The total number of employees in the U.S. banking sector has been declining, with over 17,000 job cuts reported by major banks in 2024. Citigroup, for instance, reduced its headcount by 1,000 to 239,000 employees in 2023 and plans to cut another 20,000 jobs over the next two years. Despite this, financial wellness for American workers is showing signs of a rebound, with 47% of employees feeling financially well, up from 42% in the previous year. The banking industry faces significant challenges, including geopolitical instability, regulatory scrutiny, and technological disruptions, but many banks remain relatively confident in their growth prospects, with 59% of respondents believing profitability will grow inorganically. The banking sector in the United States is a behemoth, with several institutions boasting an impressive number of employees. These banks not only provide essential financial services to millions of Americans but also contribute significantly to the country's economic landscape. Our review/audit of the top US banks look at the numbers of employees, their global presence, assets and the impact they have on the financial industry.
JPMorgan Chase: The Largest Employer in the Banking Sector
JPMorgan Chase stands out as the largest employer in the US banking sector. With a global full-time employee headcount of over 213,000 as of September 30, 2023, JPMorgan Chase leads the pack. This figure is a testament to the bank's extensive network and its commitment to providing a wide range of financial services. From consumer banking to investment and asset management, JPMorgan Chase offers a comprehensive suite of products that cater to both individual and corporate clients.
JPMorgan Chase's vast network includes over 4,800 branches and more than 15,000 ATMs across the United States. The bank operates in more than 100 countries, making it a truly global financial institution. Its legacy dates back to 1799, when it was founded as The Manhattan Company. Over the years, JPMorgan Chase has grown through strategic acquisitions and mergers, solidifying its position as the largest bank in the United States.
Bank of America: A Close Second
Bank of America follows closely behind JPMorgan Chase in terms of employee headcount. With a global full-time employee count of over 213,000 as of September 30, 2023, Bank of America is a significant employer in the banking sector. The bank serves approximately 68 million consumers and small business clients worldwide, offering robust digital tools and a versatile mobile app. Bank of America's extensive network includes more than 3,700 branches in the United States and a couple of dozen foreign branches.
Headquartered in Charlotte, North Carolina, Bank of America has a rich history dating back to 1998, when it emerged from a significant merger between NationsBank and BankAmerica Corp. Today, it ranks among the world's leading financial institutions, with assets exceeding $2.5 trillion. The bank's commitment to relationship banking is evident through its Preferred Rewards Program, which offers perks to those who qualify.
Wells Fargo: A Legacy of Financial Services
Wells Fargo is another prominent bank in the United States, with a global full-time employee headcount of over 213,000 as of September 30, 2023. Founded in 1852, Wells Fargo has a legacy that spans nearly two centuries. The bank offers a wide range of financial services, including consumer and commercial banking, mortgage and home equity lending, credit cards, investment banking, and wealth management.
Wells Fargo operates through about 4,400 branches and 12,000 ATMs across the country, making it a prolific U.S. institution known for in-person access. Its founders, Henry Wells and William G. Fargo, pioneered modern transit methods to facilitate financial services across a network of offices from California to New York.
Citigroup: A Global Financial Giant
Citigroup, the banking arm of Citigroup, is another significant employer in the US banking sector. With a global full-time employee headcount of over 230,000 as of September 30, 2023, Citigroup operates in nearly 160 countries through 654 branch locations. The bank's origins date back to 1812 in New York City, and it has since grown into a global financial giant.
Citigroup offers a diverse array of financial services, including consumer banking, corporate and investment banking, and asset management. Its retail banking division has about 673 locations in the U.S. and more than 1,800 branches outside of the country. U.S. customers can also access more than 65,000 fee-free ATMs.
U.S. Bank: A Regional Powerhouse
U.S. Bank, a division of U.S. Bancorp, is headquartered in Minneapolis and operates across 26 states. With a global full-time employee headcount of over 77,000 as of September 30, 2023, U.S. Bank is a significant employer in the banking sector. The bank's lineage dates back to its national bank charter approval in 1863 during the Lincoln administration.
U.S. Bank offers a range of financial services, including consumer and commercial banking, investment services, and wealth management. It has over 2,000 branches and nearly 77,000 employees, making it a major player in the regional banking landscape.
PNC Bank: A Legacy of Financial Services
PNC Bank, a subsidiary of PNC Financial Services Group, is headquartered in Pittsburgh. With a global full-time employee headcount of over 22,000 as of September 30, 2023, PNC Bank operates a vast network of branches and ATMs. Established in 1852 as the Pittsburgh Trust and Savings Company, PNC Bank offers a range of financial services across different sectors.
PNC Bank agreed to acquire BBVA USA for $11.6 billion in November 2020, and the deal closed on June 1, 2021. This acquisition significantly expanded PNC Bank's presence in the U.S. banking sector.
Truist Bank: A Merger of Two Giants
Truist Bank, headquartered in Charlotte, is part of Truist Financial Corp. With a global full-time employee headcount of over 22,000 as of September 30, 2023, Truist Bank emerged from the merger of SunTrust and BB&T. The roots of these two banks date back to the late 19th century, and their combined history spans over 275 years.
Truist Bank provides financial services to about 12 million consumer households, offering a range of products and services including consumer and commercial banking, investment services, and wealth management. It operates in 17 states and the District of Columbia, making it a significant player in the regional banking landscape.
Goldman Sachs: A Global Investment Bank
Goldman Sachs, headquartered in New York City, is renowned for its investment banking services. With a global full-time employee headcount of over 20,000 as of September 30, 2023, Goldman Sachs operates a global presence. Established in 1869, the bank expanded nationally and internationally, becoming a leading financial institution with a global presence.
Goldman Sachs offers a variety of financial services, including investment banking, securities, and asset management. Its online banking arm, Marcus, was introduced in fall 2016 and began offering personal loans. The bank's commitment to innovation and financial expertise has made it a leader in the global banking sector.
The top US banks by number of employees are not only significant employers but also major players in the global banking sector. JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, U.S. Bank, PNC Bank, Truist Bank, and Goldman Sachs each contribute to the country's economic landscape through their extensive networks and diverse financial services. These institutions have a profound impact on the financial industry, shaping the way people and businesses manage their finances.