Over the past 35 years, there has been a tendency in the United States toward bank consolidation. In actuality, the Federal Deposit Insurance Corporation insured 14,427 banks in 1985. (FDIC). However, there were just 4,718 in 2018. In the meanwhile, there are now 78,014 branches instead of the previous 43,790. On the one hand, less competition, which is harmful for consumers, results from fewer banks. However, major banks may pass through cheaper expenses to their clients since they have lesser overhead. Additionally, you may create an online account with a major bank from anywhere in the world. According to the amount of assets they possess, the top 10 banks in the United States are listed below.
JPMorgan-Chase is at the top of the list with $3.19 trillion in assets. It is now both one of the biggest banks in the world and the biggest bank in the nation. The corporation was formed in 2000 as a consequence of the merger of Chase Manhattan Corporation and J.P. Morgan & Company. Although the bank offers retail and commercial banking services under the name Chase, J.P. Morgan is utilized for investment banking and private wealth management.
The corporation and the original J.P. Morgan Bank were both founded by the 19th-century financial tycoon John Pierpont Morgan. Aaron Burr, a famed duelist and early American statesman, was one of the minds behind Chase Manhattan. CEO Jamie Dimon now oversees the bank.