Between insurance, banking, credit cards, and mortgage payments, financial companies are a major, if unseen, part of most Americans’ everyday lives.
But who are these companies who are approving your credit card applications, giving you the ability to buy a house, and paying your hospital bills?
In this article, you’ll find a list of the 14 largest finance companies in the U.S., based on their total revenue in 2022.
Berkshire Hathaway. Omaha, Nebraska
2022 Revenue: $302.089 billion
Market Cap: $683.10 billion
Berkshire Hathaway is an American multinational conglomerate holding company. Its CEO is the well-known Warren Buffet, who became a company shareholder in the 1960s.
At its founding in 1839, Berkshire Hathaway was a group of textile milling plants. Now, as of 2020, it’s one of the largest publicly-traded companies in the world.
Its subsidiaries include notable brands such as GEICO, Dairy Queen, Fruit of the Loom, and Duracell. The majority of Berkshire Hathaway’s subsidiaries are insurance companies, though.
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JPMorgan Chase. New York, New York
2022 Revenue: $154.792 billion
Market Cap: $393.34 billion
JPMorgan Chase is not only one of the oldest financial companies in the U.S., it’s also one of the largest in the country and the world.
JPMorgan Chase as it is today came from a long line of other banks and investment companies that stretches all the way back to 1799.
The founders of JPMorgan Chase’s earliest predecessor institution, the Manhattan Company, even included Alexander Hamilton and Aaron Burr.
Now, the company manages over $2.6 trillion in client assets, works in over 100 different countries, and employs over 250,000 people. JPMorgan Chase has over 40 subsidiaries, and some of the most well-known include Chase Bank, J.P. Morgan Co., and WePay.
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Bank of America. Charlotte, North Carolina
2022 Revenue: $115.053 billion
Market Cap: $265.70 billion
Bank of America is another one of the U.S.’s oldest financial institutions with a history stretching back 240 years. In 1998, though, BankAmerica and NationsBank merged to form Bank of America as it is today, creating the first coast-to-coast bank in the U.S.
Bank of America is also the first U.S. bank to introduce a general-use credit card with revolving credit, credit limits, and floor limits, and it eventually became Visa.
Today, Bank of America has about 66 million clients in over 35 countries, and its subsidiaries include Merrill, BofA Securities, and Balboa Insurance Company.
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Citigroup. New York, New York
2022 Revenue: $75.34 billion
Market Cap: $87.60 billion
Formed in 1998 when Citicorp and Travelers Group merged, Citigroup is a multinational investment bank and financial services corporation.
The company has over 100 million customers, is the world’s largest credit card issuer, and serves a large international customer base in 160 countries and jurisdictions with physical offices in 97 of those countries. It’s especially prominent in Mexico and Asia.
Citigroup’s 204,000 employees provide loan, deposit, investment banking, brokerage, wealth management services to their customers. Its subsidiaries include Citibank, Banamex, Diners Club International, and Aeroméxico.
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Wells Fargo. San Francisco, California
2022 Revenue: $73.8 billion
Market Cap: $157.34 billion
Wells Fargo began in 1852 during the Gold Rush to provide the West with banking services and connect it to the rest of the country through shipping and delivery services.
The company grew until it ran the world’s largest stage line and became the first nationwide express company. This history is reflected in the Wells Fargo logo featuring horses and a stagecoach.
Now, the company is a multinational financial service company that serves over 65 million customers around the world with its banking, credit card, loan, mortgage, and other financial services.
Wells Fargo’s subsidiaries include Wells Fargo Advisors, Abbot Downing, Wells Capital Management, and Evergreen Investments.
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MetLife. New York, New York
2022 Revenue: $69.9 billion
Market Cap: $57.10 billion
Metropolitan Life Insurance Company, widely known as MetLife, is a part of MetLife, Inc., a holding corporation. Even though MetLife is mainly a life insurance company, it also offers health, dental, vision, auto, home, and accident insurance.
MetLife, Inc. serves clients in over 40 countries with various types of insurance, retirement, and savings services. The company’s clients include families, governments, and corporations in the Americas, Asia, Europe, the Middle East, and Africa.
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Morgan Stanley. New York City, New York
2022 Revenue: $53.7 billion
Market Cap: $143.78 billion
Morgan Stanley offers wealth management, investment management, institutional securities, and other financial services to its customers.
The original founders of JP Morgan Co. started Morgan Stanley in 1935 after all commercial and investment banking businesses were required to split. Now, the company manages $715 billion in assets for its clients and has locations in 35 countries.
Morgan Stanley’s most iconic location, however, is the Morgan Stanley Building on Broadway in New York City. The company’s many subsidiaries include E-Trade, Morgan Stanley Dean Witter Online, Inc., and Graystone Consulting.
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American Express. New York, New York
2022 Revenue: $50.68 billion
Market Cap: $109.93 billion
American Express is a multinational financial services corporation best known for its charge cards, credit cards, and traveler’s cheques.
The company started in 1850 as an express mail business, and its founders included Henry Wells and William G. Fargo, who both founded Wells Fargo as well.
As of 2019, American Express has over 114.4 million cards in use in the world, and it is one of the 30 components of the Dow Jones Industrial Average along with Goldman Sachs and JPMorgan Chase.
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Goldman Sachs. New York, New York
2022 Revenue: $47.37 billion
Market Cap: $117.24 billion
Founded in 1869, Goldman Sachs is a multinational investment bank and financial services company that offers investment management, securities, asset management, prime brokerage, investment banking, and securities underwriting services to its clients.
The firm has almost 40,000 employees, over 40 international offices, and subsidiaries such as Goldman Sachs Bank USA, Goldman Sachs Capital Partners, Ayco, Marcus by Goldman Sachs, and Goldman Sachs Personal Financial Management.
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Capital One. McLean, Virginia
2022 Revenue: $34.3 billion
Market Cap: $35.49 billion
A bank holding company that started in 1994, Capital One’s financial service offerings include credit cards, consumer banking, commercial banking, and auto loans.
The company is run by its founder, Richard Fairbank, and played a large part in helping credit cards rise in popularity during the 90s.
Even though it’s a relatively young financial company, Capital One is the fifth-largest credit card issuer in the country and operates in the United Kingdom and Canada as well as the U.S.
Capital One’s subsidiaries include Wikibuy, ShareBuilder, Paribus, United Income, and Blue Tarp.
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Fannie Mae. Washington, D.C.
2022 Revenue: $29.74 billion
Market Cap: $521.85 million
Fannie Mae actually stands for Federal National Mortgage Association and was founded in 1938 by President Franklin D. Roosevelt as a part of the New Deal.
The organization’s purpose is to help more Americans afford housing by creating a secondary mortgage market to expand the number of loans available.
Fannie Mae does this by purchasing mortgage loans from lenders, freeing up those lenders to give out more loans to homebuyers.
This company is unique because even though it’s federally sponsored, it’s also a publicly-traded company.
Fannie Mae also has two sibling organizations: Freddie Mac and Ginnie Mae.
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U.S. Bancorp. Minneapolis, Minnesota
2022 Revenue: $24.3 billion
Market Cap: $66.73 billion
U.S. Bancorp is a bank holding company that began as three different banks: the United States National bank of Portland in 1891, the First National Bank of Minneapolis in 1864, and the Farmers and Millers Bank in Milwaukee in 1853.
Those organizations grew and merged through the years until they became U.S. Bancorp in 1968.
Now, the organization is best known for its subsidiary U.S. Bank National Association (more commonly referred to as U.S. Bank), which offers banking, investment, mortgage, trust, and payment services to its clients.
Other U.S. Bancorp subsidiaries include Syncada, Elavon, and talech.
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Freddie Mac. Tysons Corner, Virginia
2022 Revenue: $21.3 billion
Market Cap: $297.34 million
Short for Federal Home Loan Mortgage Corporation, Freddie Mac is Fannie Mae’s brother company. They both perform similar functions, but while Fannie Mae works with large retail banks, Freddie Mac works with smaller thrift ones.
Freddie Mac has $2.063 trillion in assets under its management as it works to keep the U.S. housing market liquid, stable, and affordable by buying mortgage loans from lenders. This increases the number of loans lenders cab give out, helping more homebuyers afford housing.
Freddie Mac was chartered by Congress in 1970 and is government-sponsored but, like Fannie Mae, it is also publicly traded.
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The PNC Financial Services Group. Pittsburgh, Pennsylvania
2022 Revenue: $21.1 billion
Market Cap: $66.87 billion
PNC started in 1852 as the Pittsburgh Trust and Savings Company. After a few more mergers and name changes, the bank became Pittsburgh National Corporation and merged with Provident National Corporation, giving the company its current name, PNC.
PNC’s approximately 52,000 employees provide retail banking, asset management, and corporate and institutional banking to the company’s clients. PNC manages $300 billion in assets and has 2,200 branches across the U.S. as well as offices in Canada, China, Germany, and the United Kingdom.
In November of 2020, PNC acquired BBVA USA Bancshares, Inc. and its subsidiary, BBVA USA. Its other subsidiaries include PNC Bank, Harris Williams and Co., PNC Real Estate, PNC Capital Advisors, LLC, and Hawthorn PNC Family Wealth.
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What is the largest finance company in the United States?
The biggest finance company in the U.S. is Berkshire Hathaway. This is true both in terms of revenue and market cap. In 2022, Berkshire Hathaway had a revenue of $302.089 billion. The current market cap of Berkshire Hathaway is $683.10 billion.
How big is the U.S. finance industry?
The U.S. finance industry has a market size of $5.4 trillion. This industry makes up a sizeable portion of the U.S. economy. The finance industry continues to grow, with a CAGR of 5.4% through 2028.
