TOP 50 Largest Banks by Assets and Deposits in the U.S. in 2025

US banks’ net interest margins are poised to expand, but higher-for-longer interest rates and uncertainty created by tariffs will push credit costs higher and limit earnings growth in 2025.

S&P Global Market Intelligence examined the largest US banks and thrifts by assets with a deposits-to-assets ratio of at least 25% or at least $30 bn in deposits as of quarter-end.

TOP 50 largest U.S. banks collectively saw a $128 bn drop in aggregate assets, with 28 institutions posting declines. These banks had reported a $637.3 bn increase.

The 50 largest U.S. banks held a combined $23.641 tn in assets, according to S&P Global data. Among the 39 banks with assets between $50 bn and $500 bn, 21 reported asset growth in the second quarter.

Banks’ earnings should remain healthy through the first half of the year, buoyed by continued margin expansion, steady loan growth and benign credit quality.

Earnings growth could prove more challenging in the second half of 2025 as the lagging impact of tariffs slows growth, weighs on the consumer and pushes delinquencies higher.

Those emerging earnings headwinds will be modest but could provide further support for stronger bank M&A activity as institutions seek ways to grow.

TOP Gainers and Losers Banks

The 4 largest U.S. banks experienced a $9.4 bn decrease in aggregate assets, or 0.1%, in the second quarter, compared to a $356.4 bn increase, or 3.1%, in the previous quarter.

• JPMorgan Chase, the largest U.S. bank by assets, was the only one among the Big Four to report a sequential increase. JPMorgan’s assets reached $4.143 tn as of June 30, up $52.28 bn, or 1.3%, from March 31.
• Bank of America’s assets declined by 0.5%, Citigroup Inc.’s by 1.1%, and Wells Fargo & Co.’s by 1.0%.
• UBS Americas Holding led with an 8.7% increase in assets.
• Old National Bancorp followed with a 7.2% increase, driven by a proactive approach to deposits for loan growth, resulting in a 5.9% annualized loan increase, excluding those from its acquisition of CapStar Financial Holdings.
• New York Community Bancorp saw a 5.5% asset growth, the third-largest in this group, despite recording its third consecutive quarterly loss due to continued credit loss provisions related to office and multifamily loans.
• HSBC North America Holdings experienced the largest sequential asset decrease of 6.8%.
• Charles Schwab posted the second-largest decline, with a 4.1% drop in total assets, as it plans to reduce the balance sheet of its bank unit, Charles Schwab Bank SSB, over the coming years to stabilize capital and liquidity levels.

TOP 50 banks by total assets, operating in US

Rank	US Banks	Total assets, $ bn
1	JPMorgan Chase	4 143,0
2	Bank of America	3 258,0
3	Citigroup	2 405,7
4	Wells Fargo	1 940,1
5	Goldman Sachs	1 653,3
6	Morgan Stanley	1 212,5
7	U.S.Bancorp	680,1
8	CapitalOne Financial	630,9
9	PNC Financial Services	556,5
10	TDGroup US Holdings	523,7
11	Truist Financial	519,9
12	Charles Schwab	449,7
13	Bank of New York Mellon	428,5
14	State Street	325,6
15	BMO Financial	293,5
16	American Express	272,2
17	HSBC North America	230,0
18	Citizens Financial	220,4
19	First Citizens Bancshares	219,8
20	United Services Automobie Association	218,1
21	Fifth Third Bancorp	213,3
22	UBSAmericas Holding	211,3
23	M&T Bank	208,9
24	Huntington Bancshares	196,3
25	Barclays US	196,1
26	Ally Financial	192,5
Zl	KeyCorp	187,5
28	RBC US Group	168,0
29	Santander	167,7
30	Northern Trust	156,8
31	Regions Financial	154,4
32	Synchrony Financial	120,5
33	New York Community Bancorp	119,1
34	Zions Bancorp	87,6
35	First Horizon	82,2
36	Raymond James Financial	80,6
37	Western Alliance Bancorp	80,6
38	Comerica	79,8
39	Webster Financial	76,8
40	Popular	72,9
41	EastWest Bancorp	72,5
42	CIBC Bancorp USA	70,1
43	SouthState	63,9
44	UMB Financial	63,3
45	Valley National Bancorp	62,1
46	Wintrust Financial	59,8
47	Synovus Financial	59,6
48	Old National Bancorp	53,1
49	Columbia Banking System	52,1
50	BOK Financial	50,5
	TOTAL	23 641

According to S&P Global US Bank Outlook Survey, 39.5% of the respondents indicated that their institution was either “somewhat” or “very likely” to pursue acquiring another company over the next 12 months compared to 40.8% in the Q1.

Bank stock returns took a turn for the worse as a result of the lackluster jobs report from the Bureau of Labor Statistics that ignited recession fears among investors. This could further dampen M&A sentiment as buyers see their currencies depreciate and would-be sellers hold off for better prices.

On the brighter side, bankers remained confident on loan growth, with 75.2% of those surveyed expecting higher balances at their institution over the next 12 months, slightly down from 77.6% in the survey but up from 51.4% in the year-ago survey.

TOP 50 banks by total deposits, operating in US

Rank	US Banks	Total deposits, $ bn
1	JPMorgan Chase	2 396,5
2	Bank of America	1 910,5
3	Wells Fargo	1 278,1
4	Citigroup	1 366,0
5	U.S.Bancorp	431,2
6	CapitalOne Financial	348,9
7	Goldman Sachs	523,8
8	PNC Financial Services	460,0
9	Truist Financial	416,4
10	Morgan Stanley	312,7
11	TDGroup US Holdings	385,4
12	Bank of New York Mellon	252,4
13	Charles Schwab	304,4
14	State Street	239,2
15	BMO Financial	202,1
16	Citizens Financial	135,2
17	Fifth Third Bancorp	116,5
18	M&T Bank	176,9
19	Huntington Bancshares	151,1
20	Ally Financial	98,1
21	First Citizens Bancshares	166,8
22	KeyCorp	103,2
23	American Express	159,9
24	Regions Financial	154,6
25	Northern Trust	30,2
26	HSBC North America	152,2
Zl	UBSAmericas Holding	145,7
28	United Services Automobie Association	81,5
29	Synchrony Financial	76,9
30	RBC US Group	123,0
31	New York Community Bancorp	127,0
32	Santander	83,1
33	Zions Bancorp	79,0
34	Western Alliance Bancorp	74,2
35	Popular	64,8
36	First Horizon	54,4
37	Comerica	66,2
38	Webster Financial	62,7
39	EastWest Bancorp	62,3
40	Raymond James Financial	65,5
41	SouthState	60,1
42	UMB Financial	42,9
43	Synovus Financial	52,9
44	Valley National Bancorp	52,0
45	Wintrust Financial	50,1
46	CIBC Bancorp USA	48,8
47	Columbia Banking System	50,2
48	Old National Bancorp	40,0
49	BOK Financial	41,5
50	Barclays US	36,3
	TOTAL	13 913

S&P Global calculates pro forma assets after accounting for pending M&A transactions as well as transactions that closed after quarter-end.

To be included in pro forma adjustments, the deal value must be over $1 bn or involve assets or deposits in excess of $5 bon. Loan portfolio deals are not included because of a general lack of data on both deal consideration and the impact on total assets.

Banks benefit from remixing balance sheets as time heals all wounds

Banks continue to benefit from the remixing of their balance sheets as higher-cost deposits roll off their books and are replaced with less costly forms of funding, while lower-yielding securities mature and are reinvested at higher yields.

That trend should continue this year, but the pace of improvement will slow in the coming quarters.

Deposit costs dropped substantially in the fourth quarter of 2024 and the first quarter of 2025, with the cost of deposits falling 20 basis points and 21 basis points, respectively, from the previous quarter.

We expect smaller declines in the second quarter, and early reports from JPMorgan Chase & Co. and Wells Fargo & Co. support that thesis. A key driver of deposit costs will be the maturity schedule of certificates of deposits (CDs).

Banks, particularly regional and community banks, increased their reliance on CDs for funding during the Fed’s tightening cycle.

Many CDs carry one-year terms, so institutions might not feel significant pricing relief until the maturation of CDs originated before the initial Fed rate cut in September 2024.

Loan growth

Loan growth should remain relatively weak as borrowers digest new trade policies that could change the cost of operating their businesses and households.

The true impact of tariffs arguably has not been felt yet, as businesses increased inventories ahead of the landmark announcements in early April.

The building of inventories has allowed some businesses to maintain prices at pre-tariff rates for now.

Notably, loans to nondepository financial institutions, including private credit firms that compete with banks, were by far the biggest driver of loan growth in the first quarter.

The Fed’s H.8 data captures loans to those institutions in an “other loan” bucket. Through the end of the second quarter, growth in that category remained stronger than other lending types, such as commercial and industrial, commercial real estate and consumer loans.

Credit quality just normalizing for now, but future looks murkier

Bankers maintain that their borrower base remains healthy, and the US economy has proven resilient in the face of uncertainty created by protectionist trade policies, with job gains in June exceeding economists’ forecasts. However, credit quality continues to normalize as criticized loans increase.

Criticized loans at US public banks rose again in the first quarter, with the median ratio of criticized loans to Tier 1 capital climbing to 20.04% from 18.52%.

Banks classify loans as criticized if some sign of weakness emerges, but that migration does not necessarily suggest a future loss.

Much of the weakness and concerns in the investment community have related to commercial real estate loans.

Some CRE borrowers face a double whammy of lower cash flows due to the rise of hybrid work and higher debt service stemming from increases in interest rates over the last few years.

CRE delinquencies have risen for 10 consecutive quarters, but losses have often been less than many feared, in part due to well-funded distressed investors and private credit firms targeting the asset class.

When banks have sold CRE loans — often in connection with an acquisition — sellers have recorded relatively modest discounts to par, ranging from 8% to 10%.

FAQ

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AUTHORS: Gaby Villaluz, Zuhaib Gull – S&P Global Market Intelligence analysts

Fact-checked by Oleg Parashchak – Editor-in-Chief Beinsure Media, CEO Finance Media Holding