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Where are the 10 biggest banks in America headquartered?
You may be surprised to discover in the slideshow below that only two of them -- JPMorgan Chase (JPM 0.15%) and Citigroup (C -1.09%) -- are in New York City, the financial capital of the United States (and the world).
The rest are scattered across the country, with two in North Carolina (Bank of America (BAC -1.07%) and BB&T (NYSE: BBT)), one in California (Wells Fargo (WFC -1.11%)), one in Virginia (Capital One Financial (COF -1.95%)), and one in Minnesota (US Bancorp (USB -1.49%)), among other places.
Having a sense for the geographic landscape of the bank industry is important because banking is still a largely local endeavor, particularly for banks smaller than the big four -- JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo. Additionally, because the bank industry is still in the throes of consolidating, a particular bank's physical footprint could make it more or less susceptible to a merger or acquisition.
I created the brief slideshow below with this in mind. By scrolling through it, you can get a sense for the geographic strongholds of America's 10 biggest banks.
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|
Bank |
Assets (billions) |
Headquarters |
|---|---|---|
|
JPMorgan Chase |
$2,417 |
New York City |
|
Bank of America |
$2,153 |
Charlotte, NC |
|
Citigroup |
$1,808 |
New York City |
|
Wells Fargo |
$1,751 |
San Francisco, CA |
|
US Bancorp |
$416 |
Minneapolis, MN |
|
PNC Financial |
$362 |
Pittsburgh, PA |
|
Capital One Financial |
$314 |
McLean, VA |
|
BB&T |
$209 |
Winston-Salem, NC |
|
SunTrust Banks |
$187 |
Atlanta, GA |
|
Fifth Third Bancorp |
$142 |
Cincinnati, OH |
Data source: Quarterly earnings releases from JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, US Bancorp, PNC Financial, Capital One Financial, BB&T, SunTrust Banks, and Fifth Third Bancorp.
