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What are the largest banks in the United States?
What are the largest banks in the United States?
JP Morgan Chase and Bank of America combined account for 30% of the assets on this visual.
JPMorgan Chase is the largest bank in the United States, and the largest bank in the world, with around $3.7 trillion in assets. In 2000, JP Morgan merged with Chase Manhattan. JP Morgan Chase became the largest US bank after its acquisition of failed regional First Republic. JP Morgan has an aggressive approach to acquisitions as it seeks to stay one step ahead of Apple. Apple is moving into financial services with Apple Pay, Apple Card, and an Apple savings account.
Bank of America acquired Merrill Lynch during the 2008 financial crisis which significantly expanded its wealth management and investment banking operations. The 2008 financial crisis was very hard on Bank of America. At one point shares were as low as $2.53 in 2008.
Citi merged with Travelers Group in 1998 and acquired Banamex in Mexico in 2001.
Works Cited:
https://www.forbes.com/sites/emilymason/2023/06/08/the-worlds-largest-banks-2023-jpmorgan-chase-takes-top-spot-overall-as-five-banks-crack-top-ten-of-forbes-global-2000/?sh=5c1d801e7d0a
https://www.visualcapitalist.com/100-largest-us-banks-2023/
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