Graph and download economic data for Percentage of Foreign Banks Among Total Banks for United States (DDOI13USA156NWDB) from 1995 to 2013 about foreign, percent, banks, depository institutions, and USA.

As of March 2024, JPMorgan Chase Bank was the largest bank in the United States by the number of branches, with 5,110 branches nationwide. It was followed by Wells Fargo Bank, which operated 4,349 branches, and Bank of America, with 3,975 branches. For context, Wells Fargo had approximately three times the number of branches as Lloyds Bank, the leading British bank by branch count. Is the U.S. banking sector stable? The stability of the U.S. banking sector has improved steadily since the aftermath of the 2008 financial crisis. The share of non-performing loans held by U.S. banks has consistently decreased over time. As of the first quarter of 2024, all four of the largest U.S. banks—Wells Fargo, JPMorgan Chase, Bank of America, and Citigroup—maintained a Common Equity Tier 1 (CET1) capital ratio well above the Basel-III minimum requirement of 4.5 percent. The CET1 capital ratio, which measures a bank’s core capital against its risk-weighted assets, is a key indicator of a bank's financial strength and resilience. Digital banking in the U.S. With the rise of digital services, many traditional banking functions can now be performed online, reducing the need for a physical presence. Since 2009, the number of bank branches in the United States has steadily declined as consumers increasingly rely on digital banking solutions. This trend accelerated during the COVID-19 pandemic, with more Americans turning to online banking for convenience and cost-effectiveness.

Graph and download economic data for Commercial Banks in the U.S. (DISCONTINUED) (USNUM) from Q1 1984 to Q3 2020 about commercial, banks, depository institutions, and USA.

As of March 31, 2024, JPMorgan Chase led the U.S. banking sector with approximately 11.7 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.

Graph and download economic data for Deposits, All Commercial Banks (DPSACBM027NBOG) from Jan 1973 to Feb 2025 about deposits, banks, depository institutions, and USA.

As of January 14, 2025, the market capitalization of JPMorgan Chase amounted to 688.68 billion U.S. dollars, making it the largest bank in the United States. By this measure, the second-largest bank was Bank of America, followed by Wells Fargo. JPMorgan Chase and Bank of America were also the two largest banks in the world by market capitalization. What is market capitalization? Market capitalization, or stock market value, is the total value of shares issued by a publicly traded company. It reflects the equity value of a company. Market cap is calculated by multiplying the market price of one share by the number of shares outstanding. For example, the market cap of Bank of America can be calculated by multiplying its share price by the number of shares it has issued. Other measures of company size Total assets also allow to determine the size of a bank. Instead of focusing on the stock price, this metric measures the size of the bank’s operations by counting the size of its balance sheet. Bank revenue and income are also common indicators used to compare banks and their performance.

In 2023, the Federal Reserve System stood as the world's largest central bank, with total assets surpassing 7.7 trillion U.S. dollars. Comprising 12 Federal Reserve Banks, the system's largest component, the Federal Reserve Bank of New York, held a significantly higher asset value than its counterparts. The People's Bank of China secured the second position globally, managing assets valued at approximately 6.4 trillion U.S. dollars. Following closely, the Bank of Japan ranked third with assets totaling 5.32 trillion U.S. dollars on its balance sheet.

United States Federal Securities: PD: Federal Reserve Banks: Public Issues data was reported at 2,697.860 USD bn in Sep 2018. This records a decrease from the previous number of 2,702.008 USD bn for Aug 2018. United States Federal Securities: PD: Federal Reserve Banks: Public Issues data is updated monthly, averaging 737.557 USD bn from Jan 1996 (Median) to Sep 2018, with 273 observations. The data reached an all-time high of 2,867.555 USD bn in Sep 2017 and a record low of 376.519 USD bn in Feb 1996. United States Federal Securities: PD: Federal Reserve Banks: Public Issues data remains active status in CEIC and is reported by Bureau of the Fiscal Service. The data is categorized under Global Database’s United States – Table US.Z051: Ownership of Federal Securities.

The number of FDIC-insured commercial banks in the United States increased for the first time during the observed period in 2023. At the end of 2023, there were 4,470 FDIC-insured commercial banks in the country, up from 4,136 a year earlier. The FDIC, Federal Deposit Insurance Corporation, is an agency that insures the banking system in the U.S. Between 2000 and 2023, the number of FDIC-insured commercial banks decreased sharply. Despite the dropping number of banks, the number of employees in the banking industry increased in the last two decades. Why do banks need insurance? The number of banks is shrinking, but the value of deposits in these banks is growing, amounting to trillions of U.S. dollars. The primary function of the FDIC is to insure these deposits up to 250,000 U.S. dollars. Under stable economic conditions, this task can be performed without particular difficulties. However, during economic uncertainties and recessions, it can be challenging. During the Global Financial Crisis, hundreds of FDIC-insured banks declared insolvency. Account holders were then eligible for compensation for the portion of their accounts that the FDIC insured. Financial figures of the FDIC-insured banks Except in times of deep recession, U.S. banks have a positive net operating income. It amounted to over 315 billion U.S. dollars in 2023. The value of funds borrowed by the U.S. FDIC-insured banks reached 1.4 trillion U.S. dollars that year.

The number of FDIC-insured commercial bank branches increased in 2023 for the first time since 2012. At the end of the year, there were 69,996 branches in the country, up from 69,905 a year earlier. After a period of growth from 2000 to 2008, the number of bank branches has been slowly diminishing. In 2023, JPMorgan Chase led the ranking of banks with the highest number of branches. What does the FDIC do? The FDIC (Federal Deposit Insurance Corporation) is an agency created by the United States Congress that guarantees the deposits in commercial banks up to 250,000 U.S. dollars. This protects depositors if the bank becomes insolvent. It also enables banks to issue more loans, since depositors may prefer banks that are insured by the FDIC. Trends in the banking industry While the number of branches has stayed relatively stable, the number of FDIC-insured commercial banks has declined in recent years. As younger generations become more accustomed to online and digital banking, the need for bank branches may also wane.

Graph and download economic data for Federal Debt Held by Federal Reserve Banks as Percent of Gross Domestic Product (HBFRGDQ188S) from Q1 1970 to Q4 2024 about debt, federal, banks, depository institutions, GDP, and USA.

In the first half of 2024, JPMorgan Chase led the largest U.S. banks in terms of return on equity (ROE), reporting an impressive 15.79 percent. Fifth Third Bank secured the second position with a ROE of 11.66 percent. Citizens Bank and Wells Fargo followed in the ranking, with a ROE of 10.07 percent and 9.62 percent, respectively.

As of 2024, the Banxico of Mexico was the second-largest central bank in Latin America managing assets in excess of 200 billion U.S. dollars. The largest bank in the region was the Banco Central do Brasil or BCBr having over 350 billion U.S. dollars in assets. The remaining 23 banks in the region managed a 103 billion U.S. dollars in assets combined.

In 2023, JPMorgan Chase was the commercial bank with the highest revenue in the United States, with a total revenue of over 158 billion U.S. dollars. Bank of America and Wells Fargo followed, with 95.6 and 82.6 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.

United States JP: Percentage of Foreign-Ownership data was reported at 0.000 % in Dec 2019. This stayed constant from the previous number of 0.000 % for Sep 2019. United States JP: Percentage of Foreign-Ownership data is updated quarterly, averaging 0.000 % from Mar 2001 (Median) to Dec 2019, with 76 observations. The data reached an all-time high of 0.000 % in Dec 2019 and a record low of 0.000 % in Dec 2019. United States JP: Percentage of Foreign-Ownership data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s United States – Table US.KB006: Commercial Banks: Consolidated Assets.

All five largest U.S. banks saw their returns on equity increase in the first half of 2024, with JPMorgan Chase leading the way with an exceptional 21.32 percent of ROE in the second quarter. It was followed by U.S. Bancorp and Wells Fargo, both with ROEs above 11 percent.

JPMorgan Chase was the largest U.S. employer in the banking sector as of December 31, 2023. The bank had over 220,000 employees at the end of the year. Wells Fargo ranked second, with close to 200,000 employees. In 2023, JPMorgan Chase was also the largest U.S. bank in terms of number of branches, which may explain their high employee number. Employment in the U.S. banking sector The number of employees of FDIC-insured banks in the United States fluctuated during the last decade, from around 1.96 million in 2012, down to 1.91 million in 2014, and up to around two million in 2023. There is no clear downward trend in bank employment in the United States, despite the decreasing number of bank branches in the last several years. The largest banks The big four in the U.S. banking industry are JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup. The largest, JPMorgan Chase, is not only the leading bank in the United States in terms of market capitalization, but also the leading bank in the world. The bank had a market capitalization of around 492 billion U.S. dollars as of 2023.

Graph and download economic data for Commercial Banks in the U.S. with average assets under $100M (DISCONTINUED) (US100NUM) from Q1 1984 to Q3 2020 about commercial, assets, banks, depository institutions, and USA.

Graph and download economic data for Total Assets, All Commercial Banks (TLAACBW027SBOG) from 1973-01-03 to 2025-03-12 about assets, banks, depository institutions, and USA.

The return on equity (ROE) of U.S. banks has shown remarkable resilience, bouncing back to 11.14 percent in the second quarter of 2024 after experiencing significant fluctuations over the past two decades. This recent uptick represents a substantial recovery from the sharp decline during the financial crisis of 2007-2008 and the more recent setbacks caused by the COVID-19 pandemic.