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Top banks in US

United States is one of the most financially developed nations in the world. The banking industry in the U.S. is also quite developed and well regulated. Top banks in US make a significant contribution to the entire economy of the country.

Banking Industry in the United States

Banking industry in the United States is one of the major industries that underpin the economic development of the country. All the banks in the United States are governed by the Federal Reserve System. Banks in the U.S. offer both lending and deposit services comprising credit cards, checking account, savings account, certificate of deposit and money market account. These banks also offer value-added services like debit cards, ATM cards, Bill payment, Electronic Benefit Transfer (EBT), ACH (Automated Clearing House) and wire transfer to satisfy the customers and enhance their reach. There are various bank charters that the banks in the U.S. follow such as Federal Savings Bank, Credit Union, National Bank and Federal Savings Association charters.

There are many commercial banks offering a wide array of products and services in the United States. As of August 22, 2008, the number of FDIC (Federal Deposit Insurance Corporation) backed commercial banks in the country is 8,430.

Top banks in US

Given below is a list of the top banks in the United States:

  1. Bank of America Corporation - Charlotte, N.C.
  2. J. P. Morgan Chase & Company - New York City, NY
  3. Citigroup New York, N.Y
  4. Wachovia Corporation - Charlotte, N.C.
  5. Wells Fargo & Company - San Francisco, CA
  6. U.S. Bancorp - Minneapolis, Minnesota
  7. Suntrust Banks, Inc. - Atlanta, GA
  8. HSBC North America Inc. - New York, NY
  9. Keybank - Cleveland, Ohio
  10. State Street Corporation - Boston, MA

Bank of America Corporation - Charlotte, N.C.

Headquartered in Charlotte, North Carolina, Bank of America Corporation is the biggest bank holding company in the country. The bank was incorporated in 1904. Bank of America offers a host of services. It acquired Merrill Lynch to take the position of the top wealth manager in the world.

J. P. Morgan Chase & Company New York City, NY

J. P. Morgan Chase & Company is a leading financial services provider in the U.S. The bank offers a range of products and services that include investment banking, retail financial services, commercial banking, card services, asset management, treasury and securities services and corporate services.

Citigroup - New York, N.Y

Citigroup is one of the top banking and financial services groups in the world. Headquartered in New York, it ranks among the biggest bank holding companies across the globe. Citigroup is mostly famous for credit cards. However, it also offers a suite of loans, bank accounts, insurance and investment products.

Wachovia Corporation - Charlotte, N.C.

Wachovia Corporation is headquartered in Charlotte, North Carolina. It functions as a wholly owned subsidiary of Wells Fargo, a global financial giant. When it worked independently, it ranked as the 4th biggest bank holding company in the U.S. in terms of asset value. Wells Fargo acquired Wachovia in 2008. It offered services like asset management, retail banking, wealth management and corporate banking services.

Wells Fargo & Company San Francisco, CA

Wells Fargo & Company is a financial services conglomerate with diversified financial products and services. It is one of the biggest banks in the U.S. in terms of asset value and market capitalization. The wide range of services provided by Wells Fargo & Company consists of community banking, consumer finance and wholesale banking.

U.S. Bancorp - Minneapolis, Minnesota

U.S. Bancorp is based in Minneapolis, Minnesota. In terms of deposits and asset value, it is one of the biggest banks in the U.S. The bank offers a host of financial and insurance services including payment services, wholesale banking, consumer banking and wealth management & securities services.

SunTrust Banks, Inc. - Atlanta, GA

SunTrust Banks, Inc. is a bank holding company based in Atlanta, Georgia. The bank has around 1,700 branches in the southern part of U.S. Products and services offered by SunTrust Banks, Inc. include commercial banking, retail banking, mortgage banking, trust services, mutual funds, credit cards, insurance and wealth management.

HSBC North America Inc. New York, NY

HSBC North America Inc., also known as HSBC Bank USA, N.A., is an international financial services provider. Headquartered in New York City, the bank offers a range of personal banking, business banking, insurance and investment services. It is a member of the FDIC. It acquired banks like Republic National Bank of New York and Household Finance Corporation (HFC).

Keybank - Cleveland, Ohio

KeyBank is headquartered in Cleveland, Ohio. In terms of deposits and total assets, it is a major bank in the U.S.

State Street Corporation - Boston, MA

Based in Boston, Massachusetts, State Street Corporation is one of the best holding companies in America with a variety of investment management, investment servicing, investment research and trading activities. It was established in 1792 and has a global presence.

The top banks in US are similar to pillars that are supporting the whole economy of the country.

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