The value of assets held at banks in the United States increased significantly between 2002 and 2023, despite a slight drop in 2022. The assets of U.S. banks amounted to approximately 31.13 trillion U.S. dollars in 2023, up from 30.36 trillion U.S. dollars a year earlier.

The total assets of U.S.-chartered commercial banks grew significantly between 1990 and 2023. In the observed period, only between 2009 and 2010 did the total assets of commercial banks decrease. As of 2023, the total assets of U.S.-chartered commercial banks amounted to approximately 19.88 trillion U.S. dollars.

In 2024, JPMorgan Chase was the commercial bank with the highest revenue in the United States, with a total revenue of over 177 billion U.S. dollars. Bank of America and Wells Fargo followed, with 101.9 and 82.3 billion U.S. dollars, respectively. These three banks were also the largest banks in terms of total assets in the United States that year. Commercial banking A commercial bank is a bank that offers financial services to private customers and companies, such as accepting deposits, checking services or loans. Commercial banks earn money through interest rates on the loans that they offer. Such rates are significantly higher than the interest rates paid to the bank customers for depositing their assets in a bank. This difference in rates is called net interest income, which is one of the leading indicators of bank performance. Commercial vs investment banks Some banks specialize only in commercial or investment banking, while some banks combine both divisions in their operations. Investment banks specialize in managing assets of their clients, underwriting securities or supervising merger and acquisition transactions.

The “big four banks” in the United States are JPMorgan Chase, Bank of America, Wells Fargo, and Citibank. These banks are not only the largest in the United States, but also rank among the top banks worldwide by market capitalization, with JPMorgan Chase being the most valuable bank in the world. Total assets of banks As the largest bank in the United States, JPMorgan Chase had total assets worth close to 3.5 trillion U.S. dollars as of December 2024. Despite being the bank with the highest market capitalization in the world, the bank ranked only fifth in terms of total assets worldwide, while the top four positions were all held by Chinese banks. Stability in the banking sector in the United States In the third quarter of 2024, all the "big four" banks in the United States maintained a common equity tier 1 (CET1) capital ratio significantly above the required minimum of 4.5 percent. JPMorgan Chase reported a CET1 ratio of 15.31 percent. Meanwhile, the highest CET1 ratio among U.S. banks during this period was 16.74 percent, achieved by TD Bank, the tenth-largest bank in the country in 2024.

Graph and download economic data for Total Assets, All Commercial Banks (TLAACBW027SBOG) from 1973-01-03 to 2025-06-11 about assets, banks, depository institutions, and USA.

United States - Total Assets, All Commercial Banks was 24219.28440 Bil. of U.S. $ in May of 2025, according to the United States Federal Reserve. Historically, United States - Total Assets, All Commercial Banks reached a record high of 24219.28440 in May of 2025 and a record low of 699.56240 in January of 1973. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Total Assets, All Commercial Banks - last updated from the United States Federal Reserve on June of 2025.

Deposit money banks'' assets to GDP (%) in United States was reported at 74.17 % in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources. United States - Deposit money banks' assets to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

Graph and download economic data for Deposits, All Commercial Banks (DPSACBW027SBOG) from 1973-01-03 to 2025-05-28 about deposits, banks, depository institutions, and USA.

As of June 2024, JPMorgan Chase led the U.S. banking sector with approximately 11.5 percent of total domestic deposits, closely followed by Bank of America at nearly 11 percent. This distribution reflects the concentrated nature of the U.S. banking industry, where, despite thousands of commercial banks operating nationwide, the market is dominated by the top four institutions. The total value of deposits held at FDIC-insured commercial banks has decreased in recent years, amounting to 17.83 trillion U.S. dollars in 2023. The U.S. banking industry The banking industry in the United States accounts for tens of trillions of U.S. dollars in assets under management. While there are thousands of commercial banks in the country, the market is dominated by the largest four of these. This is particularly true when considering functions such as private and investment banking. Other measures This ranking presents the market share of domestic assets, but other measures give a slightly different picture. For example, looking at the value of total assets shows a higher market share in the hands of the top four firms. Apart from that, the revenue of leading commercial banks can also give a better idea of banks’ financial standing.

Between 2017 and 2023, the value of customer deposits at digital banks in the U.S. grew sharply, reaching 3.28 trillion U.S. dollars in 2023. According to Statista's Financial Market Insights, the value of deposits is forecast to grow even further in the following years. By 2029, the total value of customer deposits is estimated to exceed 5.4 trillion U.S. dollars.

JPMorgan Chase was the leading bank in the United States as of December 2024, with its market share of total assets amounting to 14.31 percent. This means that the value of assets of JPMorgan Chase was equivalent to 14.31 percent of the total value of assets of all FDIC-insured institutions in the United States. Bank of America and Wells Fargo followed, with 10.71 and 7.06 percent of the total banking assets, respectively. The value of JPMorgan Chase's total assets exceeded 3.4 trillion U.S. dollars in 2024. JPMorgan Chase: an industry leader in U.S. banking JPMorgan Chase is undoubtedly one of the leading financial services companies in the United States. It does not only rank first in terms of market share of total assets, but it also has the largest market capitalization and value of total and domestic deposits. The New York-based banking giant is also among the largest banks globally. In terms of assets, JPMorgan Chased ranked fifth in 2023, with only four Chinese banks having had higher amounts of assets. Bank failures in the U.S. The failures of Silicon Valley Bank (SVB) and Signature Bank in March 2023 marked the first bank failures in the U.S. since 2021. The total assets lost in the failure of these two banks amounted to 319.4 billion U.S. dollars. In comparison, the total assets of the 371 U.S. bank failures between 2010 and 2022 amounted to 168 billion U.S. dollars. Both SVB and Signature Bank had a disproportionately low share of deposits of less than 250,000 U.S. dollars in the fourth quarter of 2022 (2.7 percent and 6.2 percent, respectively), which meant that the majority of deposits held at these banks were not secured by the FDIC.

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US Retail Banking Market Size 2025-2029

The US retail banking market size is forecast to increase by USD 92.1 billion, at a CAGR of 4.2% between 2024 and 2029.

Retail banking is undergoing significant transformation, driven by the ongoing digitalization of financial services. This trend is reflected In the increasing adoption of cloud-based retail banking solutions, which offer greater flexibility, scalability, and cost savings. However, this shift towards digital banking also presents new challenges, particularly In the area of cybersecurity. As more financial transactions move online, the risk of cyberattacks and data breaches increases. Retail banks must invest in strong cybersecurity measures to protect their customers' sensitive information and maintain trust in their brands. Another key trend is the growing use of artificial intelligence and machine learning in retail banking, which is enabling personalized customer experiences and more efficient operations. Despite these opportunities, retail banks face stiff competition from fintechs and other disruptors, requiring them to continually innovate and adapt to remain competitive.

What will be the Size of the market During the Forecast Period?

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The market is experiencing significant shifts driven by evolving consumer behaviors and emerging technologies. Domestic consumption continues to fuel demand for credit cards and loans, with credit card balances reaching an all-time high. Disposable income, however, remains a concern for some, leading to an increase in bankruptcy filings. Digital transformation is at the forefront of the industry, with tech-savvy competitors, including digital-first banks and fintechs, challenging traditional institutions. Customer expectations are higher than ever, leading to a focus on pre-approvals, funding, and a wider credit spectrum for loans. Strategic partnerships and investment in core products like cash management and digital banking are essential for staying competitive. The consumer lending niche, in particular, is seeing rapid innovation, with online banks and digital banking solutions offering convenience and ease of use.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Private sector banks
  Public sector banks
  Foreign banks
  Community development banks
  Non-banking financial companies


Service

  Saving and checking account
  Personal loan
  Mortgages
  Debit and credit cards
  Others


Channel

  Direct sales
  Distributor


Geography

  US

By Type Insights

The private sector banks segment is estimated to witness significant growth during the forecast period.

The market's private sector segment has experienced growth due to various factors, including regulatory changes and technological advancements. Regulatory reforms have created a more favourable environment for new entrants, leading to an increase In the number of private banks. Open banking and fraud exposure have influenced business models, necessitating digital transformation. Consumer preferences, particularly among millennials and Gen Z, prioritize convenience and privacy. These factors have driven the growth of private banks, making them an essential component of the US retail banking landscape.

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Market Dynamics

Our US Retail Banking Market researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in the adoption of the US Retail Banking Market?

Ongoing digital transformation in retail banking is the key driver of the market.

Retail banking is undergoing a digital transformation, with an increasing focus on providing convenient and accessible online and mobile banking experiences for consumers. This shift is driven by the growing importance of digital channels in domestic consumption and the rising use of credit cards and loans. Banks are investing heavily in digital technologies to meet changing customer expectations and compete with tech-savvy fintechs and digital-first banks. According to a consumer survey, millennials and Gen Z generations prefer digital banking solutions that offer real-time transaction tracking, personalized services, and secure payments. BNP Paribas, for instance, has invested around USD 2 billion in information and communication technology (ICT) in 2023 to streamline banking operations using AI, the cloud, and other digital technologies.
Digital banking also pre

JPMorgan Chase and Bank of America were by far the banks with the largest consumer loan portfolios in the United States in 2023. The figures for UBS and Santander only refer to their activities in the U.S. and not their international loan portfolio. Consumer loans are those provided to individuals, such as mortgages, car loans, student loans, or personal loans. JPMorgan Chase and Bank of America were also the largest U.S. banks in terms of total assets in 2023.

Graph and download economic data for Use of Financial Services: Key Indicators, Outstanding Deposits with Commercial Banks for the United States (USAFCLODCGGDPPT) from 2004 to 2023 about deposits, financial, services, banks, depository institutions, and USA.

Commercial Banks generate most of their revenue through loans to customers and businesses. Loans are set at interest rates that are influenced by different factors, including the federal funds rate (FFR), the prime rate, debtors' creditworthiness and overall macroeconomic performance. The Commercial Banking industry’s performance was mixed during the current period, which included both the postpandemic recovery and a strong economy amid high interest rates. At the onset of the period, volatile economic conditions created domestic and global dollar funding pressures, creating havoc in the Treasuries market and causing the Fed to act as a dealer of last resort by flooding the international and domestic dollar funding markets with liquidity. The Fed set interest rates to near zero in March 2020 to stimulate the economy; despite this, weak economic performance in 2020 limited demand for bank lending and investment, causing industry revenue to decline. In 2022, the Fed began increasing interest rates to curb historically high inflation. Commercial Banks benefited from the higher rates, which resulted in greater interest income for the industry and contributed to double-digit revenue growth in 2022 and 2023. However, as inflation receded, the Fed cut interest rates in 2024 and is anticipated to cut rates further in 2025 to provide a boost to the economy. Overall, industry revenue has been growing at a CAGR of 7.2% to $1,418.0 billion over the past five years, including an expected decrease of 3.7% in 2025 alone. During the outlook period, industry revenue is forecast to shrink at a CAGR of 1.3% to $1,328.5 billion through the end of 2030. Further interest rate cuts would lower interest income for the industry, hampering profit. In a lower interest rate environment, commercial banks would likely encounter rising loan demand but experience reduced investment income from fixed-income securities. In addition, the acquisition of financial technology start-ups to compete will increase as the industry continues to evolve.

The total assets of central banks worldwide increased steadily between 2002 and 2021 and dropped notably in 2022 and 2023. In 2023, the assets of central banks globally amounted to 37.5 trillion U.S. dollars, down from the peak value of 44.1 trillion U.S. dollars as of 2021.

United States - Deposits, All Commercial Banks was 2.90000 % Chg. at Annual Rate in January of 2025, according to the United States Federal Reserve. Historically, United States - Deposits, All Commercial Banks reached a record high of 48.70000 in April of 2020 and a record low of -7.20000 in April of 2023. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Deposits, All Commercial Banks - last updated from the United States Federal Reserve on June of 2025.

Cross-border deposits with BIS rep. banks in United States was reported at 3951327775000 in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. United States - Cross-border deposits with BIS rep. banks - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

JPMorgan Chase dominated the U.S. banking landscape in 2023, reporting a net income of 47.5 billion U.S. dollars, almost 20 billion more than Bank of America, which ranked second. Wells Fargo ranked third, with a net income of roughly 22 billion U.S. dollars. These three banks were also the largest banks based on total assets. The substantial lead held by JPMorgan Chase underscores its position as the financial powerhouse among American banks, reflecting its robust performance across various banking sectors. Market capitalization and global standing JPMorgan Chase's financial prowess extends beyond net income. With a market capitalization of 491.76 billion U.S. dollars as of December 31, 2023, it stood as the most valuable bank in the United States. Its massive market capitalization also made it the largest bank globally, with Bank of America following from a distance. This impressive valuation, coupled with its substantial net income, cements JPMorgan Chase's status as a financial titan. Asset base of JPMorgan Chase JPMorgan Chase's leadership is also evident in its asset base. The bank held 8.56 percent of total banking assets in the United States as of December 2023, surpassing Bank of America and Wells Fargo. This substantial market share translated to over 3.9 trillion U.S. dollars in total assets.

Key information about United States Total Deposits

• United States Total Deposits was reported at 17,922.903 USD bn in Feb 2025
• This records a decrease from the previous number of 17,948.966 USD bn for Jan 2025
• US Total Deposits data is updated monthly, averaging 3,322.933 USD bn from Jan 1973 to Feb 2025, with 626 observations
• The data reached an all-time high of 18,173.582 USD bn in Mar 2022 and a record low of 596.889 USD bn in Jan 1973
• US Total Deposits data remains active status in CEIC and is reported by CEIC Data
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Total Deposits: USD: Monthly