Banks are the backbone of the American economy, ensuring that money is available to individuals and capital to businesses. Present throughout the country and abroad, US banks are involved in retail banking, corporate and investment banking, wealth management, and numerous financial services.
America’s best banks are leading the financial sector and driving the economy, but they compete against each other for market share in the United States and abroad. They also face competition from foreign banks looking to expand their foothold in their home market and other financial companies, such as financial services and insurance companies, challenging them in their operations in the financial markets.
While they must mitigate systemic risks and potential financial crashes, the most important threat to banks comes from the disruption of their traditional business by financial technology startups. These new “FinTech” companies create new ways for people and companies to obtain, manage and use their money and capital which can impede the activities of traditional banks. And some of them, among the largest US startups, have already grown into “unicorns”: startups with a valuation of more than $1 billion.
However, banks are still a pillar of the US economy and will remain in this position for the foreseeable future. The US is a great trading arena for banks to thrive as they can actually use their domestic foothold to expand overseas and conquer new markets. Whether they are regional or national banks, retail or investment banks, or even diversified across all segments, banks are in the United States to stay, and potentially, conquer the rest of the world as well.
List of the 20 largest American banks by market capitalization
To give you a broader perspective on players in the American financial and banking sector, details on the twenty largest US banks in the S&P 500 index have been listed below. Each bank is detailed with presentations of its sub-sector, assets, market capitalization, a direct link to its website, logo and stock ticker.
The banks listed below are ranked by market capitalization in US Dollar terms, as of the effective close of Friday, February 7, 2020. They are defined as belonging to the sub-sectors of Regional Banks, Investment Banking & Brokerage, Consumer Finance, Wealth Management and custodial banks, or as diversified banks for companies engaged in both retail and investment banking operations.
Shortcuts for each bank
To make it easier for you to navigate this long list, here are some quick anchor links to go directly to the details of each company. Be sure to also read the Top 10 US Banks summary after the list!
20Huntington National Bank
Sub-sector: regional banks
Huntington National Bank is the principal branch of Huntington Bancshares Incorporated, a regional bank headquartered in Columbus, Ohio. Huntington National Bank operates more than 900 bank offices, primarily in the Midwestern states, and is a major provider of administrative loans to small businesses.
Website: huntington.com – Market cap: $14.118 billion – stock ticker: HBAN
Regions Financial
Sub-sector: regional banks
Regions Financial Corporation is a holding company of regional banks headquartered in Birmingham, Alabama. Through its banking subsidiary, Regions Bank, it provides retail and commercial banking services, operating more than 1,400 branches and 1,900 ATMs in the Southern and Midwestern United States. Financial Regions also offers trust services, stock brokerage and mortgages.
Website: regions.com – Market cap: $15.618 billion – stock ticker: RF
Citizens Financial Group
Sub-sector: regional banks
Citizens Financial Group, Inc. is a regional bank engaged in retail and commercial banking services through its brand, Citizens Bank. Headquartered in Providence, Rhode Island, it operates more than 1,200 branches and approximately 3,200 ATMs in the American Northeast: Connecticut, Delaware, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, South Carolina, Pennsylvania, Rhode Island and Vermont. It was previously owned by the Royal Bank of Scotland Group, one of the largest banks and corporations in the UK.
Website: citizensbank.com – Market Cap: $16.641 billion – Stock Ticker: CFG
KeyBank
Sub-sector: regional banks
KeyBank, the principal subsidiary of KeyCorp, a regional bank headquartered in Cleveland, Ohio, and involved in retail, small business, corporate and investment banking. Operates over 1,100 branches and 1,500 ATMs in 39 states: Alaska, Colorado, Connecticut, Delaware, Florida, Idaho, Illinois, Indiana, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, Ohio, Oregon, Pennsylvania, Rhode Island, Texas, Utah, Vermont, Virginia, Washington, DC and Washington.
Website: key.com – Market Cap: $19.153 billion – Stock Ticker: KEY
First Republic Bank
Sub-sector: regional banks
First Republic Bank is a regional bank and wealth management company. Operating primarily in the West and East Coasts, First Republic Bank provides private banking and banking services and offers dedicated wealth management services to high-net-worth individuals through its subsidiaries First Republic Wealth Advisors and First Republic Investment Management. In addition, he is also involved in brokerage services through First Republic Securities Company LLC and trust services through First Republic Trust Company.
Website: firstrepublic.com – Market Cap: $19.382 billion – Stock Ticker: FRC
Fifth Third Bancorp
Sub-sector: regional banks
Fifth Third Bank, the primary subsidiary of Fifth Fifth Bancorp, is a regional bank headquartered in Cincinnati, Ohio. It operates more than 1,100 branches and 2,400 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. Its name comes from the bank’s two predecessor companies, Third National Bank and Fifth National Bank, which merged in 1908.
Website: 53.com – Market Cap: $20.906 billion – Stock Ticker: FITB
M&T Bank
Sub-sector: regional banks
M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York. It operates more than 700 branches in the northeastern states: New York, New Jersey, Pennsylvania, Maryland, Delaware, Virginia, West Virginia, Washington, DC and Connecticut. Through its Wilmington Trust subsidiary, M&T Bank Corporation also provides global corporate and institutional services, private banking, investment management and trust services.
Website: mtb.com – Market Cap: $22.194 billion – Stock Ticker: MTB
State Street Corporation
Sub-industry: Wealth management and custodial banks
State Street Corporation is a financial services company and bank holding company headquartered in Boston. With origins dating back to 1792, State Street is particularly involved in wealth management and custodian banking (safeguarding the financial assets of a business or individual). It provides investment, fund accounting and management, investment management and other advisory services to corporations, mutual funds, insurance companies and other institutional investors.
Website: statestreet.com – Market Cap: $28.284 billion – Stock Ticker: STT
The Bank of New York Mellon
Sub-industry: Wealth management and custodial banks
Tracing its roots to 1784, the Bank of New York Mellon Corporation, trading as BNY Mellon, is a multinational banking and financial services holding company headquartered in New York City. BNY Mellon, the world’s largest custodian bank and wealth services firm, is primarily engaged in corporate and investment banking, global wealth management, financial analysis and private equity.
Website: bnymellon.com – Market Cap: $42.557 billion – Stock Ticker: BK
Capital One
Sub-sector: consumer credit
Capital One Financial Corporation is a financial and banking services company headquartered in McLean, Virginia. With more than 700 branches and 2,000 bank branches, consumer and commercial bank Capital One is primarily present in the northeastern and southern United States, with operations also in Canada and the United Kingdom. Particularly involved in the issuance of credit cards, Capital One is also a key provider of auto loans and savings accounts.
Website: capitalone.com – Market Cap: $46.482 billion – Stock Ticker: COF
Charles Schwab
Sub-sector: Investment Banking & Brokerage
Charles Schwab Corporation is a banking and stock brokerage firm headquartered in San Francisco, California. Focused on investing, wealth management, banking and trading, Charles Schwab offers an electronic trading platform for stocks and other financial assets, margin lending, cash management services and registered investment advisor services. It operates over 300 branches in 46 states, Puerto Rico and London.
Website: schwab.com – Market Cap: $60.773 billion – Stock Ticker: SCHW
PNC Financial Services
Sub-sector: regional banks
PNC Financial Services Group, Inc., abbreviated to PNC, is a banking holding company and financial services company headquartered in Pittsburgh, Pennsylvania. Its regional bank branch, PNC Bank, operates more than 2,400 branches and 9,000 ATMs in 19 states and the District of Columbia. PNC Financial Services also offers wealth management, wealth management, estate planning, loan servicing and information processing services.
Website: pnc.com – Market Cap: $66.401 billion – Stock Ticker: PNC
Trust Financial
Sub-sector: regional banks
Truist Financial is the result of BB&T Corporation’s acquisition of SunTrust Banks, Inc. The two banks continue to operate as two brands, with more than 2,000 branches in the United States. BB&T provides consumer and commercial banking, securities brokerage, wealth management, mortgage, and SunTrust Bank was originally more focused on deposits, loans, credit cards, and trust and investment services. Truist Financial is also engaged in corporate insurance and investment banking, capital market services, mortgage banking and wealth management through its subsidiaries.
Website: truist.com – Market Cap: $72.840 billion – Stock Ticker: TFC
Goldman Sachs
Sub-sector: Investment Banking & Brokerage
Founded in 1869, Goldman Sachs Group, Inc., is one of the world’s largest multinational investment banks headquartered in New York City. It is also engaged in financial services including investment management, securities, wealth management, preferred brokerage and securities underwriting. Goldman Sachs is a primary dealer in the US Treasury security market and, more generally, a major market maker.
Website: goldmansachs.com – Market Cap: $84.273 billion – Stock Ticker: GS
U.S. Bancorp
Sub-sector: diversified banks
Tracing its origins to 1863, United States Bancorp is a bank holding company headquartered in Minneapolis, Minnesota, and incorporated in Delaware, with more than 72,000 employees. It is the parent company of the US Bank National Association, more simply referred to as US Bank, which provides banking, investment, mortgage, trust and payment services through more than 3,000 branches and 4,800 ATMs located primarily in the Midwestern United States. US Bancorp also owns Elavon, a credit card transaction processor.
Website: usbank.com – Market Cap: $85.309 billion – Stock Ticker: USB
Morgan Stanley
Sub-sector: Investment Banking & Brokerage
Morgan Stanley is an investment bank and financial services company headquartered in New York City. Founded in 1935, Morgan Stanley has grown to become a multinational corporation with offices in over 42 countries and more than 60,000 employees. With clients including corporations, governments, institutions and individuals, Morgan Stanley operates in three main lines of business: institutional securities, wealth management and investment management.
Website: morganstanley.com – Market Cap: $87.718 billion – Stock Ticker: MS
Citigroup
Sub-sector: diversified banks
Citigroup Inc., also known as Citi, is a multinational investment bank and financial services company headquartered in New York City. Tracing its origins to 1812, Citigroup operates through multiple subsidiaries in more than 160 countries with more than 210,000 employees. It operates in global markets with capital origination, corporate and investment banking, securities markets and services, private banking and treasury and trading solutions, as well as retail banking through Citibank, branded cards, retail services, commercial banking and mortgages.
Website: citigroup.com – Market Cap: $166.359 billion – Stock Ticker: C
Wells Fargo
Sub-sector: diversified banks
Tracing its origins to 1852, Wells Fargo & Company is a multinational financial services company headquartered in San Francisco, California and incorporated in Delaware, with operations in more than 35 countries. The company is engaged in three main business sectors: community banking, wholesale and wealth banking, brokerage and retirement. Wells Fargo Bank, the primary branch of Wells Fargo, operates more than 8,000 branches and 13,000 ATMs.
Website: wellsfargo.com – Market Cap: $197.791 billion – Stock Ticker: WFC
2.Bank of America
Sub-sector: diversified banks
Bank of America Corporation, abbreviated to BofA, is a multinational investment bank and financial services company headquartered in Charlotte, North Carolina with more than 200,000 employees. Tracing its origins to 1784, Bank of America has grown into an American leader in consumer banking with more than 4,600 branches and 15,900 ATMs. Bank of America also does business in corporate and investment banking, wealth management, and investment management.
Website: bankofamerica.com – Market Cap: $305.819 billion – Stock Ticker: BAC
JPMorgan Chase
Sub-sector: diversified banks
JPMorgan Chase & Co. is a multinational investment bank and financial services company headquartered in New York City. With origins dating back to 1799, JPMorgan Chase has grown into one of the world’s largest universal banks operating around the globe. It is involved in retail and trading as well as investment banking, wealth management, private banking, private wealth management and treasury services.
