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 during 2024, with 28 institutions posting declines. These banks had reported a $637.3 bn increase in the Q1 from the Q4 2023.
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.
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.
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AUTHORS: Gaby Villaluz, Zuhaib Gull – S&P Global Market Intelligence analysts