Top 10 Largest Banks in the United States
Here are the list of the top 10 largest banks in the United States. The U.S. banking sector’s short-term liabilities as of October 11, 2008 are 15% of the gross domestic product (GDP) of the United States or 43% of its national debt, and the average bank leverage ratio (assets divided by net worth) is 12 to 1. Bank regulation in the United States is highly fragmented compared with other G10countries, where most countries have only one bank regulator.
10. HSBC North America Inc.
HSBC North America, Inc. operates as a largest banks in the United States. The company provides personal and business banking services, as well as loans and mortgages, auto loans, cards, and insurance products. It also offers cash management, trade and supply chain, corporate trust, savings and escrow accounts, industry solutions, public banking, and online services.
9. Taunus Corporation
Taunus Corporation is the American holding company for the Frankfurt, Germany based Deutsche Bank and is located at 60 Wall Street in Lower Manhattan.
8. Barclays Group US, Inc
Barclays Group US, Inc. is a bank holding company. The largest banks in the United States was founded in 1999 and is based in Wilmington, Delaware. Barclays Group US, Inc. operates as a subsidiary of Barclays Bank PLC.
7. Metlife, Inc.
MetLife is a life insurance company that became a largest banks in the United States holding company to gain access to government funds during the financial crisis. So much of MetLife’s assets are tied to life insurance and not banking assets like checking accounts, deposits, mortgages, home equity loans, credit cards and the like.
6. Morgan Stanley
Morgan Stanley is another investment bank that switched to a bank holding company so it could access funds from the Federal Reserve during the recent credit crunch. Dating to 1935 Morgan Stanley has its world headquarters at 1585 Broadway in Midtown Manhattan, NYC.
5. Goldman Sachs Group, Inc.
Goldman Sachs was an investment bank based in NYC that changed to a bank holding company so it could borrow funds from the Federal Reserve during the recent economic crisis. Goldman is one of the largest banks in the United States.
4. Wells Fargo & Company
San Francisco-based Wells Fargo ushered in a new era of banking in 2008 when it merged with commerical banking giant Wachovia, creating the largest banks in the United States bank in terms of assets. Its main business lines are retail, commercial, and corporate banking services.
Citigroup is largest banks in the United States. Without government help Citigroup would likely have gone bankrupt during the recent financial crisis and credit crunch as it had large exposure to bad credit risks. Citigroup is a big credit card issuer in the world.
2. J. P. Morgan Chase & Company
JP Morgan Chase came out of the financial crisis in far better shape than most of its peers. This largest banks in the United States took TARP money but never really needed it and paid it back as soon as it was allowed to. JP Morgan Chase and its predecessor companies have been fixtures in New York banking and Wall Street since 1799 when the company was started by Aaron Burr.
1. Bank of America Corp.
Headquartered in Charlotte, N.C., Bank of America is one of the largest banks in the United States. More recently, BofA has been in headlines for less-than-stellar reasons: in the third quarter 2011, it announced that, to cut costs, it would be shedding 40,000 jobs over the next few years. Today, the largest banks in the United States employs more than 287,000 people and is led by CEO Brian Moynihan.