JPMorgan Chase is , according to the latest release from The Federal Reserve Board.

Here is the full list of the top 10 banks in the US, ranked by assets as of September 30, 2024.

1. JPMorgan Chase Bank — $3.58 trillion

New York, NY-based JPMorgan Chase is the largest US bank with total assets of $3.58 trillion. Domestic assets of $2.67 trillion account for 74% of its total assets. The bank operates 4,911 domestic branches and 32 foreign branches.

2. Bank of America NA — $2.57 trillion

Bank of America is based in Charlotte, NC, and ranks second with total assets of $2.57 trillion. The bank’s domestic assets are $2.42 trillion, making up 94% of its total assets. It operates 3,704 domestic branches and 23 foreign branches.

3. Citibank — $1.73 trillion

Sioux Falls, SD-based Citibank holds the third position with total assets of $1.73 trillion. Its domestic assets are $1.07 trillion, comprising 62% of its total assets. The bank operates 648 domestic branches and 112 foreign branches.

4. Wells Fargo Bank NA — $1.70 trillion

Wells Fargo Bank, based in Sioux Falls, SD, has total assets of $1.70 trillion, placing it fourth. The bank’s domestic assets total $1.68 trillion, accounting for 99% of its total assets. Wells Fargo operates 4,243 domestic branches and 10 foreign branches.

5. U.S. Bank — $670.0 billion

With assets of $670.0 billion, Minneapolis, MN-based U.S. Bank NA is the fifth largest bank in the U.S. It serves customers through 2,226 domestic branches and a single foreign branch.

6. Goldman Sachs Bank — $564.4 billion

New York-based Goldman Sachs Bank has total assets of $564.4 billion, making it the sixth largest bank. It holds $490.9 billion in domestic assets, representing 87% of its total assets, and operates two domestic and two foreign branches.

7. PNC Bank — $559.7 billion

Pittsburgh, PA-based PNC Bank ranks seventh with total assets of $559.7 billion. The bank’s domestic assets are $555.6 billion, accounting for 99% of its total assets. It operates 2,323 domestic branches and 1 foreign branch.

8. Truist Bank — $515.2 billion

Truist, Charlotte, NC-based bank, holds the eighth position with total assets of $515.2 billion. The bank’s domestic assets total $515.2 billion, accounting for almost all of its total assets. Truist operates entirely within the US with 1,930 domestic branches.

9. Capital One — $483.9 billion

Headquartered in McLean, VA, Capital One has total assets of $483.9 billion, ranking ninth. The bank’s domestic assets are $483.4 billion, almost all of its total assets. Capital One operates 256 domestic branches and one foreign branch.

10. TD Bank — $399.9 billion

Cherry Hill, NJ-based TD Bank rounds out the list with total assets of $399.9 billion, all of which are domestic. It serves customers through 1,132 US branches.

2025 trends affecting US banks

With high interest rates and stubborn inflation gains affecting US consumers, the banking industry is facing several hurdles to building lasting relationships with customers. Here are some recent trends covered in ĢAV reports.

  • Preparing for Gen Alpha: This young demographic is on track to become the largest generation. Banks must to convert them into customers later.
  • Gen Z is in denial about finances: Gen Z’s financial aspirations and spending habits aren’t in line with their economic reality. and plan for the future with engaging financial education—boosting Gen Z customer lifetime value in the process.
  • Banking chatbots are getting an AI boost: Chatbots are critical to customer relationships in banking, but customers still don’t like chatbots as much as banks do. .
  • AI compliance challenges: Banks are increasingly adopting AI for high-stakes operations like loan approvals, which is exposing them to more third-party risk. Banks must ensure their AI is explainable and compliant to stay ahead of regulation and avoid potential discrimination issues.
  • Banking as a Service (BaaS) regulatory scrutiny: Banks are striving to maintain BaaS income while facing increased regulatory crackdowns. They’re shifting towards direct relationships with fintechs, but need to address fundamental issues in compliance, oversight, and cybersecurity to truly mitigate risks.
  • Financial Media Networks (FMNs) as new revenue streams: and tap into the growing digital ad spend market. This trend offers new advertising revenue opportunities but requires careful navigation of privacy concerns and regulatory scrutiny.

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