This list of top 10 banks in the United States of America 2020 is compiled after a three months of research on banks and credit unions. While drafting the top 10 list, the following points were kept into consideration. These are the best banks in America and are also the largest banks by total assets.
- Total assets of the bank
- Market capitalization
- Brand value
- Total number of branches
- Total Number of ATM
- Worldwide popularity of the bank
- Online banking platforms
- Customer satisfaction
- Interest, charges, etc.. and 20 other factors.
Best Banks in America are as follows
|Bank||Assets (Jan 2019)||Market Cap||Branches in U.S||Number of Employees|
|1. JP Morgan Chase||$2,533bn||$392bn||5180||252,539|
|2. Bank of America||$2,281bn||$325bn||4470||209,000|
|3. Wells Fargo||$1,951bn||$314bn||6314||262,700|
|4. Citi Bank||$1,843bn||$204bn||723||209,000|
|5. Goldman Sachs||$916bn||$99bn||22||37,300|
|6. Morgan Stanley||$851bn||$100bn||74||252,539|
|7. U.S Bankcorp||$461bn||$93bn||3,106||72,402|
|8. TD Bank||$380bn||N/A||1,500||85,000|
|9. HSBC||$273bn||N/A||4,100 (worldwide)||232,957|
|10. American Express||$181bn||$87bn||2,300 (worldwide)||55,000|
Top 10 Banks of US
It is not easy to secure a place in the list of top 10 banks in the United States in 2019 as the competition is immense. There are more than 7,000 small and big banks in America. To top the list, great customer service, financial service, best banking experience, customer retention strategy, user friendly online banking app and brand visibility is mandatory.
- JP Morgan Chase bank is the 6th largest bank in the world and is consistently holding the top 10 banks list in US. It has branches in most of the countries. It also deals with investment banking, asset and wealth management, treasury and securities services. The headquarter is located in New York city, JP Morgan Chase Bank is the result of combinations of many banks and companies such as Chemical Bank, Providian Financial, Manufacturers Hanover etc. More details..
- Bank Of America is the second biggest bank in U.S with total assets of more than $2,281bn. The bank offers personal banking, private banking, investment banking, small business banking and so on. It is a multinational bank headquartered in Charlotte, North Carolina. Bank of America and Italy and was founded by Giannini in 1922 which later merged with Bank of America, Los Angeles in 1928.
- Wells Fargo Bank is one of the oldest bank in the United States founded in the year of 1852. It is also the third largest bank in America, and is headquartered in San Francisco, California. There are more than 6,000 branches and 16,000 ATMs of its own. Wells Fargo bank offers all financial products. The bank has multiple wings regional, community, national and international. It consistently ranked under top 10 banks for many years in the U.S.
- Citi Bank is the 4th largest bank in the U.S by total assets and has more than 700 branches, headquartered in New York. It is a multinational bank and has branches in many countries. Citi bank is one of the oldest bank serving for more than two centuries, it was founded in 1812. The bank is ranked under top 10 banks for many years.
- Goldman Sachs is a famous multi national investment bank lead by the German Jewish Goldman-Sachs family. Marcus Goldman involved his son in law in Samuel Sachs in 1882 and that is how the name is adopted. The bank was founded in 1869 by Marcus Goldman and is now headquartered in New York City. It is the 5th largest bank in the US by total assets. The bank offers most of the banking and financial products and services.
- Morgan Stanley is the 6th largest bank in the USA by total assets, it also mostly deals in investment banking. The bank was founded in 1935 and is headquartered in New York City. The largest share holders of Morgan Stanley are Mitsubishi Financial, China Investment Corporation and Morgan Stanley Universal Trust. Institutional Securities, Investment Management and Wealth Management are their core business.
- U.S Bankcorp is founded in 1968 and is headquartered in Minneapolis, Minnesota, United States. The 7th largest financial company in US by total assets of $461 billion. It is the parent company of U.S Bank National Association, the 5th largest bank in the US. It provides almost any of the financial products and services such as banking, investment, mortgage and so on. It is one of the best banks to bank with.
- TD Bank : Also know as Toronto-Dominion Bank was founded 1955 and is the 8th largest bank by total asset. This multinational bank is Canadian origin and is headquartered in Toronto, Ontario, Canada. The name came after merger of two large banks i,e Bank of Toronto and The Dominion Bank. TD bank has investment banking wing as well which deals in asset and wealth management, securities, equity bonds etc.
- HSBC : The Hongkong and Shanghai Banking Corporation is a London based multinational bank serving since 1865, it operates in 67 countries with more than 3,900 branches. It ranked 9th by total assets in the United States. Area of specialization are retail banking, corporate banking, investment banking, credit and debit cards, loans and so on. HSBC is listed in both Hong Kong Stock Exchange and London Stock Exchange.
- American Express : Amex is the 10th largest American bank by total assets, this multinational bank was founded in the year of 1850. The company is famous for it's credit cards. American express operates in more than 40 countries. Amex is a full fledged financial company and offers several banking and financial products such as credit cards, traveler's card, online savings account, corporate banking and so on.