Top 10 Biggest US Banks by Assets at The start of 2023

UPDATE: 01 April 2024. The list of the top 10 US banks can be found here.

​At the start of 2023, the top 5 US banks by balance sheet were: JPMorgan Chase ($3.21tn), Bank of America ($2.41tn), Citigroup ($1.714tn), Wells Fargo & Co ($1.712tn) and U.S. Bancorp ($591bn).

• JPMorgan Chase is the top largest bank in the US, with a balance sheet total of $3.31 trillion.
• Insider Intelligence broke down the top 10 banks in the US by assets, with key insights as to how they got there, where they plan to go in the future, and how smaller banks can compete in the industry. 

The Federal Reserve has rolled out a list of top US banks by assets as at 31 December 2022. For decades, banks have been merging, partnering, and expanding—so much so that the top four banks accounted for 50% of all US banking assets last year.

In addition to having more than a trillion dollars in consolidated domestic assets, JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo increased their tech spending to meet the growing demand for efficient mobile banking apps and compete with neobanks and other fintechs.

The incumbents’ shift towards digital strategy gave them an edge among customers—from traditional to early adopters—regardless of their level of comfort with technology. This demonstrates that digital payment options are no longer complementary, but crucial in today’s mobile-first world. 
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These are the top 10 banks in the US by assets, with key insights as to how they got there, where they plan to go in the future, and how smaller banks can stand out in a competitive industry. 

At the start of 2023, the 10 largest banks in the USA are:

1. ​JPMorgan Chase – $3.31 Trillion
2. Bank of America – $2.41 Trillion
3. Citigroup – $1.714 Trillion
4. Wells Fargo & Co. – $1.712 Trillion
5. U.S. Bancorp – $591.21 Billion
6. PNC Financial Services – $553.39 Billion
7. Truist Financial Corporation – $534.19 Billion
8. Goldman Sachs – $513.91 Billion
9. TD Bank – $394.33 Billion
10. Capital One – $391.81 Billion

​Source: ​https://www.emarketer.com/insights/largest-banks-us-list/​

Posted by Peter Oakes (www.peteroakes.com / Twitter @oakeslaw @US_Fintech @FintechUK_HQ @FintechIreland)
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