Banking The Biggest Banks in the United States A Breakdown of America's Banking Giants By Erin ONeil Erin ONeil Erin O'Neil has more than a decade of experience working as a writer, editor, content manager, and more for a variety of websites, including Wise Bread and Cumulus Media. She began her career as a financial analyst for a wealth management firm before becoming an expert writer on banking and finance. Erin graduated from Georgia State University with a bachelor's degree in English and economics. learn about our editorial policies Updated on March 4, 2021 Reviewed by Michael J Boyle Reviewed by Michael J Boyle Michael Boyle is an experienced financial professional with more than 10 years working with financial planning, derivatives, equities, fixed income, project management, and analytics. learn about our financial review board The term "big four" within the banking industry refers to the four largest banks in the United States: JPMorgan Chase & Co., Bank of America, Wells Fargo, and Citibank (Citigroup Inc.). These institutions serve the majority of personal and business account holders in the U.S. The four banks collectively hold $4.6 trillion in customer deposits, or about 45 percent of deposits in the United States. However, the nation has many other very large banks, all with total assets in the billions. These banks easily fall under the definition of “big banks,” and would presumably be considered by some as too big to fail. Become familiar with these banks so you can make better choices for your banking needs. After all, if you haven't already, you'll probably be doing business with one (or several) of the top 15 biggest banks in the future. 01 of 15 JPMorgan Chase & Co. LordRunar/Getty Images Total customer deposits: $1.56 trillion Total assets: $2.68 trillion Headquarters: New York, NY 02 of 15 Bank of America Corp. robwilson39/Getty Images Total customer deposits: $1.43 trillion Total assets: $2.43 trillion Headquarters: New York, NY 03 of 15 Wells Fargo & Co. Wolterk/Getty Images Total customer deposits: $1.32 trillion Total assets: $1.92 trillion Headquarters: San Francisco, CA 04 of 15 Citigroup Inc. Robert Alexander/Getty Images Total customer deposits: $1.07 trillion Total assets: $1.95 trillion Headquarters: New York, NY 05 of 15 Goldman Sachs Group Inc. Mario Tama/Getty Images Total customer deposits: $190 billion Total assets: $992 billion Headquarters: New York, NY 06 of 15 Morgan Stanley Richard Levine/Getty Images Total customer deposits: $190 billion Total assets: $895 billion Headquarters: New York, NY 07 of 15 U.S. Bancorp emyu/Getty Images Total customer deposits: $346 billion Total assets: $475 billion Headquarters: Minneapolis, MN 08 of 15 TD Group US Holdings LLC photobyphm/Getty Images Total customer deposits: $886 billion Total assets: $1.41 trillion Headquarters: Cherry Hill, NJ 09 of 15 PNC Financial Services Group Inc. Torresigner/Getty Images Total customer deposits: $288 billion Total assets: $410 billion Headquarters: Pittsburgh, PA 10 of 15 Bank of New York Mellon Corp. RiverNorthPhotography/Getty Images Total customer deposits: $259 billion Total assets: $381 billion Headquarters: New York, NY 11 of 15 Capital One Financial Corp. Heather Shimmin/Getty Images Total customer deposits: $262 billion Total assets: $390 billion Headquarters: McLean, VA 12 of 15 State Street Corp. violinconcertono3/Getty Images Total customer deposits: $181 billion Total assets: $245 billion Headquarters: Boston, MA 13 of 15 Branch Banking & Trust Corp. Total customer deposits ($ millions): $167 Total assets: $221.64 billion Headquarters: Winston-Salem, NC 14 of 15 SunTrust Banks Inc. Joel Carillet/Getty Images Total customer deposits ($ millions): $165 Total assets: $205.96 billion Headquarters: Atlanta, GA 15 of 15 HSBC USA Inc. whitemay/Getty Images Total customer deposits ($ millions): $119 billion Total assets: $175 billion Headquarters: New York, NY Alternatives to Big Banks Go local: if you prefer smaller institutions, there are likely several local banks and credit unions in your area. These organizations might be more community-minded, and you might also enjoy a more personal touch. Still not sure what a credit union is? Learn how they work. You might also find lower fees at some of these institutions, especially credit unions. Go online: Online banks are increasingly popular, and they can even stand on their own (without the need for a brick-and-mortar bank in some cases). They typically have competitive rates and low fees. However, there are some benefits to keeping access to a local branch. There was a time when big banks offered the best selection of products and services, but that's no longer true. Small institutions sometimes even lead the way with new technologies, and big banks make it harder to manage your money. For example, some banks charge additional fees to download your transaction history into third-party software products, and your best bet for free checking is not a big bank. Was this page helpful? Thanks for your feedback! Tell us why! Other Submit Sources The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy. Visual Capitalist. "The Making of the “Big Four” Banking Oligopoly in One Chart." JPMorgan Chase & Co. "2019 Annual Report," Page 2. Bank of America Corp. "Annual Report 2019," Pages 2, 8. Wells Fargo & Co. "2019 Annual Report," Page 23. Citigroup Inc. "2019 Annual Report." Goldman Sachs Group Inc. "Annual Report 2019," Page 199. Morgan Stanley. "2019 Annual Report," Page 23. U.S. Bancorp. "2019 Annual Report," Select "Average Balances." TD Bank Group. "Financial Results - Consolidated Financial Statements," Page 127, PNC Financial Services Group. "2019 Annual Report," Page 2. Bank of New York Mellon Corp. "Annual Report 2019," Page X. Capital One Financial Corp. "2019 Annual Report," Page 15. State Street Corp. "Annual Report to Shareholders 2019," Page 54. HSBC USA. "Annual Report Form 10-K," Page 31. Union Bank. "Personal Accounts - Fee Schedule," Page 4.