Banks are the backbone of the American economy, they ensure money is available to individuals and capital to companies. Present throughout the country and abroad, US banks are involved in retail banking, corporate and investment banking, wealth management, and an array of financial services.
The top American banks are leading the financial sector and spearheading the economy, but they compete against each other for market share in the US and abroad. They also face competition from foreign banks looking to expand their foothold in their domestic market and other financial companies, such as financial services and insurance companies, challenging them in their operations in commercial banking or on financial markets.
Though they have to mitigate systemic risks and potential financial crashes, the most important threat to banks comes from the disruption of their traditional business by Fintech startups. These new financial technology companies create new ways for people and companies to obtain, manage, and use their money and capital which can impede the activities of traditional banks. And some of them, among the largest US startups, have already grown to become “unicorns”: startups with a valuation above 1 billion dollars.
Nevertheless, banks are still a pillar of the US economy and they will remain in this position for the foreseeable future. The US is such a great business arena for banks to prosper that they can actually use their national foothold to expand abroad and conquer new markets. Whether they are regional or national banks, retail or investment banks, or even diversified into all segments, banks are in the US to stay, and potentially, also to conquer the rest of the world.
For more information on the largest American companies, download our S&P 500 companies Excel file containing the complete list of the 500 largest publicly listed companies in the US, together with extensive business, market, financial, and digital information on each company. For even more data on the largest US companies, download our Excel files on the Russell 1000 companies, Russell 2000 companies, or Russell 3000 companies.
List of the top 20 largest American banks by market capitalization
To give you more perspective on the actors of the American financial sector and banking industry, details about the twenty largest banks from the US in the S&P 500 index have been listed hereafter. Each bank is detailed with presentations of its industry, activities, market capitalization, a direct link to its website, logo, and stock symbol.
The banks listed hereafter are ranked by market capitalization in United States Dollars, as of effective close on Friday, January 29, 2021. They are defined as belonging to the sub-industries of regional banks, investment banks and brokerage, consumer finance, asset management, and custody banks, or as diversified banks for corporations engaged in operations both in retail and investment banking.
Note that if you are searching for information on these companies to invest in their stocks, make sure you know what you are doing as your investment will be subject to significant risks with the evolution of stock prices. To learn more about investing in the stock market and managing your portfolio, check our post on the best online courses on stock investing and trading.
Shortcuts to each bank
To facilitate your browsing in this long list, here are quick links to go directly to the details of any of the top 20 American banks. Be sure to also check the Top 10 US banks summary after the list!
Citizens Financial Group, Inc. is a regional bank engaged in retail and commercial banking services through its brand, Citizens Bank. It is headquartered in Providence, Rhode Island, and is operating more than 1,200 branches and approximately 3,200 ATMs in the American Northeast: Connecticut, Delaware, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, South Carolina, Pennsylvania, Rhode Island, and Vermont. It was previously owned by the Royal Bank of Scotland Group, one of the largest banks and largest companies from the United Kingdom.
Website: citizensbank.com – Market Cap.: $15.6 Billion – Stock ticker: CFG
Regions Financial Corporation is a regional bank holding company headquartered in Birmingham, Alabama. Through its banking subsidiary, Regions Bank, it provides retail and commercial banking services, operating more than 1,400 branches and 1,900 ATMs in Southern and Midwestern United States. Regions Financial also offers trust, stock brokerage, and mortgage services.
Website: regions.com – Market Cap.: $16.3 Billion – Stock ticker: RF
KeyBank, the main subsidiary of KeyCorp, a regional bank headquartered in Cleveland, Ohio, and involved in retail, small business, corporate, and investment banking. It is operating more than 1,100 branches and 1,500 ATMs throughout 39 states: Alaska, Colorado, Connecticut, Delaware, Florida, Idaho, Illinois, Indiana, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, Ohio, Oregon, Pennsylvania, Rhode Island, Texas, Utah, Vermont, Virginia, Washington, D.C., and Washington.
Website: key.com – Market Cap.: $16.5 Billion – Stock ticker: KEY
M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York. It operates more than 700 branches in Northeastern states: New York, New Jersey, Pennsylvania, Maryland, Delaware, Virginia, West Virginia, Washington, D.C., and Connecticut. Through its subsidiary Wilmington Trust, M&T Bank Corporation also provides global corporate and institutional services, private banking, investment management, and fiduciary services.
Website: mtb.com – Market Cap.: $17 Billion – Stock ticker: MTB
Synchrony Bank is the digital bank of Synchrony Financial, which is specialized in consumer financial services. Through Synchrony Bank, it provides a range of consumer financing products and services including, credit, installment lending, and consumer savings products. It is also one of the largest providers of private label credit cards for promotional financing and loyalty programs for US brands.
Website: synchrony.com – Market Cap.: $19.6 Billion – Stock ticker: SYF
Fifth Third Bank, the principal subsidiary of the Fifth Third Bancorp holding, is a regional bank headquartered in Cincinnati, Ohio. It is operating more than 1,100 branches and 2,400 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, and North Carolina. Its name is derived from the bank’s two predecessor companies, Third National Bank and Fifth National Bank, which merged in 1908.
Website: 53.com – Market Cap.: $20.6 Billion – Stock ticker: FITB
Silicon Valley Bank, more simply known as SVB, the main subsidiary of the SVB Financial Group, is a commercial bank primarily dedicated to servicing startups and innovating companies. It providing lending services for technology companies, services to venture capital and private banking services for high-net-worth individuals. Originally from Silicon Valley, it has expanded throughout 29 states and also operates in the UK, Hong Kong, and China, Israel, Germany, and Canada.
Website: svb.com – Market Cap.: $22.7 Billion – Stock ticker: SIVB
First Republic Bank is a regional bank and wealth management company. Operating primarily in the West and East coasts, First Republic Bank offers services of personal and business banking and provides wealth management services dedicated to high net-worth individuals via its subsidiaries First Republic Wealth Advisors and First Republic Investment Management. Besides, it is also involved in brokerage services through First Republic Securities Company LLC and trust services through First Republic Trust Company.
Website: firstrepublic.com – Market Cap.: $25 Billion – Stock ticker: FRC
Originally a credit card operator, Discover has expanded to banking with Discover Bank, which offers reward credit cards, online banking, home equity loans, student loans, and personal loans. Officially operating as Discover Financial Services, it also owns and operates the Pulse debit network and Diners Club International credit cards.
Website: discover.com – Market Cap.: $25.6 Billion – Stock ticker: DFS
Capital One Financial Corporation is a financial service and banking holding headquartered in McLean, Virginia. With more than 700 branches and 2,000 ATMs, Capital One consumer and commercial bank is especially present in Northeastern and Southern United States, and also operates in Canada and the United Kingdom. Especially involved in the issuance of credit cards, Capital One is also a key provider of auto loans, and savings accounts.
Website: capitalone.com – Market Cap.: $47.9 Billion – Stock ticker: COF
PNC Financial Services Group, Inc., abbreviated as PNC, is a bank holding and financial services company based in Pittsburgh, Pennsylvania. Its regional bank subsidiary, PNC Bank, operates more than 2,400 branches and 9,000 ATMs across 19 states and the District of Columbia. PNC Financial Services also asset management, wealth management, estate planning, loan servicing, and information processing services.
Website: pnc.com – Market Cap.: $60.9 Billion – Stock ticker: PNC
Tracing its origins to 1863, U.S. Bancorp is a bank holding company headquartered in Minneapolis, Minnesota, and incorporated in Delaware, with more than 72,000 employees. It is the parent company of U.S. Bank National Association, more simply referred to as U.S. Bank, which provides banking, investment, mortgage, trust, and payment services through more than 3,000 branches and 4,800 ATMs primarily located in the Midwestern United States. U.S. Bancorp also owns Elavon, a processor of credit card transactions.
Website: usbank.com – Market Cap.: $64.6 Billion – Stock ticker: USB
Truist Financial is the result of the acquisition of SunTrust Banks, Inc, by BB&T Corporation. The two banks continue to operate as two brands, operating more than 2,000 branches in the US. BB&T provides consumer and commercial banking, securities brokerage, asset management, mortgage, and SunTrust Bank was originally more focused on deposits, lending, credit cards, and trust and investment services. Truist Financial is also engaged in insurance corporate and investment banking, capital market services, mortgage banking, and wealth management through its subsidiaries.
Website: truist.com – Market Cap.: $64.7 Billion – Stock ticker: TFC
Founded in 1869, the Goldman Sachs Group, Inc., is one of the world’s largest multinational investment banks headquartered in New York City. It is also engaged in financial services including investment management, securities, asset management, prime brokerage, and securities underwriting. Goldman Sachs is a primary dealer in the United States Treasury security market and more generally, a prominent market maker.
Website: goldmansachs.com – Market Cap.: $93.3 Billion – Stock ticker: GS
The Charles Schwab Corporation is a bank and stock brokerage company headquartered in San Francisco, California. Focused on investing, wealth management, banking, and trading, Charles Schwab provides an electronic trading platform for stocks and other financial assets, margin lending, cash management services, and registered investment advisers services. It operates more than 300 branches in 46 states, Puerto Rico and London.
Website: schwab.com – Market Cap.: $96.8 Billion – Stock ticker: SCHW
Citigroup Inc., also known as Citi, is a multinational investment bank and financial services company headquartered in New York City. Tracing its origins to 1812, Citigroup operates through multiple subsidiaries in more than 160 countries with more than 210,000 employees. It operates in global markets with capital origination, corporate and investment banking, markets and securities services, private bank, and treasury and trade solutions, as well as in retail banking through Citibank, branded cards, retail services, commercial banking, and mortgages.
Website: citigroup.com – Market Cap.: $120.7 Billion – Stock ticker: C
Morgan Stanley is an investment bank and financial services company headquartered in New York City. Founded in 1935, Morgan Stanley has grown to become a multinational company with offices in more than 42 countries and more than 60,000 employees. With customers including corporations, governments, institutions, and individuals, Morgan Stanley operates in three main business lines: institutional securities, wealth management, and investment management.
Website: morganstanley.com – Market Cap.: $121.3 Billion – Stock ticker: MS
Tracing its origins to 1852, Wells Fargo & Company is a multinational financial services company headquartered in San Francisco, California and incorporated in Delaware, and present in more than 35 countries. The company is engaged in three main lines of business: community banking, wholesale banking, and wealth, brokerage, and retirement. Wells Fargo’s main subsidiary, Wells Fargo Bank operates more than 8,000 branches and 13,000 ATMs.
Website: wellsfargo.com – Market Cap.: $123.8 Billion – Stock ticker: WFC
The Bank of America Corporation, abbreviated as BofA, is a multinational investment bank and financial services company headquartered in Charlotte, North Carolina, with more than 200,000 employees. Tracing its origins to 1784, Bank of America has become an American leader in consumer banking with more than 4,600 branches and 15,900 ATMs. Bank of America also operates in corporate and investment banking, wealth management, and investment management.
Website: bankofamerica.com – Market Cap.: $256.5 Billion – Stock ticker: BAC
JPMorgan Chase & Co. is a multinational investment bank and financial services company headquartered in New York City. With origins dating back to 1799, JPMorgan Chase has become one of the world’s largest universal banks operating worldwide. It is involved in retail and commercial as well as in investment banking, asset management, private banking, private wealth management, and treasury services.
Website: jpmorganchase.com – Market Cap.: $392.4 Billion – Stock ticker: JPM
To give you a quick overview of the largest American banks in 2021, here is a synthesizing image regrouping the information of the top 10. Note that you can use this image to embed it on your website and other digital properties using the embed code below.
<a href="https://disfold.com/top-us-banks/" target="_blank" rel="noopener noreferrer"><img src="https://disfold.com/wp-content/uploads/2021/03/top-10-us-banks.jpg" alt="Top 10 US Banks 2021"></a>
Top foreign banks in the US
Note that besides these originally American banks, some other foreign banks have established a strong foothold in the United States. Within these banks, three banks can be particularly highlighted for the importance of their activities in the US:
- TD Bank N.A., a subsidiary of Toronto-Dominion Bank, one of the largest banks and largest companies of Canada
- HSBC Bank USA, a subsidiary of HSBC, one of the largest banks and largest companies of the United Kingdom
- MUFG Union Bank, an American bank that was acquired by the Japanese Mitsubishi UFJ Financial Group
Here are the 20 largest American banks. Do you think they are worth their market capitalization? Do they provide a valuable and convenient service? Do they have too much economic power… and maybe political power too?
Leave your comments below!