Last Updated on October 25, 2022
Since financial operations have become an integral part of any economy, it is therefore imperative for individuals and companies alike to rely on financial institutions such as banks, insurance companies, brokerage firms, trust companies, and investment dealers under the directive and regulation of the government to oversee their investment and transactions.
Are you looking for financial companies in the USA that deals with financial and monetary transactions such as deposits, loans, investments, and currency exchange which you can do business with or perhaps work for? You have come to the right place.
In this article we shall consider the top 10 largest financial companies in USA that can offer and satisfy you financial need and desires.
But before we delve into the list let’s consider briefly what financial companies are? Why we need financial companies and the benefits of these financial companies. Keep reading for more information!
Table of Contents
What Is A Financial Company?
Financial companies are institutions that engage in business dealings with financial and monetarytransactions such as investments, loans, deposits, and currency exchange. It covers a vast range of business operations with the sector of financial services such as banks, insurance companies, brokerage firms, trust companies, and investment dealers. Financial companies which can vary by size, scope, and geography serves as major in between banking, insurance, credit cards, and mortgage payments.
Why We Need Financial Companies?
Nearly everyone residing in a developed economy has a constant or at least a periodic need of the services of financial companies. Part of the reasons why we need financial companies may include the following:
- Banking
- Mortgage payments
- Issuing and maintenance of credit cards
- Investments
- Currency exchange
- Issuing and application of loans
- Deposit and withdrawal of cash
Benefits of Financial Companies
There are several benefits one can derive from financial companies. These benefits include the following:
- It allows for easy financial activities and services such as payment services, tax preparation and planning, accounting, credit cards application, mortgages, banking, investing and the likes.
- It enhances economic growths which boost the confidence and purchasing power of the population.
- It provides the free flow of capital and liquidity
- It offers loan for large purchase
- When it’s strong, it enables companies to better manage risk.
- it create employment opportunities
That said; let’s dive into the list of the largest financial companies in the US.
Top 12 Largest Financial Companies In USA
1. Berkshire Hathaway
Founded in the 1839 was Berkshire Hathaway, which is an American multinational conglomerate holding company that’s located in Omaha, Nebraska, with the famous Warren Buffet as its CEO. Berkshire Hathaway with estimated annual revenue of $282.305 billion use to be a group of textile milling plants. but as of 2020 became one of the largest publicly-traded companies around the globe with its subsidiaries that includes top-notch brands such as , Fruit of the Loom, Duracell, GEICO, and Dairy Queen of which majority are insurance companies.
2. JPMorgan Chase
Second on the list of the top 12 largest financial companies in the U.S is JPMorgan Chase, which was founded way back in 1799 is known to be one of the oldest and largest financial companies both in America and in the world at large. JPMorgan Chase, with estimated annual revenue of $128.296 billion is a multinational bank that was established through the merging of the Chase Manhattan Corporation and J.P. Morgan & Co. in December 2000. Currently manages over $3.38 trillion in client assets, operates in over 100 different countries, has employed over 250,000 people, has over 5,000 branches and 16,000 ATMs as well as rendering several financial services in investment banking, asset management, credit cards and retail banking.
3. Bank of America
Another oldest financial institution in America is the Bank of America, which has history extending back to 240 years ago. Bank of America which located inCharlotte, North Carolina has over 4,000 branches in the U.S and manages $2.5 trillion in assets; it is also the very first bank that introduced a generalized used credit card with revolving credit, credit limits, and floor limits, which eventually became Visa. Bank of America basically operates commercial banking, investment banking, and wealth management.
4. Citigroup
Located New York is the Citigroup, which was founded in 1998 during to coming together of Citicorp and Travelers Group. Citigroup is a multinational investment bank and financial services corporation with over 204,000 employees who render service in providing loan, deposit, investment banking, brokerage, wealth management services to their customers. Also Citigroup’s with $1.7 trillion in assets has about 700 branches in the U.S. and more than 1,800 branches outside of the country serving a large international customer base in 160 countries.
5. Wells Fargo
Established in 1852, it’s one of the top 12 largest financial companies in USA. Headquartered in San Francisco, Wells Fargo is a multinational financial service company that has over 5,000 domestic branches that renders servicesover 65 million customers around the globe with its banking, credit card, loan, mortgage, and other financial services and holds $1.8 trillion in combined assets. It has subsidiaries which includes Wells Fargo Advisors, Wells Capital Management, Abbot Downing, and Evergreen Investments.
6. Freddie Mac
Freddie Mac which is located inTysons Corner, Virginia is a financial company which was commissioned in 1970. It has estimated annual revenue of $75.125 billion and operates with smaller thrift retail banks as well as $2.063 trillion in assets under its management. Freddie Mac strives to keep the U.S. housing market liquid, stable, and affordable through buying mortgage loans from lenders which helps to expand the number of loanslenders cab give out and in turn assisted more homebuyers afford housing.
7. U.S. Bancorp
Founded in the late 1800s was U.S. Bancorp, which is located in Minneapolis is known to be the bank holding company and parent organization of U.S. Bank and alsothe First National Bank of Cincinnati. With more than 2,000 branches in the U.S, it manages over $600 billion in assets and holds the second oldest charter in the nation which makes it one of the top12 largest financial companies in USA.U.S. Bancorp is known today for its extensive branch network and investment in improving its digital offerings.
8. PNC Financial Services
PNC which was established in 1852as Pittsburgh Trust and Savings Co. is a national bank that operates in part of the Northeast, South and Midwest with over 3,000 branches in the U.S.as well as offices in Canada, China, Germany, and the United Kingdom is one of the largest treasury management businesses in America. PNC hasmore than $500 billion in consolidated assets and approximately 52,000 employees that render services in retail banking, asset management, and corporate and institutional banking to the company’s clients.
9. Truist Financial
Truist Financial Corporation located in Charlotte, North Carolina is one of the top 12 largest financial companies in USA that was formed by the equal combination between BB&T and SunTrust Banks. With over 2,000 branches domestically it manages more than $500 billion in assets and offers services to about 10 million households consumers in variety of financial services, including brokerage, asset management, commercial banking, and insurance services.
10. Goldman Sachs
Goldman Sachs which is located in New York was established in 1869, is a global investment bank and financial services firm that renders services to clients in investment management, prime brokerage, securities, investment banking, asset management, as well as securities underwriting services. The firm has over$500billioninassets, over 40,000 employees, over 40 international offices and subsidiaries which invludesGoldmanSachsCapitalPartners,Ayco,GoldmanSachsPersonalFinancialManagement, GoldmanSachsBankUSA, and MarcusbyGoldmanSachs.
11. TD Bank N.A
TDBank N.A. is a commercial bank formed by the subsidiary of Canadian. With more than 1,000 domestic branches, it renders services that allow customers access to depositaccounts, mortgages, creditcards, investing, andproductsforcommercialandsmallbusinessclients.The TD Bank Group subsidiary manages over $405.22billionin asset which makes it one of the top 12 largest financial companies in USA.
12. Capital One Financial
Founded in 1994 was Capital One Financial which was founded by Richard Fiarbank. The firm with over 500 domestic branches has an estimated annual revenue of $32.033billion and manages over $400billioninassetsacross these branches. Capital One is known to be the fifth-largest issuer of credit card and also renders financial services in consumer banking, commercial banking, auto loans and of course credit cards which is a major focus. Its subsidiaries include ShareBuilder, BlueTrap, Wikibuy, Paribus, and United Income.
Conclusion
Whatever the reason may be that you want to consider the largest financial companies in the U.S., be it for banking, investment, credit cards application, loan or and other specific financial operations or need, we hope the top 12 largest financial companies in USA will assist you in making the most suitable choice to achieve your financial desire and have an exciting banking experience.