In this article, we will be taking a look at the 20 largest financial services companies in the US. If you want to skip our detailed analysis of the US financial services market, you can go directly to see the 5 Largest Financial Services Companies in the US.
Current Trends in the Financial Services Market
The financial services industry is crucial for managing economic and societal changes. By facilitating the flow of capital, managing risks, and providing essential services to individuals and organizations, the sector encourages economic activities and supports the overall economic framework.
However, the US financial sector is facing significant challenges due to a combination of high interest rates, increased regulatory pressures, and inflation concerns. Additionally, a slowing global economy and a complex economic landscape are further complicating the situation and leading to significant volatility in financial markets.
On August 5, BBC reported that weak job figures and a stock market slump have raised concerns about the possibility of a recession in the US economy. In July, US employers added just 114,000 jobs, far below the expected 175,000 new roles. The unemployment rate also climbed to 4.3%, reaching its highest level since October 2021. The US Federal Reserve’s decision not to lower interest rates despite other central banks making cuts has also contributed to the uncertainty. A cut in interest rates could make it cheaper for consumers to borrow money, which would help provide a boost to the economy. If the job numbers indicate that the economy has started declining, there is fear that the Federal Reserve may have waited too long to act. However, some experts argue that it may be too early to conclude that a recession is inevitable. Claudia Sahm, an American economist, said: “A recession is not inevitable, and there is considerable scope to reduce interest rates.”
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Banking Giants: Navigating Challenges and Focusing on Growth
Concerns about a potential recession could negatively affect the US banking and financial services industry, which is closely tied to the overall health of the economy. Leading financial services companies in the US will need to identify and capitalize on potential opportunities as they navigate the current environment.
According to the Deloitte Center for Financial Services, the rapid advancement of new technologies, combined with the convergence of various trends, is shaping how banks operate and meet the evolving needs of their customers. In 2024, banks are expected to face new challenges that will test their ability to generate income and manage costs. Generative AI, industry integration, embedded financial services, open data sharing, and fraud prevention are expected to have an increasingly significant impact on the banking sector this year.
Some of the top financial companies in the US are increasingly adopting technologies like generative AI and cloud-based platforms to enhance operational efficiency, improve customer experiences, and mitigate fraud risks. JPMorgan Chase & Co. (NYSE:JPM) is an American multinational financial services corporation serving millions of consumers, small businesses and corporate, institutional, and government clients in the US and around the world. It is one of the largest banks in the US by customers. On August 9, CNBC reported that JPMorgan Chase & Co. (NYSE:JPM) has launched a generative AI assistant, named LLM Suite, that is already supporting over 60,000 employees in various tasks such as drafting emails and compiling reports. This initiative marks the first step in a larger plan to incorporate AI technology throughout the bank’s operations to enhance productivity while ensuring data security. The LLM Suite has been designed to be a portal to utilize external large language models. It has been launched with ChatGPT maker OpenAI’s LLM. JPMorgan Chase & Co. (NYSE:JPM) is leveraging AI for diverse applications, from marketing content creation to fraud prevention in its global payments sector.
JPMorgan Chase & Co. (NYSE:JPM) is committed to expanding its business within the United States. On August 5, the company announced plans to expand its banking services in Iowa, aiming to better serve customers and communities across the state. The expansion plan includes 25 new branches and more than 150 new jobs by 2030. The company will bring customized services, expertise, and partnerships to Iowa to support the financial well-being of individuals and local businesses.
That’s not all; JPMorgan Chase & Co. (NYSE:JPM) has also posted strong revenue and earnings growth. On July 12, JPM reported strong earnings for the fiscal second quarter of 2024. The company reported earnings per share (EPS) of $6.12, surpassing EPS estimates by $1.61. The company’s revenue for the quarter grew by 21.53% year-over-year and amounted to $50.2 billion, ahead of market consensus by $4.54 billion. As of August 13, JPMorgan Chase & Co. (NYSE:JPM) stock has surged more than 18% over the past six months. JPM is one of the best financial stocks to buy according to hedge funds.
While we acknowledge the potential of JPM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
Now that we have discussed what’s going on in the US finance sector, let’s take a look at the 20 largest financial services companies in the US.
Photo by Griffin Wooldridge on Unsplash
Methodology
In this article, we have listed the 20 largest financial services companies in the US. We decided to rank the top financial companies in the US by revenue. If you are interested in learning about the largest publicly traded financial companies by market capitalization, we recommend reading our article titled 20 Largest Publicly Traded Financial Companies in the US. For this article, we first sifted through the Yahoo Finance and Finviz stock screeners to find the most prominent and largest financial services companies. We then also consulted the Fortune 500 list, which is an annual ranking of the largest United States corporations based on their fiscal year revenues. While the list is published annually, we used data obtained for the latest year in their dataset, which is 2024.
Please note that for companies that are publicly traded, we got their trailing twelve-month revenue from YCharts. For companies that are not publicly traded, the latest available fiscal year revenue data was used to rank them. We have listed the 20 largest financial services companies in the US by revenue below in ascending order.
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20 Largest Financial Services Companies in the US
20. American International Group Inc. (NYSE:AIG)
Revenue: $42.05 Billion
American International Group Inc. (NYSE:AIG), or simply AIG, is a global finance and insurance corporation that serves 190 countries and jurisdictions through its operations and network partners. As one of the top finance companies in the world, it offers insurance solutions that help commercial, institutional, and individual customers protect their assets and manage risks. American International Group Inc. (NYSE:AIG) has a trailing twelve-month revenue of $42.05 billion as of June 30, 2024.
19. USAA
Revenue: $42.5 Billion
USAA, or the United Services Automobile Association, is an American financial services company that provides insurance, banking, and investment and retirement solutions to members of the US military, veterans, and their families. In 2023, USAA generated a revenue of $42.5 billion.
18. The Travelers Companies Inc. (NYSE:TRV)
Revenue: $44.08 Billion
Travelers Companies Inc. (NYSE:TRV), or simply Travelers, is an American insurance company that ranks among the largest financial services companies in the US by revenue. It is one of the biggest providers of property casualty insurance for auto, home, and business. The corporation offers its products and services to both individuals and commercial clients. As of June 30, 2024, The Travelers Companies Inc. (NYSE:TRV) has a trailing twelve-month revenue of $44.08 billion.
17. The Goldman Sachs Group Inc. (NYSE:GS)
Revenue: $50.08 Billion
The Goldman Sachs Group Inc. (NYSE:GS) is one of the top finance companies in the world. As an investment bank and securities and investment management firm, it provides a wide range of financial services to corporations, financial institutions, governments, and individuals. It is one of the largest banks in the US by asset size. The Goldman Sachs Group Inc. (NYSE:GS) has a trailing twelve-month revenue of $50.08 billion as of June 30, 2024.
16. Liberty Mutual Insurance Group
Revenue: $52.61 Billion
Liberty Mutual Insurance Group is an American insurance company and one of the largest property and casualty insurers in the world. It offers a wide range of insurance products and services, including homeowners, auto, specialty lines, reinsurance, workers compensation, general liability, and commercial property. Liberty Mutual Insurance Group operates in 29 countries around the world. It generated a revenue of $52.61 billion in 2023.
15. Morgan Stanley (NYSE:MS)
Revenue: $52.69 Billion
Morgan Stanley (NYSE:MS) is an American multinational investment bank that ranks among the top 15 on our list of the largest financial services companies in the US. It provides a wide range of investment banking, securities, wealth management, and investment management services to clients around the world including corporations, governments, institutions, and individuals. As of June 30, 2024, Morgan Stanley (NYSE:MS) has a trailing twelve-month revenue of $52.69 billion.
14. New York Life Insurance Company
Revenue: $54.31 Billion
New York Life Insurance Company is one of the largest life insurance companies and the largest mutual life insurance company in the US. The company offers a variety of products, including whole life, term life, universal life, long-term care, and individual disability insurance. New York Life Insurance Company also provides annuities, investment solutions, and wealth management services. The company generated a revenue of $54.31 billion in 2023.
13. Nationwide Mutual Insurance Company
Revenue: $60.3 Billion
Nationwide Mutual Insurance Company, or simply Nationwide, is one of the largest insurance and financial services companies in the US. It offers a wide range of insurance products and services, including car, motorcycle, homeowners, pet, farm, life, and commercial insurance. It is one of the best home insurance companies in the US. Nationwide also offers financial products such as annuities, mutual funds, retirement plans, and specialty health services. In 2023, Nationwide Mutual Insurance Company generated a revenue of $60.3 billion.
12. The Allstate Corporation (NYSE:ALL)
Revenue: $60.3 Billion
The Allstate Corporation (NYSE:ALL) is an American insurance company that ranks 12th on our list of the largest financial services companies in the US. The corporation offers a wide range of life, non-life, and health insurance products and services to individuals and institutional clients. It is also one of the best auto insurance companies in the US. The Allstate Corporation (NYSE:ALL) has a trailing twelve-month revenue of $60.3 billion as of June 30, 2024.
11. Prudential Financial Inc. (NYSE:PRU)
Revenue: $62.46 Billion
Prudential Financial Inc. (NYSE:PRU) is an American corporation that has operations in the US, Asia, Europe, and Latin America. It provides insurance, investment management, retirement-related services, annuities, and other products and services to both individual and institutional customers. As of June 30, 2024, Prudential Financial Inc. (NYSE:PRU) has a trailing twelve-month revenue of $62.46 billion.
10. American Express Company (NYSE:AXP)
Revenue: $63.27 Billion
American Express Company (NYSE:AXP) is an American multinational financial services corporation and one of the most valuable fintech companies in the US. It offers a wide range of products and services, including payment cards, business cards, prepaid cards, merchant services, gift cards, and travel-related services. The company has an online-only banking division without any physical branch locations. With a trailing twelve-month revenue of $63.27 billion as of June 30, 2024, American Express Company (NYSE:AXP) ranks among the top 10 financial companies in the US.
9. The Progressive Corporation (NYSE:PGR)
Revenue: $67.8 Billion
The Progressive Corporation (NYSE:PGR) is one of the largest insurance companies in the US. As one of the largest motor insurance carriers in the US, the corporation provides insurance for passenger vehicles, motorcycles, RVs, trailers, boats, and personal and commercial autos and trucks. It also provides home, life, pet, and other insurance. The Progressive Corporation (NYSE:PGR) has a trailing twelve-month revenue of $67.8 billion as of June 30, 2024.
8. MetLife Inc. (NYSE:MET)
Revenue: $68.07 Billion
MetLife Inc. (NYSE:MET) is the holding corporation for the Metropolitan Life Insurance Company, or simply MetLife, and its affiliates. It is one of the world’s largest providers of insurance, annuities, and employee benefit programs. Through its subsidiaries and affiliates, MetLife Inc. (NYSE:MET) has operations in more than 40 markets around the world. As of June 30, 2024, MetLife Inc. (NYSE:MET) has a trailing twelve-month revenue of $68.07 billion. It is one of the top finance companies in the world.
7. Citigroup Inc. (NYSE:C)
Revenue: $79.82 Billion
Citigroup Inc. (NYSE:C), also known as Citi, is an American multinational investment bank and financial services company. It specializes in wealth management and provides corporations, investors, institutions, governments, and individuals with a wide range of financial products and services. It is also one of the largest banking institutions in its home market of the US. Citigroup Inc. (NYSE:C) has a trailing twelve-month revenue of $79.82 billion as of June 30, 2024.
6. Wells Fargo & Company (NYSE:WFC)
Revenue: $82.89 Billion
Wells Fargo & Company (NYSE:WFC) is an American multinational financial services corporation. The company caters to diverse financial needs across various markets by offering a wide range of banking, investment, and mortgage products and services, along with consumer and commercial finance services. As of June 30, 2024, Wells Fargo & Company (NYSE:WFC) has a trailing twelve-month revenue of $82.89 billion.
5. StoneX Group Inc. (NASDAQ:SNEX)
Revenue: $85.38 Billion
StoneX Group Inc. (NASDAQ:SNEX) is an American institutional-grade financial services corporation that ranks among the top 5 on our list of the largest financial services companies in the US by revenue. The company offers a wide range of services, including risk management, execution, market intelligence, clearing and execution, OTC products, global payment solutions, commodity financing and logistics, equity trading, and foreign exchange trading. As of June 30, 2024, StoneX Group Inc. (NASDAQ:SNEX) has a trailing twelve-month revenue of $85.38 billion.
4. Bank of America Corporation (NYSE:BAC)
Revenue: $98.32 Billion
Bank of America Corporation (NYSE:BAC) is an American multinational investment bank and financial institution. The corporation offers a wide range of products and services, such as banking, investment management, and risk management solutions to individuals, businesses, and governments. It is one of the largest financial services companies in the US, where it serves millions of consumers and small business clients with approximately 3,800 retail financial centers and 15,000 ATMs. Bank of America Corporation (NYSE:BAC) has a trailing twelve-month revenue of $98.32 billion as of June 30, 2024.
3. State Farm Insurance
Revenue: $104.2 Billion
State Farm Insurance is a group of mutual insurance companies that ranks among the top 3 on our list of the largest financial services companies in the US. The company offers a wide array of insurance products, banking services, annuities, and investment products. It provides property and casualty insurance, including auto and home insurance, as well as life and health insurance policies. State Farm Insurance generated a revenue of $104.2 billion in 2023.
2. JPMorgan Chase & Co. (NYSE:JPM)
Revenue: $170.33 Billion
JPMorgan Chase & Co. (NYSE:JPM) is an American multinational financial services corporation that ranks second on our list of the 20 largest financial services companies in the US. It specializes in investment banking, commercial banking, financial transaction processing, and asset management. Under the J.P. Morgan and Chase brands, the corporation serves millions of customers in the United States, as well as many prominent corporate, institutional, and government clients around the globe. As of June 30, 2024, JPMorgan Chase & Co. (NYSE:JPM) has a trailing twelve-month revenue of $170.33 billion.
1. Berkshire Hathaway Inc. (NYSE:BRK-B)
Revenue: $402.88 Billion
Berkshire Hathaway Inc. (NYSE:BRK-B) is an American multinational conglomerate holding company that tops our list of the largest financial services companies in the US. While the company and its subsidiaries engage in a variety of business activities, insurance is a major area of operations. The company owns well-known insurance brands such as GEICO and the reinsurance firm Gen Re. GEICO, a wholly owned subsidiary of Berkshire Hathaway Inc. (NYSE:BRK-B), is one of the best auto insurance companies in the US. As the largest financial services company in the US, Berkshire Hathaway Inc. (NYSE:BRK-B) has a trailing twelve-month revenue of $402.88 billion as of June 30, 2024.
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Disclosure: None. This article was originally published at Insider Monkey.