The top 10 Us Banks by consolidated assets at start of 2024 AND top 10 US Fintechs by value April 2024

Last year we published the list of the top 10 US banks by consolidated assets at the end of 2022 / start of 2023. Find the blog here.

It is interesting what a difference a year makes.  While the top 10 is constituted by the same banks, TD Bank was dethroned from the Number 9 position by Capital One.

​The top 10 US Banks by consolidated assets at the end of 2023 / start of 2024 according to US Federal Reserve data are:

1. JPMorgan Chase (2024 $3.39tn v 2023 $3.21tn),
2. Bank of America (2024 $2.44tn v 2023 $2.41tn),
3. Citigroup (2024 $1.73tn v 2023 $1.714tn),
4. Wells Fargo & Co (2024 $1.68tn v 2023 $1.712tn) 
5. U.S. Bancorp (2024 $651bn v 2023 $591bn)
6. PNC Financial Services (2024 $557bn v 2023 $553bn)
7. Truist Financial Corporation (2024 $528bn  v 2023 $534bn)
8. Goldman Sachs (2024 $521bn v 2023 $514bn)
9. Capital One (2024 $476bn v 2023 $392bn)
10. TD Bank (2024 $367bn v 2023 $394bn)

The top 10 #USfintech by market cap / estimated value (as of today - 02 April 2024) are:

1. Visa Inc - $560.6bn
2. Mastercard Incorporated - $447.6bn
3. Intuit Inc - $175.7bn
4. American Express Company - $163.2bn
5. Fiserv Inc - $93.5bn
6. PayPal Holdings Inc - $69.5bn
7. Stripe Inc - $65bn
8. Coinbase Global Inc - $59.6bn
9. Block Inc - $48.7bn
10. Chime - $25bn

One thought - With the top 5 US Banks being 4 times larger than the next 5 and those 2nd tier 5 banks having total assets 1.4 times greater than the market capitalisation / estimated value of the top 10 US fintech companies:

"How can small(er) incumbent banks compete with both these existing giants and the continual onslaught of neobanks, challenger banks and non-banks offering banking services"? 

My tally of US banks is 2,140 banks (i.e. insured US-Chartered Commercial Banks with consolidated assets of $300mn or more).

Source: ​(1) Peter Oakes and (2) https://www.federalreserve.gov/releases/lbr/current/default.htm​

Posted by Peter Oakes (www.peteroakes.com / Twitter @oakeslaw @US_Fintech @FintechUK_HQ @FintechIreland)
#FintechUS #USFintech
See also www.UKFintech.com www.FintechIreland.com