The Top 10 US Banks by Assets (March 2023)

The recent crisis at Silicon Valley Bank (SVB), one of the largest banks in the US by asset size, has sent shockwaves through the tech industry and may have many business owners and high-net-worth individuals rethinking their banking options. As anxiety over the bank’s situation spread, depositors rushed to withdraw their money, resulting in the largest failure of a financial institution since the height of the financial crisis. With smaller banks potentially facing an uphill battle to gain trust and stability, many may be looking to larger banks for security. In this article, we’ll take a closer look at the top 10 banks in the US by assets, their digital strategies, future growth plans, and how smaller banks can stand out in a competitive industry.

If you are looking for a list of the top 1,000 banks by consolidated or domestic assets, click here. We will start by looking at the top 10 US banks by assets, which represent 72% of the total consolidated assets ($21,696,591 billion) and around 79% of the total domestic consolidated assets ($19,826,428 billion).

Top 10 US banks by assets

The Federal Reserve has recently released its list of top US banks by assets, with JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo making up the top four, accounting for 50% of all US banking assets in 2022. These financial service giants have been merging, partnering, and expanding for decades, with digital strategy being a major focus in recent years to compete with neobanks and other fintechs. Here is a bank per bank review of the top 10 banks in the US by assets, along with key insights into how they got there, where they plan to go in the future, and how smaller banks can stand out in a competitive industry.

JPMorgan Chase – $3.31 Trillion

JPMorgan Chase has been targeting digitally-savvy consumers by introducing artificial intelligence (AI) to its offerings, outperforming its competitors. With the biggest tech budget of all banks in 2019 at $11.4 billion, JPMorgan is investing heavily in banking technology, with a key focus on identifying use cases to implement AI techniques.

Bank of America – $2.41 Trillion

Bank of America has been cutting costs and appealing to young users by adapting strategies for the digital age. Its digitized branches accumulated half the traffic of nearby branches only five months after launching in 2017, and its digital-only services have re-defined what the company offers its customers. Bank of America’s voice-enabled assistant, Erica, has surpassed 15 million users, and the bank has launched a new business-to-consumer payout solution, a new credit card for business travelers, and a new credit card tied to a cash rewards program.

Citigroup – $1.714 Trillion

For four years in a row, Citibank has been named the “Best Bank for High-Net-Worth Families” by Kiplinger’s Personal Finance. Citigroup took the top spot for digital money management tools, as rated by consumers. Citibank’s future growth plans include ensuring “that every product we deliver at Citi is digital first,” according to Michael Naggar, chief digital officer of Citibank’s US consumer bank.

Wells Fargo & Co. – $1.712 Trillion

Wells Fargo is targeting millennials through mobile financial services, with its mobile service Pay with Wells Fargo and its app Greenhouse. The company has optimized its business to focus on sectors with strong revenue-generating potential, like credit cards, and has released a new suite of Visa credit cards. Joining the contactless payment market has also bolstered Wells Fargo’s position as a leading bank.

U.S. Bancorp – $591.21 Billion

U.S. Bancorp has been committed to competing with tech giants making their way into the banking industry, planning to partner with fintechs to maintain competitive banking technology.

PNC Financial Services – $553.39 Billion

PNC Bank has specialized customer perks and original products and services, including mobile payment options to corporate clients who hold Visa commercial cards and piloted credit cards with periodically refreshing card verification values. PNC has rolled out hybrid branches called solution centers that house self-serve tools while in-person staff assist with more complex needs.

Truist Financial Corporation – $534.19 Billion

Truist is the bank formed by Branch Banking and Trust Company (BB&T) and SunTrust at the end of 2019. Now operating over 2,000 branches in 15 states and Washington, D.C., the combined bank offers consumer and commercial banking, asset management, securities brokerage, mortgage, and insurance products and financial services.

Goldman Sachs – $513.91 Billion

Goldman Sachs is a well-known global investment
banking, management, and securities firm that has recently made its way into the top 10 banks in the US. While its investment banking arm experienced a hit in Q3 of 2022, Goldman Sachs saw its consumer and wealth management revenue increase 18% YoY due to credit card balances and higher interest rates. The firm has also announced a full overhaul of its products and services to mitigate its losses in other areas.

TD Bank – $394.33 Billion

TD Bank has become one of the largest banks in the US due to its integration of artificial intelligence and utilization of digital technology. TD Bank has partnered with KAI Consumer Banking to launch Clari, an AI-powered chatbot in Canada, and has teamed up with fintech provider Amount to leverage its suite of digital lending tools, including fraud detection and account verification.

Capital One – $391.81 Billion

Capital One has made the list of top US banks, likely due to its ongoing commitment to digital transformation. Capital One increased its technology staff from 2,500 in 2011 to 9,000 in 2019, helping launch Eno, its AI-powered chatbot, similar to Bank of America’s Erica. Despite its major data breach in mid-2019, the bank also came first on our Banking Digital Trust Report, where it was the frontrunner on all six pillars of trust: security, privacy, reputation, reliability, ease of use, and feature breadth. Capital One also acquired fintech United Income in 2019, a digital platform that offers wealth management services for people transitioning into retirement.

Top 1000 U.S. banks by assets

What can smaller banks do?

In an industry dominated by large financial institutions, smaller banks can still compete by focusing on customer service, personalization, and innovation. Community banks can leverage their knowledge of the local market and strong relationships with customers to provide tailored solutions that address specific needs. By building a reputation for excellent customer service and personalized attention, smaller banks can differentiate themselves from larger competitors.

Regional banks can expand their offerings by partnering with fintech companies or investing in new technology. They can also create their own innovative products and services to attract customers. By providing unique and specialized financial solutions, regional banks can build a loyal customer base that values the bank’s expertise and commitment to delivering tailored solutions.

In addition, smaller banks can take advantage of their agility and flexibility to respond quickly to changing customer demands and emerging trends in the industry. This means that they can innovate and adapt faster than larger competitors, who are often bogged down by bureaucracy and legacy systems. By fostering a culture of innovation and agility, smaller banks can position themselves as nimble and responsive players in the industry.