Do you know which are the 16 biggest commercial banks in New York City? Let’s start with what is a commercial bank. A commercial bank is an institution which provides different financial services like accepting deposits and issuing loans. The customers of commercial banks can also take advantage of a range of investment products that banks offer. This means they can profit from their savings accounts and certificates of deposit.
Commercial banks have a big impact on a country’s economy. If the banking system is efficient it will bring a rapid growth in different sectors of the economy. Commercial banks have different roles, they promote the capital formation, invest in new enterprises, bring balance to the development of different regions, and implement monetary.
To promote their capital formation, commercial banks are accepting deposits from clients which later are available to businesses which are using them for a productive purpose of the country. For investing in new enterprises, commercial banks provide short and medium term loans to entrepreneurs to invest in new methods of production. In order to bring balance to the development of different regions, commercial banks are helping with transfer surplus from the most development regions to least development regions. For the implementation of Monetary policy, the commercial bank controls the volume of the credit through the cooperative banking system in the country. Commercial banks established export promotion calls which provide information about general trade and economic condition on the inside as well as outside the country to its customers.
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There are a lot of rich people and large companies headquarted in New York which allow to work in full steam. New York is considered the financial capital of the world and when we talk about banks, New York City has more than 200 different banks. When we talk about New York’s biggest banks you should know that they are already calculating their assets in trillions. They also employ more than 400,000 people. Millions of clients are using their services in more than 100 countries.
In order to compile the list of 16 biggest commercial banks in New York City, we took banks that have at least one office in New York City and sorted them in terms of the size of their assets.
16. SunTrust Bank
Owned by SunTrust Banks, Inc. (NYSE:STI), this bank is headquartered in Atlanta, Georgia. SunTrust has $206 billion in assets and more than 24,000 employees.
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15. Charles Schwab Bank
Owned by the Charles Schwab Corp (NYSE:SCHW), this bank is headquartered in San Francisco, California. It has more than $209 billion in assets and employs more than 14,000 people.
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14. BB&T Bank
Owned by BB&T Corporation (NYSE:BBT), BB&T Bank is headquartered in North Carolina. Its assets are worth around $223 billion and it employes more than 37,000 people.
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13. State Street Bank
Held by State Street Corp (NYSE:STT), State Street Bank is headquartered in Boston, Massachusetts, United States. State Street has $256 billion in assets and more than 33,000 employees.
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12. HSBC Bank USA
HSBC Holdings plc (ADR) (NYSE:HSBC)‘s HSBC Bank USA National Association is based in New York City and has assets valued at $304 billion. Also, they count 146 branches and more than 43,000 employees including HSBC Finance Corporation.
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11. TD Bank
Owned by Canadian company Toronto-Dominion Bank (NYSE:TD), TD Bank is headquartered in New Jersey. It has $338 billion in assets and about 268 branches. Also, this bank has more than 85,000 employees.
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10. Capital One Bank
Capital One Bank, owned by Capital One Financial Corp. (NYSE:COF), has $345 billion in assets and 231 branches. It is headquartered in Tysons, Virginia and has more than 45,000 employees.
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9. PNC Bank
PNC Financial Services Group Inc (NYSE:PNC)-owned, PNC Bank has its headquarters in Pittsburgh, Pennsylvania. With $369 billion in assets and seven branches in New York, the company has around 52,o00 employees.
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8. Bank Of New York Mellon
Bank Of New York Mellon, held by Bank of New York Mellon Corp (NYSE:BK), is headquartered in New York City and has more than $374 billion in assets. Also, Bank of New York Mellon has 11 branches in NYC and more than 52,000 employees.
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7. U.S Bancorp Bank
The number seven on our list of biggest commercial banks in New York City is the U.S. Bancorp (NYSE:USB)‘s U.S Bancorp Bank that has more than $454 billion in assets and is headquartered in Wilmington, Delaware.
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6. Morgan Stanley Bank
Morgan Stanley (NYSE:MS) has more than 1,300 offices and more than 60,000 employees. With headquarters in New York City, this bank has assets worth around $814 billion.
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5. Goldman Sachs Bank
Owned by Goldman Sachs Group Inc (NYSE:GS) and located in New York, this bank is the next on our list of biggest commercial banks in New York City. It has more than 34,000 employees, owns $896 billion in assets and has offices in most major centers in the world.
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4. Citibank
Citibank is owned by Citigroup Inc (NYSE:C) and is based in New York City. The size of its assets amounts to $1.82 trillion and it has around 244 branches.
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3. Wells Fargo Bank
Owned by Wells Fargo & Co (NYSE:WFC), this bank is based in San Francisco. The value of Wells Fargo’s assets amounts to more than $1.94 trillion.
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2. Bank of America
The second place on our list of biggest commercial banks in New York City goes to the Bank of America Corp (NYSE:BAC), which owns the bank with the same name, that is headquartered in Charlotte, North Carolina. It has around $2.20 trillion in assets and more than 322 branches.
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1. Chase Bank
Finally, the largest commercial bank in New York, is also the largest bank in the whole United States. The NYC-based bank, owned by JPMorgan Chase & Co. (NYSE:JPM), has more than 764 branches and over $2.52 trillion in assets.
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If you are wondering which were the 16 biggest commercial banks in New York City, we hope you found this article useful and you decided in which of these banks to invest.
