According to the U.S. Federal Deposit Insurance Corporation, as of February 2014, there were 6.799 FDIC-insured commercial banks in the U.S. The country's central bank is the Federal Reserve Bank, which was created after the passage of the Federal Reserve Act in 1913.
There are 4 types of banks in the USA:
- Commercial banks
- Savings Banks
- Savings and loan funds
- Credit Unions
The U.S. banking system is stable, according to Moody's, due to continued growth in the domestic economy and the strong liquidity profile of banks.
For anyone considering a banking career in the U.S., this list of the top banks in the U.S. is a helpful guide to where to start. For more information, see all of our lists of financial institutionsCompaniesLists of major players in corporate finance. We have lists of the top financial services companies, banks, institutions, accounting firms and corporations in the industry. Browse these guides to help you prepare for a career in financial services, and start networking today to accelerate your career.
The major banks in the U.S. are:
JP Morgan Chase & Co
JP Morgan Bank Chase & Co is the largest banking group in the U.S. It is headquartered in New York and employs 250 people worldwide.000 employees. The bank offers investment banking, wealth management, private banking, private wealth management, and treasury and securities services under the JP Morgan brand.
Fiduciary activities in the group's private banking and private wealth management segments are conducted under the auspices of JPMorgan Chase Bank NA – the ultimate fiduciary. The Chase brand is used for the bank's credit card services in the U.S. and Canada, its retail banking operations in the U.S. and its corporate banking operations.
In 2016, the bank's total assets were $2.5 trillion and net profit reached $24.73 billion.
Bank of America Corp
Bank of America is one of the largest lending banks in the US, headquartered in Charlotte, North Carolina. The bank, through its banking and non-banking subsidiaries, provides a range of banking and non-banking financial services and products throughout the U.S. and in international markets in four business segments: Consumer Banking, Global Wealth and Investment Management, Global Banking and Global Markets.
In 2016, the bank's total assets amounted to $2.19 trillion and net profit reached $17.91 billion.
Wells Fargo & Co
Headquartered in San Francisco, Wells Fargo & Co is a diversified financial services company. The bank employs 268.800 employees and operates in the following business segments: Community Banking, Wholesale Banking and Wealth and Investment Management. It offers its services in three categories: Retail, Small Business and Commercial. Wells Fargo is the first bank in the U.S. to receive a charter from the U.S. government.
In 2016, the bank's total assets were $1.93 trillion and net income reached $21.93 billion.
Citigroup is a multinational investment banking and financial services firm headquartered in New York City. It employs approximately 219.000 employees and is headquartered in 19 countries with 2.649 branches represented. The company provides financial products and services to consumers, businesses, governments and institutions worldwide. The company operates in two segments: Citicorp and Citi Holdings.
In 2016, the bank reported total assets of $1.8 trillion and reported net income of $1.65 billion.
Goldman Sachs Group Inc
Goldman Sachs operates globally as an investment banking, securities and investment management firm and has four segments: Investment Banking, Institutional Client Services, Investments and Lending, and Investment Management. It is headquartered in New York and employs 34.400 employees.
In 2016, the bank's total assets were $894 billion and net income was $7.40 billion.
Morgan Stanley is a global financial services firm providing investment banking, securities, asset management and investment management services. The bank operates in two main segments: Institutional Securities, which provides capital raising and financial advisory services, as well as advice on mergers and acquisitions, restructurings, real estate and project finance, and Wealth Management, which provides various financial services and solutions. It employs about 56.000 employees.
In 2016, the bank's total assets were $815 billion and net income was $8.85 billion.
US Bancorp is headquartered in Minneapolis and employs about 71.000 employees. This is a bank holding company that provides banking and financial services through its subsidiary company. The bank is also engaged in credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage services and leasing.
In 2016, the bank reported total assets of $445.9 billion and generated net income of $5.94 billion.
PNC Financial Services Group Inc
PNC Financial Services is headquartered in Pittsburgh and employs approximately 49.000 employees. The group operates in the retail banking, corporate and institutional banking, asset management group, residential mortgage banking, BlackRock and non-strategic assets portfolio segments.
In 2016, the bank's total assets were $366 billion and net income reached $3.9 billion.
TD Group US Holdings LLC
TD Group US Holdings is headquartered in New Jersey and employs around 26.000 employees. The bank provides banking, insurance, brokerage and investment banking services. It is a subsidiary of Canadian multinational Toronto-Dominion Bank, headquartered in Toronto, Ontario.
In 2016, the bank's total assets were $353.62 billion and net income was $512 million.
Capital One Financial Corp
Virginia-based Capital One Financial is a diversified financial services holding company among banks in the U.S. The company, along with its subsidiaries, offers a wide range of financial products and services to consumers, small businesses, and commercial customers through branches, the Internet, and other distribution channels. The company operates in the following business segments: Credit Card, Consumer Banking, Commercial Banking and Other.
In 2016, the bank reported total assets of $357 billion and net income of $3.75 billion.
Careers in Investment Banking
To get started in investment banking,JobsBrowse job descriptions: requirements and skills for job postings in investment banking, equity research, treasury, FP&A, corporate finance, accounting and other areas of finance. These job descriptions were compiled using the most common lists of skills, requirements, education, experience and other important things. These include networking, resumeInvestment banking resumeInvestment banking resume template. Learn how to write a Investment Banking (Analyst or Associate) resume with CFI's free guide and resume template. The IB resume is unique. It's important to align your resume with industry standards to avoid being deleted immediately.Experience and skills for financial modelingFinancial modeling skillsLearn the top 10 financial modeling skills and what it takes to be good at financial modeling in Excel. Key Skills: Accounting. To learn more, visit our interactive career map…. For a career in banking, our financial modeling courses will give you a distinct advantage over the competition.
This is CFI's guide to the best banks in the U.S. For those looking to pursue a career in banking, this list is a good place to start your networking efforts. Please also see these additional resources: