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The 15 largest banks in the United States hold a combined total of around $12.95 trillion in assets as of Dec. 31, 2023.Every so often there are changes to this exclusive club of top banks in the U.S. Larger banks trade places with one another and smaller banks drop out, replaced by faster-growing rivals. Mergers and acquisitions also might play a part in this.Or a bank failure could cause consolidation of the largest banks in the U.S., like on May 1 when JPMorgan Chase assumed all of First Republic Bank’s deposits and nearly all of its assets. First Republic was the 14th largest bank, based on consolidated assets, as of March 31, 2023.
First Republic was the second-largest bank failure since Washington Mutual in 2008, which JPMorgan Chase also acquired.
Here are the biggest banks in the U.S. by consolidated assets, according to the latest numbers from the Federal Reserve.
| RANK | BANK NAME | TOTAL ASSETS | PREVIOUS RANK |
|---|---|---|---|
| 1 | JPMorgan Chase | $3.40 trillion | 1 |
| 2 | Bank of America | $2.54 trillion | 2 |
| 3 | Wells Fargo | $1.73 trillion | 4 |
| 4 | Citigroup | $1.68 trillion | 3 |
| 5 | U.S. Bancorp | $650.7 billion | 5 |
| 6 | PNC Financial Services | $557.5 billion | 6 |
| 7 | Truist Bank | $527.5 billion | 8 |
| 8 | Goldman Sachs | $521.1 billion | 7 |
| 9 | Capital One Financial | $475.6 billion | 9 |
| 10 | TD Group US Holdings | $367.2 billion | 10 |
| 11 | Bank of New York Mellon | $332.5 billion | 11 |
| 12 | State Street | $293.2 billion | 12 |
| 13 | BMO | $265.7 billion | 13 |
| 14 | Citizens Financial | $221.8 billion | 14 |
| 15 | First Citizens Bank | $213.8 billion | 15 |
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