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Top 20 Largest US Banks 2021

Top 20 Largest US Banks 2021

The banks under listed are ranked by market capitalization in the US Dollar, as of January 29th 2021.

They are categorized into sub-industries of regional banks, investment banks and brokerage, asset management, consumer finance and custody banks or diversified banks for organizations engaged in retail and investment banking.

These banks are the main actors of the American financial sector and banking industry. Let’s take a look at the banks below:

20. Citizens Financial Group (Industry: Regional Banks):

Citizens Financial Group is a regional bank that is engaged in commercial and retail banking services through the brand, Citizens Bank. It has over 1,200 branches and approximately 3,200 ATMs in the Northeast part of America. It has its headquarters in Providence, Rhode Island.

The bank was initially owned by the Royal Bank of Scotland Group, which is one of the largest banks and companies in the United Kingdom.

19. Regions Financial (Industry: Regional Banks):

Top 20 Largest US Banks 2021
Top 20 Largest US Banks 2021

They are headquartered in Birmingham, Alabama. They provide commercial banking services and retail services through their subsidiary, Regions Bank.
They have over 1,400 branches and 1,900 ATMs in the Midwestern and Southern parts of the US. They also offer stock brokerage, mortgage services, and trust.

18. KeyBank (Industry: Regional Banks):

Key is the main subsidiary of KeyCorp. They are headquartered in Ohio, Cleveland. They are involved in small business, retail, investment, and corporate banking. It has over 1,100 branches and 1,500 ATMs scattered across 39 states of America namely: Florida, Idaho, Alaska, Colorado, Virginia, Texas, Utah, Vermont, Washington, New Jersey, Maine, Iowa, Michigan, Indiana, Oregon, Rhode Island among many others.

17. M&T Bank (Industry: Regional Banks):

This is a company that has its headquarters in Buffalo, New York. It has more than 700 branches in the Northeastern states of America namely: Delaware, Virginia, Maryland, Connecticut, West Virginia, Pennsylvania, and Washington.

They also provide fiduciary services, investment management, private banking, corporate and institutional services.

16. Synchrony (Credit Services):

Top 20 Largest US Banks 2021
Top 20 Largest US Banks 2021

Synchrony Financials’ digital bank is the Synchrony Bank. Through Synchrony Bank, they provide a range of services and consumer financing products such as installment lending, consumer savings products, and credit.

They are also one of the largest providers of private label credit cards which are used for promotional financing and loyalty programs.

15. Fifth Third Bancorp (Industry: Regional Banks):

The Fifth Third Bancorp is the principal subsidiary of the Fifth Third Bancorp holding. They have their headquarters in Cincinnati, Ohio. It has over 1,100 branches and 2,400 ATMs in Indiana, Michigan, Florida, West Virginia, Georgia, Ohio, and North Carolina alone.

The name of the bank came about as a result of the merger of the Third National Bank and the Fifth National Bank in the year 1908.

14. SVB (Industry: Regional Banks):

SVB or Silicon Valley Bank is the main subsidiary of the SVB Financial Group. It is a commercial bank dedicated to servicing innovating and startup companies.
It provides lending services for technology companies, services to venture capital, and private banking for high-net-worth people.

It operates in 29 states throughout the US and also the UK, Hong Kong, China, Germany, Canada, and Israel.

13. First Republic Bank (Industry: Regional Banks):

Top 20 Largest US Banks 2021
Top 20 Largest US Banks 2021

It is a wealth management company and a regional bank. They operate primarily on the East and West Coasts. They offer services of personal and business banking and they also provide wealth management services specifically for high-net-worth individuals through its subsidiaries; First Republic Investment Management and Republic Wealth Advisors.

They are also involved in brokerage services and trust services.

12. Discover (Industry: Credit Services):

Discover was originally a credit card company but has now branched into banking with Discover Bank. They offer reward credit cards, home equity loans, student loans, online banking, and personal loans.

They operate officially as Discover Financial Services and also own and operate the Pulse debit network and the Diners Club International credit cards.

11. Capital One (Industry: Credit Services):

Capital One Financial Corporation is a banking holding company and also a financial service provider. They have over 700 branches and 2000 ATMs across the US. They are headquartered in Mclean, Virginia.

They also operate in Canada and the UK. They are mostly involved in the issuance of credit cards. They are a key provider of savings accounts and auto loans.

10. PNC (Industry: Regional Banks):

PNC Financial Services Group, Inc is a bank holding and financial services provider located in Pittsburgh, Pennsylvania. Its subsidiary, PNC Bank, has over 2,400 branches and 9,000 ATMs across 19 states.

They also provide information processing services, loan servicing, wealth management, asset management, and estate planning.

9. U.S. Bancorp (Industry: Regional Banks):

U.S Bancorp has its headquarters in Minneapolis, Minnesota, and incorporated in Delaware. The company was created in the year 1863. It is the mother company of the U.S Bank  National Association with over 72,000 employees.

It provides banking, mortgage, trust, investment, and payment services through its over 3,000 branches and 4,800 ATMs across the US. They also own Elavon which is a processor of credit card transactions.

8. Truist Financial (Industry: Regional Banks):

The company BB&T corporation acquired SunTrust Banks, Inc and then established Truist Financial. The two banks operate separately as brands on their own with over 2,000 branches in the US.

BB&T mainly provides securities brokerage, asset management, mortgage, and consumer and commercial banking. SunTrust Bank focuses more on lending, deposits, credit cards, investment, and trust services.

Truist Financial focuses more on capital market services, mortgage banking, and wealth management.

7. Goldman Sachs (Industry: Capital Markets):

It was founded in the year 1869. It is one of the world’s largest multinational investment banks. They are headquartered in New York. They engage in investment management, securities, asset management, securities underwriting, and prime brokerage.

The company is a primary dealer in the United States Treasury security market.

6. Charles Schwab (Industry: Capital Markets):

They are headquartered in San Francisco, California. They focus on investing, banking, trading, and wealth management. They provide an electronic trading platform for cash management services, margin lending, stocks and other financial assets, and registered investment advisers services.

They operate over 300 branches in 46 states in both London and Puerto Rico.

5. Citigroup (Industry: Diversified Banks):

Citigroup Inc. is a multinational investment bank and financial service provider company. They have their headquarters in New York City. The company was formed in the year 1812. They operate in over 160 countries with approximately 210,000 employees.

They operate in global markets with treasury and trade solutions, markets and security services, corporate and investment banking, and capital origination. They also deal in retail banking through Citibank, retail services, commercial banking, and mortgages.

4. Morgan Stanley (Industry: Capital Markets):

Morgan Stanley is a financial service and investment bank. It was established in the year 1935. New York City houses the headquarters of Morgan Stanley.
It is a multinational company with branches in 42 countries with over 60,000 employees.

Their customer base includes individuals, corporations, governments, and institutions. They focus mainly on wealth management, investment management, and institutional securities.

3. Wells Fargo (Industry: Diversified Banks):

Wells Fargo is a multinational company that was founded in the year 1852. They are present in over 35 countries with their headquarters in San Francisco, California and incorporated in Delaware.

They focus mainly on retirement, brokerage, community banking, wholesale banking, and wealth. Wells Fargo Bank has over 8,000 branches and 13,000 ATMs.

2. Bank of America (Industry: Diversified Banks):

The Bank of America is a leader in consumer banking. They have over 4,600 branches and 15,900 ATMs all over the country. It was established in the year 1784 with its headquarters in Charlotte, North Carolina.

They focus mainly on wealth management, corporate and investment banking, and investment management.

1. JPMorgan Chase (Industry: Diversified Banks):

It was founded in the year 1799. It is one of the world’s largest universal banks operating all over the world. It is headquartered in New York City

It is involved in retail and commercial as well as private banking, treasury services, private wealth management, asset management, and investment banking.

What do you think?

Written by Gustavo Franko

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