As of February 2014, 6,799 commercial banks in the United States were covered by the FDIC, according to the US Federal Deposit Insurance Corporation. The Federal Reserve Bank, which was established in 1913 with the passing of the Federal Reserve Act, serves as the nation’s central bank.
There are four different sorts of banks:
- Business banks.
- Bank savings.
- loans and savings.
- Unions of credit.
The outlook for the US banking system has shifted from negative to stable, according to Moody’s Investors Service (March 2021), reflecting the sector’s improving operating environment and significant buildup of reserves, which are more than enough to absorb anticipated pandemic-related net charge-offs. Additionally easing the strain on profitability will be the economy’s quickening recovery and the stability of asset risk.
The leading US banks
The top banks are listed below:
The company JP Morgan Chase
Bank JP Morgan, the largest financial organization, Chase & Co, with about 255,000 employees globally. Under the JP Morgan name, the financial institution offers services in investment banking, asset management, private banking, private wealth management, and treasury and securities. The group’s private banking and private wealth management segments engage in fiduciary action with the support of JPMorgan Chase Bank NA, the actual trustee. It offers credit card services, and Canada, retail banking, and commercial banking under the Chase brand. JPMorgan Chase & Co., with its headquarters in New York, was established in 1799.
Bank of America Corp
One of the biggest lending institutions, Bank of America has its headquarters in Charlotte, North Carolina. It offers a variety of banking and non-bank financial services and products through its subsidiaries in the US and other countries. The bank’s four business sectors are:
- Consumer banking.
- Global wealth and investment management.
- Global banking.
- Global markets.
It has around 4,300 retail financial centers, over 17,000 ATMs, and about 40 million active users on its digital banking platforms, which it uses to serve its 66 million consumer and small business customers. It was founded in 1784 and now employs about 212,000 people.
Wells Fargo and Co
Wells Fargo & Co, a provider of diverse financial services, was established in 1852 and has its headquarters in San Francisco. Community banking, wholesale banking, and wealth and investment management are the three business divisions that have 264,500 employees. Three service categories are available from the financial institution :
- Small business.
It is notable for being the very first financial institution in the US to be granted a charter by the executive branch.
Established in 1812, Citigroup is a global provider of financial services and investment banking with its headquarters in New York City. It has 2,303 branches in 19 countries and employs about 211,000 people. It offers financial services and products to individuals, businesses, governments, and institutions all around the world. It functions via Citicorp and Citi Holdings.
Global financial services provider Morgan Stanley offers services in investment banking, securities, wealth management, and investment management. Approximately 70,000 people work there. Institutional Securities, which provides capital raising and financial advisory services as well as guidance on mergers and acquisitions, reorganizations, real estate, and project finance, and Wealth Management, which provides a range of financial services and solutions, are the two main segments through which the bank conducts business.
The US Bancorp
US Bancorp, a bank holding company with its main office in Minneapolis, offers banking and financial services through one of its subsidiaries. The financial institution also provides mortgage banking, insurance, brokerage services, ATM processing, credit card services, and leasing. A total of 2,434 banking locations, mostly in the Midwest and West of the United States, as well as internet services and mobile platforms, are used by the corporation to deliver its goods and services. It runs a network of 4,232 ATMs and employs about 68,000 people. In 1863, it was established