than a thousand domestic branches. 

Wells Fargo 

Wells Fargo is known as the third largest Bank in the country, holding $1.88 trillion. It has about 4,874 domestic branches, according to the sources. The Wells Fargo headquarters is in San Francisco. Both commercial and retail banking interests are available in Wells Fargo. This Bank is no less than a banking giant in the U.S., with 4,700 retail banking locations and over 12,000 ATMs. 

U.S. Bank 

It’s the fifth topmost Bank in the list and holds more than $564 billion in assets. The Bank mainly operates in the Midwest and West and has headquarters in Minneapolis. U.S. Bank has approx 2,352 domestic branches. The Bank was established due to many mergers and acquisitions of big regional banks such as old National Bank, People’s National Bank, Heritage Bank, Heart Federal Savings, and Northwestern Commercial Bank. 

PNC Financial Services 

PNC Financial Services also come in the top 10 banking companies. It holds more than $500 billion in assets, operates 3000 branches in the U.S., and is America’s biggest bank management business. PNC operates mostly on the East coast. The Bank has about 2,629 branches in some eastern states. 

Truist Financial Corporation 

Truist Financial Corporation is a result of a merger between BB&T and SunTrust banks. The Bank holds $500 billion in assets and 2000 domestic branches. It offers several financial services, such as brokerage, commercial banking, asset management, and insurance services. 

Goldman Sachs Bank 

Goldman Sachs Bank holds $500 billion in assets and has been consistently included in the top investment banks in the world. The Bank has only two domestic branches and delivers investment banking services along with financial products, including commercial banking and brokerage services. 

T.D. Bank N.A.

T.D. Bank N.A. is a subsidiary of T.D. Bank Group, one of the largest banks in Canada. T.D. Bank N.A. operates primarily in the eastern United States and provides a range of retail, commercial, and corporate banking services.

The T.D. bank group has over $400 billion in assets. It offers personal and business checking accounts, savings accounts, mortgages, and credit cards, as well as wealth management, insurance, and investment products. The Bank is considered America’s most convenient Bank. It holds about 1,100 branches and operates primarily on the east coast, and most branches are open seven days a week. Plus, the Bank offers about 700 ATMs with T.D. bank networks. 

Capital One Bank 

Capital One Bank holds nearly $400 billion in assets and nearly 300 domestic branches across seven states. The Bank is a retail banking operation and provides credit cards, auto lanes, and home loans with checking and savings services. With a big hand on credit cards, capital one is the largest credit card issuer. Plus, the Bank offers some financial services such as consumer and investment banking. It has an enormous network of over 70,000 ATMs. 

Conclusion

We have the top 10 banking companies in the U.S. that have been leading for a long time. They offer many banking services and include several branches across the cities. Usually, banks are the result of mergers and acquisitions of big regional banks. JPMorgan Chase is on the top of the list with a consolidated $3.95 trillion in assets offering retail and commercial services.

Source :- https://consultwiki.com/blog/top-10-bank-companies-raising-the-economy-by-force