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.
JPMorgan Chase was the leading bank in the United States as of December 2023, with its market share of total assets amounting to 8.56 percent. This means that the value of assets of JPMorgan Chase was equivalent to 8.56 percent of the total value of assets of all FDIC-insured institutions in the United States.
Aggregate assets at the four largest US banks increased $70.69 billion, or 0.6%, in the fourth quarter of 2023. However, JPMorgan Chase & Co., the largest US bank by total assets, reported a sequential decrease of $22.94 billion, or 0.6%, while Bank of America, Citigroup Inc.
JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs.
Headquartered on Park Avenue in New York City, Chase holds the most assets of all banking institutions. It offers numerous checking and savings accounts, investment accounts, business accounts and various types of credit cards.
Earlier last year Silicon Valley Bank failed March 10, 2023, and then Signature Bank failed two days later, ending the unusual streak of more than 800 days without a bank failure. Before Citizens Bank failed in November 2023, Heartland Tri-State Bank failed July 28, 2023 and First Republic Bank failed May 1, 2023.
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