When choosing a bank, it isn’t always in your best interest to choose from the largest banks in the United States for a number of reasons. The one thing you ‘may’ find lacking when a bank gets that big is a definite lack of the very same customer service that carried them to the top. This is a common complaint among consumers and why, if you are looking for a bank, the best banks in America are not always going to be the largest.
Even so, here are the five largest banks in America so that you can determine if they are right for you.
5. Goldman Sachs
As the fifth largest bank in the United States, Goldman Sachs financial group hasn’t reached the trillion mark but still has assets totaling over $894 billion USD. Why do US consumers distrust big banks? It was reported on April 11, 2016, that Goldman Sachs had finally admitted to being part of the financial crisis of 2008 when they defrauded investors. Although they have worked diligently to repair their image, the damage has been done.
4. Citigroup
Yes, everyone knows Citigroup as Citibank, and as the fourth largest bank in America, Citigroup has assets totaling approximately $1.82 trillion USD. Unless you are a corporate venture, you are probably interested in Citibank, which is the consumer end of this financial group. Citigroup offers a wide range of financial products to private, corporate, and government customers and has, as part of their mission, a wish to create the “best outcomes” for their customers. Dating back more than 150 years, this is also one of America’s oldest banks that started as City Bank of New York and has grown to be a global leader in the financial realm.
3. Wells Fargo
Wells Fargo is ranked the third largest bank in the United States with their headquarters in San Francisco, California. The third largest bank in the US has assets totaling just under $2 trillion USD. What many people may remember about this bank is the scandal in which employees created more than two-million fake bank accounts to boost the company’s rankings, it is assumed. This is one of the reasons why so many consumers shy away from the largest banks when looking for the best banks in America. Large is not always better, by any stretch of the imagination.
2. Bank of America
With their headquarters in Charlotte, North Carolina, Bank of America comes in second only to JPMorgan Chase (Chase Bank). They have assets totaling more than $2.25 trillion USD and have banks in every state within the US and off-shore territories, including the US Virgin Islands and Puerto Rico. Bank of America also has branches in at least 35 countries and prides itself on serving private consumers and small to mid-sized businesses.
1. JPMorgan Chase
JPMorgan Chase, which most people recognize as Chase Bank, is one the United States’ oldest financial institutions. With assets totaling over $2.6 trillion USD, branches in more than 60 countries and over one-quarter of a million employees, you are looking at a huge financial group. Known as a leader in the field of investment banking, this may be a good bank for anyone looking to put their hard-earned savings to work for them.
So, now you know a bit about the largest banks in the United States. Would any of these be your top choice? That is for you to decide.
