Financial institutions have a significant, albeit unnoticed, role in the daily lives of the majority of Americans through insurance, banking, credit cards, and mortgage payments.
But who are these organisations who are accepting your credit card applications, enabling you to purchase a home, and covering your medical expenses?
According to their projected total revenue in 2020, the top 12 financial institutions in the United States are included in this article.
1. Berkshire Hathaway. Omaha, Nebraska
Annual Revenue 2022 : $282.305 billion
An American holding firm for global conglomerates, Berkshire Hathaway. Warren Buffet, a well-known investor in the business who joined in the 1960s, serves as its CEO.
Berkshire Hathaway began as a collection of textile mills in 1839. It is currently one of the biggest publicly traded firms in the world as of 2020.
Notable companies like GEICO, Dairy Queen, Fruit of the Loom, and Duracell are among its subsidiaries. But insurance firms make up the majority of Berkshire Hathaway’s businesses.
2. JPMorgan Chase. New York, New York
Annual Revenue 2022 : $128.296 billion
JPMorgan Chase is not only among the largest and oldest financial institutions in the United States, but also among the oldest.
The ancestors of JPMorgan Chase as it exists today may be traced back to 1799 and include numerous banks and financial firms.
Even Aaron Burr and Alexander Hamilton were among the founders of the Manhattan Company, the earliest antecedent organisation of JPMorgan Chase.
Today, the company manages client assets worth over $2.6 trillion, operates in more than 100 countries, and has over 250,000 employees. The most well-known JPMorgan Chase subsidiaries include Chase Bank, J.P. Morgan Company, and WePay, among its more than 40 other companies.
3. Americas Bank. Charlotte, North Carolina
Annual Revenue 2022 : $94.382 billion
With a 240-year history, Bank of America is another one of the country’s oldest financial firms. However, BankAmerica and NationsBank combined in 1998 to establish Bank of America, which became the country’s first coast-to-coast bank.
As the first bank in the United States to offer a general-use credit card with revolving credit, credit limitations, and floor limits—which later evolved into Visa—Bank of America.
Currently, Bank of America serves around 66 million customers across more than 35 nations. Merrill, BofA Securities, and Balboa Insurance Company are some of its subsidiaries.
4. Citigroup. New York, New York
Annual Revenue 2022 : $79.865 billion
A global investment bank and financial services company, Citigroup was created in 1998 as a result of the merger of Citicorp and Travelers Group.
The corporation services a sizable international customer base in 160 countries and territories, is the largest credit card issuer in the world, and has physical offices in 97 of those nations. Particularly prevalent there are in Asia and Mexico.
The 204,000 employees of Citigroup offer their clients loan, deposit, investment banking, brokerage, and wealth management services. Citibank, Banamex, Diners Club International, and Aeroméxico are some of its subsidiaries.
5. Wells Fargo. San Francisco, California
Annual Revenue 2022 : $78.5 billion
During the Gold Rush in 1852, Wells Fargo was founded to offer banking services to the West and to connect it to the rest of the nation through shipping and transportation services.
The business expanded until it controlled the biggest stage line in the world and turned into the first countrywide express firm. The stagecoach and horses in the Wells Fargo emblem are a nod to this heritage.
As a global provider of banking, credit card, loan, mortgage, and other financial services, the corporation now has over 65 million customers worldwide.
Abbot Downing, Wells Capital Management, Wells Fargo Advisors, and Evergreen Investments are some of Wells Fargo’s subsidiaries.
6. Freddie Mac. Tysons Corner, Virginia
Annual Revenue 2022 : $75.125 billion
Freddie Mac, short for Federal Home Loan Mortgage Corporation, is a sister organisation of Fannie Mae. Both of them carry out similar tasks, however Freddie Mac works with smaller thrift institutions while Fannie Mae deals with big retail banks.
By purchasing mortgage loans from lenders, Freddie Mac aims to maintain the U.S. housing market’s liquidity, stability, and affordability while managing assets worth $2.063 trillion. This increases the number of loans that lenders can offer, enabling more people to purchase homes.
Freddie Mac is a government-sponsored institution that, like Fannie Mae, is publicly traded. It was founded by Congress in 1970.
7. MetLife. New York, New York
Annual Revenue 2022 : $71.08 billion
Metropolitan Life Insurance Company, also referred to as MetLife, is a subsidiary of holding company MetLife, Inc. Despite being primarily a life insurance provider, MetLife also provides accident, health, dental, and vision insurance.
MetLife, Inc. offers a range of insurance, retirement, and savings services to customers in more than 40 countries. Families, governments, and businesses from the Americas, Asia, Europe, the Middle East, and Africa are among the company’s clients.
8. Goldman Sachs. New York, New York
Annual Revenue 2022 : $54.568 billion
The international investment bank and financial services provider Goldman Sachs was established in 1869 and provides its customers with investment management, securities, asset management, prime brokerage, investment banking, and securities underwriting services.
Nearly 40,000 people work for the company, which also includes more than 40 worldwide locations and companies like Marcus by Goldman Sachs, Goldman Sachs Personal Financial Management, Goldman Sachs Bank USA, Goldman Sachs Capital Partners, and Ayco.
9. American Express. New York, New York
Annual Revenue 2022 : $46.293 billion
The charge cards, credit cards, and traveler’s checks offered by the international financial services business American Express are its most popular products.
Henry Wells and William G. Fargo, who also formed Wells Fargo, were among the company’s founders when it was established in 1850 as an express mail company.
With over 114.4 million active cards as of 2019, American Express is one of the 30 companies that make up the Dow Jones Industrial Average, along with Goldman Sachs and JPMorgan Chase.
10. Capital One. McLean, Virginia
Annual Revenue 2022 : $32.033 billion
Credit cards, consumer banking, business banking, and auto loans are among the financial services provided by Capital One, a bank holding company that was founded in 1994.
The business, which is led by its founder Richard Fairbank, was instrumental in boosting credit cards’ acceptance during the 1990s.
Despite being a relatively new financial institution, Capital One is the fifth-largest credit card issuer in the nation and does business in both the UK and Canada in addition to the US.
Wikibuy, ShareBuilder, Paribus, United Income, and Blue Tarp are all divisions of Capital One.
11. U.S. Bank. Minneapolis, Minnesota
Annual Revenue 2022 : $23 billion
The First National Bank of Minneapolis was founded in 1864, the Farmers and Millers Bank in Milwaukee was founded in 1853, and the United States National Bank of Portland was founded in 1891. Together, these three banks make up the bank holding company known as U.S. Bancorp.
Over the years, these organisations expanded and joined, and in 1968 they amalgamated to form U.S. Bancorp.
The business is today best known for its affiliate U.S. Bank National Association, also known simply as U.S. Bank, which provides clients with banking, investing, mortgage, trust, and payment services.
12. Fannie Mae. Washington, D.C.
Annual Revenue 2022 : $22.2 billion
Actually known as the Federal National Mortgage Association, Fannie Mae was established in 1938 as a component of the New Deal by President Franklin D. Roosevelt.
The organization’s goal is to make housing more affordable for more Americans by developing a secondary mortgage market that will increase the number of loans that are accessible.
By buying mortgage loans from lenders, Fannie Mae frees up those lenders to provide more loans to homebuyers.
This business stands out because it is both publicly traded and federally subsidised, which is unusual.
