The 10 Biggest Banks in North America

Welcome to our countdown of the top 10 banks by total assets in North America. These leading North American banks—all based in the United States or Canada—feature some of the largest bank holding companies on Earth. They serve millions of customers, handle trillions in assets, and shape the North American banking sector through everything from everyday consumer services to high-stakes investment banks in the U.S. Their stories often stretch back centuries, weaving a rich legacy of mergers, expansions, and innovations. Below, we list each institution from #10 to #1, examining their background, headquarters, and core business in one paragraph, then highlighting notable mergers and developments in a second paragraph. Let’s explore who made it to the top of the biggest banks in North America list.

10. Bank of Montreal (BMO) – $859 Billion

Founded in 1817 as Canada’s first bank, the Bank of Montreal (BMO) began in Montreal and now maintains its legal head office there, with executive offices in Toronto. As of 2023, it holds about $859 billion in total assets, making it one of the biggest Canadian banks. BMO offers personal and commercial banking, wealth management, and capital markets solutions, serving customers across North America through its Canadian branches and its BMO Harris Bank network in the United States.

BMO has pursued U.S. expansion aggressively: its 2023 acquisition of Bank of the West for $16.3 billion nearly doubled BMO’s American footprint, especially in western states. Earlier, BMO also merged with Marshall & Ilsley (M&I) Bank in 2011 to strengthen its Midwest presence. These transactions reflect a broader trend of the big five Canadian banks growing in the U.S. market.

9. Scotiabank (Bank of Nova Scotia) – $1.03 Trillion

Known officially as the Bank of Nova Scotia, Scotiabank was established in 1832 in Halifax. Headquartered in Toronto, it holds roughly $1.03 trillion in assets, ranking it among the top financial institutions in North America. Scotiabank’s core operations include Canadian Banking, Global Wealth Management, and a significant International Banking segment spanning Latin America and the Caribbean. This emphasis on foreign markets has earned it the nickname “Canada’s most international bank.”

Scotiabank’s growth strategy relies on overseas acquisitions, such as its 2018 purchase of BBVA Chile for $2.2 billion, which made it a key player in Chile’s banking sector. It has also acquired smaller banks in the Caribbean, plus ING Direct Canada (rebranded Tangerine) in 2012 to boost digital banking. A recent leadership change in 2023 prompted reviews of its international presence, but its extensive global footprint remains central to its identity.

8. Morgan Stanley – $1.18 Trillion

Morgan Stanley emerged in 1935 after the Glass–Steagall Act forced J.P. Morgan & Co. to separate its investment banking. Based in New York City, Morgan Stanley now reports around $1.18 trillion in assets. Best known as one of the major investment banks in the U.S., it operates three main segments: Institutional Securities (corporate finance, trading, M&A advisory), Wealth Management (which includes Morgan Stanley Smith Barney), and Investment Management (asset management for institutions and retail investors).

Post-2008, Morgan Stanley transformed by fully acquiring Smith Barney from Citigroup, becoming one of the top retail banks in North America in wealth services. More recent deals—E*Trade in 2020 and Eaton Vance in 2021—expanded its brokerage and asset management capabilities. These moves reflect a pivot toward fee-based, stable businesses, balancing out the firm’s historically volatile trading and advisory revenue.

7. Goldman Sachs Group – $1.44 Trillion

Founded in 1869, Goldman Sachs began as a small commercial paper business in New York. Over time, it grew into one of the leading financial conglomerates North America has to offer, with around $1.44 trillion in assets. Its core divisions include Investment Banking, Global Markets (trading and market-making), and Asset & Wealth Management. While traditionally focused on institutions and high-net-worth clients, Goldman introduced consumer banking offerings in recent years through Marcus and the Apple Card partnership.

Goldman hasn’t relied on huge bank mergers, instead growing organically and via strategic acquisitions, such as the fintech lender GreenSky. After converting to a bank holding company during the 2008 financial crisis, Goldman briefly delved into mainstream consumer finance. However, 2023 saw it scaling back these consumer efforts, reaffirming its status as one of the major banks in the U.S. specializing in investment banking and institutional services.

6. Toronto-Dominion Bank (TD) – $1.52 Trillion

TD Bank arose in 1955 through the merger of the Bank of Toronto (1855) and The Dominion Bank (1869). Headquartered in Toronto, TD now boasts $1.52 trillion in assets and is often listed among the biggest bank mergers north america references for its historic union. Operating in Canada and the U.S., TD’s key segments include Canadian Retail Banking, U.S. Retail Banking (branded as “TD Bank, America’s Most Convenient Bank”), Wealth Management, Insurance, and TD Securities for corporate and investment services.

TD has long targeted the U.S. market, taking over Commerce Bank in 2008 and attempting to buy First Horizon Corp. in 2022–2023. Regulatory delays led TD to cancel the First Horizon deal in 2023, underscoring challenges in cross-border acquisitions. Still, TD remains a powerhouse on both sides of the border, ranking among the biggest Canadian banks and continuing to seek strategic growth—such as the 2023 acquisition of Cowen Inc. to bolster its U.S. investment banking arm.

5. Royal Bank of Canada (RBC) – $1.54 Trillion

RBC traces its roots to 1864 as the Merchants’ Bank of Halifax. Now headquartered in Toronto (with an official head office in Montreal), it has $1.54 trillion in assets, frequently competing with TD for top spot among the big five Canadian banks. RBC’s divisions include Personal & Commercial Banking, Wealth Management, Insurance, Investor & Treasury Services, and RBC Capital Markets, making it one of the top banks in the U.S. and Canada when it comes to breadth of services.

RBC’s standout recent move is the purchase of HSBC Bank Canada for roughly $10 billion USD—one of the biggest bank mergers north america has seen in Canadian banking. This deal added significant branches, assets, and customers, reinforcing RBC’s #1 position in Canada. Past acquisitions like City National Bank in the U.S. also expanded RBC’s private banking reach among Hollywood and Silicon Valley elite.

4. Wells Fargo & Co. – $1.88 Trillion

Founded in 1852 to serve Gold Rush–era California, Wells Fargo is now headquartered in San Francisco and maintains about $1.88 trillion in assets. It’s widely recognized among the biggest U.S. banks, famous for a large coast-to-coast branch network and its iconic stagecoach branding. Key segments include Consumer Banking & Lending, Commercial Banking, Corporate & Investment Banking, and Wealth & Investment Management, marking Wells Fargo as a full-service financial institution.

Modern Wells Fargo is the product of multiple combinations, notably the 1998 merger with Norwest and the 2008 acquisition of Wachovia. While these moves built a vast nationwide franchise, recent years have seen regulatory scrutiny and an asset cap imposed by the Federal Reserve following sales-practice scandals. Under CEO Charles Scharf, Wells Fargo has been streamlining operations and working to restore its reputation in the north american banking sector.

3. Citigroup Inc. – $2.42 Trillion

Citigroup (Citi) has origins dating to 1812, but the modern corporation emerged in 1998 from the $70 billion merger of Citicorp and Travelers Group. Headquartered in New York, Citi’s $2.42 trillion in assets places it third among the largest banks by assets in North America. Citi operates two main segments: Institutional Clients Group (covering corporate lending, markets, and transaction services worldwide) and Personal Banking & Wealth Management (focusing on consumer credit cards, loans, and retail banking).

That 1998 merger, once hailed as a “financial supermarket,” brought together Citibank, Solomon Smith Barney, and insurance units under one roof (though the insurance arm was later spun off). Post-2008 crisis, Citi has streamlined its global consumer banking, selling operations in numerous countries. Under CEO Jane Fraser, Citi continues to exit smaller international markets, concentrating on wealth management and institutional business—an example of major banking industry statistics north america often citing consolidation trends.

2. Bank of America Corporation – $3.05 Trillion

A coast-to-coast leader, Bank of America (BofA) connects back to 1904’s Bank of Italy in San Francisco and 1874’s Commercial National Bank in North Carolina. Merged in 1998 as NationsBank acquired BankAmerica, BofA now operates from Charlotte with $3.05 trillion in total assets. It runs sizable Consumer Banking, Global Wealth & Investment Management (Merrill Lynch), Global Banking, and Global Markets segments—making it one of the top financial institutions in north america for credit cards, wealth management, and investment banking.

Bank of America’s giant footprint stems from major deals: FleetBoston (2004), MBNA (2006), Countrywide Financial (2008), and Merrill Lynch (2009). The Merrill Lynch takeover cemented BofA as a leading broker and investment bank, pairing a massive retail base with a powerful Wall Street presence. Post-crisis, BofA has focused on “responsible growth,” emphasizing digital banking innovation, cost-cutting, and expansions into new U.S. markets.

1. JPMorgan Chase & Co. – $3.9 Trillion

Sitting atop the north america bank rankings, JPMorgan Chase wields about $3.9 trillion in assets—far beyond any other major banks in the U.S.. Formed by the 2000 merger of J.P. Morgan & Co. and Chase Manhattan, it inherits a sprawling history traced to 1799’s Bank of the Manhattan Company. Today, JPMorgan Chase is split into Chase (consumer banking) and J.P. Morgan (corporate, investment banking, and asset management). This single institution handles everyday checking, credit cards, billion-dollar M&A deals, and wealth management for global clients.

JPMorgan Chase grew into a leading financial conglomerate through mega-deals, including the 2004 merger with Bank One, the 2008 acquisitions of Bear Stearns and Washington Mutual, and the 2023 FDIC-assisted purchase of First Republic Bank’s assets. These moves showcase the bank’s role as a steadying force in crises and reflect the “fortress balance sheet” strategy championed by longtime CEO Jamie Dimon. With unmatched scale and influence in the north american banking sector, JPMorgan stands as the clear #1 in largest banks by assets on the continent.

Common Questions (People Also Ask)

Which bank is the biggest in North America by total assets?

JPMorgan Chase takes the top spot, with around $3.9 trillion in assets—leading all major banks in the U.S. and Canada.

What are the top 5 banks in the U.S.?

They are JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs or Morgan Stanley (depending on metrics like total assets vs. market value).

Who are the ‘Big Five’ Canadian banks?

RBC, TD, Scotiabank, BMO, and CIBC (though CIBC did not make the top 10 list by North American assets, it’s still a heavyweight in Canada).

How do North American banks rank globally?

A few—like JPMorgan Chase, Bank of America, and Citigroup—are top contenders worldwide, though some Chinese banks surpass them in total assets.

What factors determine a bank’s ranking?

Analysts often look at total assets, highest market cap banks, revenue, and capital ratios, as well as each bank’s deposit base and global footprint.

How have these biggest banks evolved over time?

Most climbed in size through mergers (e.g., NationsBank-BankAmerica, Chase-JP Morgan), reflecting biggest bank mergers north america has witnessed.

Which are the most financially stable banks in the region?

Credit ratings and stress tests often highlight RBC, TD, and JPMorgan Chase, all known for strong capital buffers and consistent profitability.

What services do large North American banks offer?

They typically provide consumer and commercial banking, investment banking, asset management, wealth management, credit cards, and other financial services.

How have regulations impacted big banks?

Since the 2008 crisis, regulators have imposed stricter capital requirements and living wills on largest bank holding companies to reduce systemic risk.

Which banks are expanding the fastest in North America?

TD and RBC have grown in the U.S. through acquisitions, while JPMorgan Chase keeps expanding its branch network and occasionally rescues failing peers (e.g., First Republic).

Final Thoughts

From BMO’s 19th-century founding in Montreal to JPMorgan Chase’s nearly $4 trillion balance sheet, these top banks in the U.S. and Canada show just how extensive the north american banking sector can be. Whether it’s rapid overseas growth by Scotiabank, post-crisis consolidation by Citi, or a decades-long quest to become the biggest banks in North America, each name on this list reflects the top 10 banks by total assets with a unique backstory. They collectively handle trillions in deposits, manage major corporate deals, and power the everyday transactions of countless North Americans. As the financial landscape continues to shift, these banks will adapt—through technology, strategic acquisitions, and global expansion—while preserving the core functions that built their massive scale in the first place.