2. Bank of America
Bank of America is ranked second with consolidated assets of $2.35 trillion. One of the largest financial centers in the nation is Charlotte, North Carolina, home to its headquarters. This organization, which owns Merrill Lynch, a titan in wealth management, is really the largest wealth management firm in the world even if it is not the largest bank.
While Chase has more than 5,000 locations nationwide, Bank of America isn’t far behind.
It began as a modest organization named the Bank of Italy that provided services to immigrants in San Francisco around the turn of the 20th century. With the purchase of a share in Chinese Construction Bank, which it ultimately sold off, Bank of America briefly entered the Chinese financial market.
3. Wells Fargo
Wells Fargo is the third-largest bank in the US with $1.78 trillion in assets after merging with Norwest Corporation in 1998 and purchasing Wachovia National Bank in 2008. However, according to Statista, it has the most branches, with 5,039 total. The headquarters of the financial services provider are in San Francisco.
The oldest continually functioning bank charter in the country is held by Wells Fargo. It was initially given to the First National Bank of Philadelphia and acquired through Wachovia. After information regarding a corporate culture where workers were under pressure to open 2 million bank accounts without clients’ consent surfaced in 2016, the bank started to garner some recognition. CEO Tim Sloan resigned in 2019 following a slew of allegations involving unlawful house foreclosures and contraventions of consumer protection legislation.
With $1.69 trillion, Citibank (originally the City Bank of New York) comes in second. During the 19th century, when both banks were solely regional, Citibank was viewed as an East Coast equal to Wells Fargo since it was a pioneer of both the credit card business and automated teller machines. In 1914, when it expanded to Argentina, Citibank became the first American bank to establish a branch abroad. The bank now operates close to 1,000 branches in the United States and a few hundred elsewhere in the world.