The “big four banks” in the United States are JPMorgan Chase, Bank of America, Wells Fargo, and Citibank. These banks are not only the largest in the United States, but also rank among the top banks worldwide by market capitalization, with JPMorgan Chase being the most valuable bank in the world.
As the largest bank in the United States, JPMorgan Chase had total assets worth around 3.4 trillion U.S. dollars in 2023. Despite being the bank with the highest market capitalization in the world, the bank ranked only fifth in terms of total assets worldwide, while the top four positions were all held by Chinese banks.
Stability in the banking sector in the United States
All the big four banks in the United States had a common equity tier 1 (CET1) capital ratio well above the required 4.5 percent in the second quarter of 2023. JPMorgan Chase had a CET1 ratio of 13.82 percent, while the highest CET1 ratio among banks in the United States during this period was 17 percent, which was reported by TD Bank, the tenth-largest bank in the United States in 2023.
Bank Of America total assets for 2023 were $3180.151B, a 4.22% increase from 2022. Bank Of America total assets for 2022 were $3051.375B, a 3.73% decline from 2021.
JPMorgan Chase, the financial institution that owns Chase Bank, topped our experts' list because it's designated as the world's most systemically important bank on the 2023 G-SIB list. This designation means it has the highest loss absorbency requirements of any bank, providing more protection against financial crisis.
What is the No. 1 bank in America? J.P. Morgan Chase is the number one bank in America in terms of total assets held, according to the Federal Reserve.
There are 5 bank failures in 2023. See detailed descriptions below. For more bank failure information on a specific year, select a date from the drop down menu to the right or select a month within the graph.
Buffett invested $5 billion in Bank of America convertible preferred in 2011, which converted into 700 million common shares of Bank of America at $7.14, said Kass.
The typical American has $1,200 in their savings account -- that's the median savings account balance among Americans surveyed by The Motley Fool Ascent in July 2023. The average savings account balance among Americans surveyed is $25,898.
Forty-seven banks fell in the ranking, while 29 rose and 24 maintained their places. Industrial and Commercial Bank of China Ltd., with assets of $6.303 trillion, retained its place as the world's biggest bank as the Chinese megabanks occupied the top four positions.
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