BB&T and SunTrust banks announced a merger in February, and just revealed the name of the merged entity that will make for the sixth-largest bank in the United States, according to the latest story from the AJC’s Scott Trubey.
On Wednesday, the Southern banks unveiled that the combined banks will be known as Truist Bank The new bank will handle more than $442 billion in assets and $324 billion in deposits for more than 10 million U.S. households.
Those massive numbers will put it in the running of some of the top banks in America. The next five banks above this soon-to-come entity, when ranked by assets managed, are even more impressive, according to a report by the Federal Financial Institutions Examination Council.
Here’s a look at the top five banks in the U.S., with data from the latest FFIEC report issued in September 2018.
5. Goldman Sachs Group Inc.
Goldman Sachs, which is headquartered at 200 West Street in New York City, handles $933 billion in assets. In 2018, it had $36.6 billion in revenue and $10.5 billion in net income.
Goldman is an investment bank. It also runs Goldman Sachs Bank USA, a direct bank that accepts deposits through “a variety of channels” but does not run its own branches.
4. Wells Fargo & Co.
San Francisco-based Wells Fargo is a massive international bank chain. It brought in $86.4 billion in revenue in 2018 with a $22.4 billion net income. It manages $1.895 trillion in assets.
As of 2018, it maintained 8,050 branches and 13,000 ATMs worldwide. It sold its physical branches in Indiana, Michigan and Ohio to Flagstar Bank in June 2018.
3. Citigroup Inc.
Citigroup, also based out of New York City, holds $1.917 trillion in assets. Its 2018 revenue of $72.8 billion gave it a $18.1 billion net income.
It has more than 200 million customer accounts, $300 billion in deposits in the U.S. and more than 4,600 branches worldwide.
2. Bank of America
Bank of America manages $2.3 trillion in assets. The Charlotte, N.C.-based company had $91.2 billion in revenue in 2018 with a net income of $28.14 billion.
The bank manages 4,600 physical “retail financial centers” and 15,900 ATMs.
1. JPMorgan Chase
The New York City-based bank is the largest in the country with $2.6 trillion of assets. Its $109 billion 2018 income netted it $32.5 billion.
Its consumer banking division, Chase Bank, has more than 5,100 branches and 16,000 ATMs around the world. The consumer bank is headquartered in Columbus, Ohio.
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