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Main banks United States

There are thousands of banks in the United States. It is very difficult to decide which is the best bank. Here is the list of the best

1. JP Morgan Chase $2.533 billion

2. Bank of America $2.281 billion

3. Wells Fargo $1.951 billion

4. Citi Bank $1.843 billion

5. Goldman Sachs $916 billion

6. Morgan Stanley $851 billion

7. US Bankcorp $461 billion

8. TD Bank $380 billion

9. HSBC $273 billion

10. American Express $181 billion

When considering where to put money for safekeeping, the list of bank and credit union options seems endless. There are small local and regional financial institutions that can be trusted with your hard-earned money, of course, but for full-service and far-reaching banking, the larger national banks are most important. According to the Federal Reserve, these 10 financial institutions are the largest banks in the United States by assets held. Below are our top 10 banks in the United States.

JPMorgan Chase

The country’s largest bank and the sixth largest in the world, the Federal Reserve reports that JPMorgan-Chase had close to $2 trillion in global assets at the end of last year. This makes it number one on our Top 10 Banks list. The company is the result of the 2000 merger of two much older banks, JP Morgan and Company and Chase Manhattan Corporation. While the JP Morgan name is used for investment banking and private wealth management, the bank provides retail and commercial banking services like Chase.

The 19th century financial titan, John Pierpont Morgan, is the namesake of the company and was the founder of the original JP Morgan Bank, but the early American politician and notorious duelist Aaron Burr was one of the creators of Chase Manhattan. The House of Morgan generated $96.6 billion in revenue last year despite controversies and legal issues over alleged energy pricing and negligence during the Bernard Madoff scandal, which resulted in billions in fines paid.

Bank of America

The presence of Bank of America’s headquarters in Charlotte, North Carolina, makes that city one of the largest financial centers in the country. Although it is not the largest bank, this company is in fact the largest wealth management firm in the world, because it owns Merrill Lynch, a giant in that field.

Bank of America has about 50 million retail banking customers, but it had fairly humble beginnings. It started with a small institution that served immigrants in San Francisco at the turn of the 20th century, which was curiously called the Bank of Italy. Bank of America briefly ventured into finance in China with the acquisition of a stake in Chinese Construction Bank, which it later sold.

The company has worked hard to keep its headquarters in Charlotte and New York green and LEED certified, but it has also been accused of mortgage fraud in several lawsuits since 2010.

fargo wells

Wells Fargo has long been associated with San Francisco, where it is still based, as it was formed to capitalize on the gold rush by two Northeasters. In terms of one measure, market capitalization, Wells Fargo is the world’s largest bank, although it has battled the Industrial and Commercial Bank of China for that title in recent years.

Wells Fargo owns the oldest continuously operating bank charter in the United States, originally granted to the First National Bank of Philadelphia. Wells Fargo pays the highest amount of corporate taxes of any US company each year, but has been accused of tax avoidance practices.

citi

A pioneer of both the credit card and ATM industries, Citi Bank, formerly the City Bank of New York, was regarded as an East Coast equivalent to Wells Fargo during the 19th century, when both banks were purely regional. . Citi was also the first bank in the United States to open a banking office in a foreign country, having expanded to Argentina in 1914. Today, only 26 percent of Citi’s branches are in the United States, although they generate the 51 percent of the bank’s income.

Reference

Top 10 banks in the US

US Bank/US Bank

The current US Bancorp (which includes US Bank) is the result of the combination of the major regional banks of the West and Midwest. The company has $389 billion in assets, as well as $250 billion in deposits, from 16 million customers. Banks were prohibited by law from using “United States” in their names in 1913, and US Bancorp was one of the last companies allowed to do so, having added the phrase to its name the previous year.

cabin crew

Pittsburgh-based PNC is primarily a regional financial institution, operating primarily on the East Coast, but with offices in nineteen states, plus Washington, DC. PNC actually has two historical meanings: Pittsburgh National Corporation and Providence National Corporation, both Pennsylvania banks that merged to form the beginnings of today’s company. From then on they decided to use only the initials due to the coincidence of their names. PNC was an early adopter of “virtual wallet” services among traditional banks, and is known for its annual index of the prices of items from the carol “The Twelve Days of Christmas.”

Bank of New York Mellon

The Bank of New York was founded in 1784 by none other than the first Secretary of the Treasury, Alexander Hamilton. Bank of New York Mellon is the direct successor organization to that firm, having merged with T. Mellon and Sons, a Pittsburgh institution that financed the steel and fuel industries. This long history makes it the oldest banking corporation in the country. It has $27.9 trillion in assets under custody, making it the world’s largest custodian bank serving other financial institutions.

state street

State Street Corporation of Boston originated as a shipping finance company. It still does business in a similar spirit, focusing on global banking services and investment management for foreign institutional investors. State Street was involved in a landmark court case in 1998 that found that a computer algorithm can be patented in the US.

capital one

Capital One is primarily a retail banking operation, primarily providing credit cards, auto loans, and home loans, as well as checking and savings account services. Originally a pure credit card company, Capital One expanded into banking in earnest in 2005. In early 2014, Capital One came under fire for changing its terms of customer service to allow the bank to communicate with customers on any way, including deliberately misleading them with fake phone caller ID.

TD bank

The final institution on our list of the top 10 banks is not based in the United States; Toronto-Dominion Bank is headquartered in Toronto, Ontario, Canada. More than 22 million people around the world are TD Bank customers, primarily in the US and Canada. TD has branches in quite remote locations, including Canada’s Northwest Territories and the Yukon.

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