When we talk about the growing US economy, some think that the economy grows automatically like magic. But there is a central pillar behind the economy, the financial industry, handling the United States economy at the backend. The top US financial companies are busy managing activities like banking, mortgages, credit cards, insurance, fund-based activities, and investment.
Instead of only focusing on maintaining the balance sheets, these financial companies’ employees also emphasize handling clients’ needs on priority. There are 60 largest US financial companies by market cap that we will discuss in this article with an overview of each. For a better understanding, you need to know which US company offers which financial services.
Let’s first discuss the working and types of financial companies:
What does a financial company do?
Financial services companies comprise different segments or at least one segment, including insurance, money transfer, investment houses, insurance, lenders, banks, and brokerage. According to International Monetary Funds, it plays a vital role when a consumer purchases goods; the financial company accepts the buyer’s money and transfers it to the merchant.
Financial companies are a critical part of a nation’s economy; as government, all companies and individuals depend on the financial institutions for transactions or investing. The Federal Deposit Insurance Corporation (FDIC) in the United States protects the consumers’ deposits and ensures protection against their financial institutions’ finances.
A financial company is engaged in providing financial activities like deposits, loans, insuring clients financially, mutual funds and foreign exchange.
A financial company may manage the assets on behalf of its clients or advise on assets growth. Companies that serve as financial advisors do not offer any monetary product; instead, they act as intermediaries for the financial instrument’s movement between the savers and the securities issuers. The financial sector acts as a driver of a nation’s economy; when this sector is strong, its economy grows, but when it becomes weak, the economy falls.
Financial companies borrow loans from the Federal Reserve System (Central Banking System of the United States) at lower interest rates and lend money to the clients at higher rates to earn profit.
Many financial segments provide direct loans to individuals or small businesses who can not borrow from the banking segment for poor credit history. But these segments give loans to small businesses and individuals at higher interest rates and tight terms of repayment.
In the United States, most of the users purchase vehicles through financial companies at installment systems. For this purpose, many larges vehicle companies have owned their own or affiliated with financial companies as their subsidiary becoming parent companies to facilitate the purchase of vehicles for buyers on a credit basis. For example, Ford Motor Company has an affiliation with Ford Motor Credit Company (FMCC). When a customer wants to purchase a car from Ford Motors, he obtains credit from Ford Motor Credit Company.
The Ford Motor Credit Company manages buyer account receivable on behalf of Ford Motors Company. A financial company offers loans to large corporations and institutions at lower interest rates and lenient terms than individuals and small businesses. For example, a person ran out of cash, and 15 days remain for his next salary credit. Still, he needs $1000 cash, and he doesn’t have any credit history. The financial institution may provide him with the loan after keeping his motorbike as collateral. If the borrower fails to pay back the loan, the financial institution will capture his motorbike to get back the loaned money. Overall, the financial institutions provide secured, off secured and business loans according to customers’ needs.
The financial companies also provide insurance to protect clients financially against uncertain natural disasters, death, accidental injury, accident, and disability.
6 Types of Financial Service Firms
Financial Sector consists of a wide range of financial products and services. Different clients have different financial needs, but not all financial companies have specialization in offering all the financial activities. Some companies provide only lending services, some provide insurance services, and some companies have specialization in investment management. Therefore, for a better understanding, we have the classification of financial institutions in different categories.
Let’s have a look at various types of following financial companies:
Central Bank is a bank of banks and acts as a last resort when a financial institution goes towards bankruptcy. It monitors all the financial operations of other financial institutions in the country to maintain the country’s economy’s excellent health. The Central Bank is responsible for making monetary policies and monitoring those policies after implementing them all over the country.
Commercial and Retail Banking:
The banking segment’s primary function to accept deposits from one party and lend money to the other party. The banking sector further divided into two main categories: commercial banking and retail banking. Commercial banking directly deals with businesses and corporations, while retail banking deals with retail consumers. The banking sector keeps 10% deposited money for reserve requirements and makes available 90% deposited money for loans.
Investment institutions help individuals and businesses to grow their capital by investing in the right company. These type of financial companies also act as financial advisors to the investors. These firms also collect money from various investors and pool all the funds to invest in financial securities to earn a profit on behalf of clients. This activity is also referred to as mutual funds. These firms charge a fee from clients for managing their investments.
A brokerage firm acts as an intermediary between buyer and seller of financial securities, shares and mutual funds. Brokerage firms serve investors physically, but some brokerage firms offer electronic platforms for safely trading securities.
Insurance firms are one of the most important companies in the classification of financial services companies. The insurance is financial protection of customers against uncertain events that damage the people financially. Clients pay insurance installments monthly, quarterly, half-yearly or annually. The insurance companies emphasize minimizing the financial loss of insured clients by paying for their financial damage claims.
A mortgage company belongs to the financial industry. It acts as a lender and keeps the debtor’s property as collateral. If the borrower fails to pay back the loan, the mortgage company has the right to sell the borrower’s property to recover the loan amount.
60 Largest US Financial Companies
In the above section, we have thoroughly discussed the working and types of financial firms.
Now let’s get to the main point of the 60 largest US financial companies. Their market capitalization lists these companies from top to bottom.
1. Berkshire Hathaway
Market Cap: $594.43 billion
Stock ticker: BRK.A – BRK.B
Berkshire Hathaway, an American holding company, is one of the largest US financial companies. After 1955, Warren Buffet, a new acquirer of the company, turned it into a holding company by investing multi businesses. It has now become a parent company having some principal subsidiaries like Fruit of the Loom, Lubrizol, GEICO, BNSF, Duracell, Dairy Queen.
This financial company’s market capitalization is about $594.43 Billion. It contains the most expensive shares in US financial companies’ history, having a price of around $400,000 per share. The reason for its costly shares is that there is not stock splitting in Class A shares.
2. JPMorgan Chase & Co.
Market Cap: $471.4 billion
Stock ticker: JPM.
JPMorgan Chase & Co., a holding company, is one of the largest US financial companies concerning the market size, having a headquarter in New York, America. Its primary financial services are credit cards, retail banking, private wealth & assets management, investment banking and treasury.
In 2000 J.P. Morgan & Co. merged with Chase Manhattan Corporation and formed a new name as JPMorgan Chase & Co. The funds-based financial company’s market cap has $471.4 billion.
3. Visa Inc.
Market Cap: $452.89 billion
Stock ticker: V
Visa Inc., another largest US financial services firm, has headquarters in California, United States. It links consumers and businesses to electronic payments. For better understanding, we can say it provides an electronic funds transfer technology throughout the whole world as it is accepted worldwide. It deals with its core products, Visa credit card and debit cards, as the world’s best payment technology. Some banks also provide Visa prepaid cards for financial transactions worldwide.
The company has its importance as it opens the gates for international commerce for business people. The company has a market capitalization of $452.89 billion.
Market Cap: $355.82 billion
Stock ticker: MA
Mastercard, headquartered in New York, United States, comes in the top companies in the largest US financial firms list. Like Visa Inc., Mastercard also provides its major services of funds transfer electronically throughout the whole world. For example, it connects consumers, merchants, financial firms, governments transactions across the globe. The company’s principal products include credit cards, debit cards, and prepaid cards with Mastercard, Cirrus and Maestro’s brandings.
Mastercard supports small businesses to use digital payment methods safely, as it offers safety against cyber threats. Its market cap is $355.82 billion.
5. Bank of America
Market Cap: $336.61 billion
Stock ticker: BAC.
The Bank of America Corp., a financial services holding institution, is among the significant fund based US financial firms. The company deals with not only individuals but also it deals with small-medium businesses and large corporations. Its vital financial services are investment banking, wealth management, and trading of assets.
The company has its great importance in providing financial services, as it has a large number of consumer, around 66 million. The firm has its market capitalization of $333.61 billion, serving clients worldwide, the USA, and approximately 35 other countries.
Market Cap: $277.03 billion
Stock ticker: PYPL
PayPal is an American financial services company that transfers funds through the online system. The company’s core service is to provide purely paperless transactions. The sender only needs his own PayPal account and receiver’s PayPal E-mail and phone number to send the money.
The company’s major operations are for online businesses, auction websites, for example, eBid and eBay, etc., and for other commercial users. It charges small transaction fees for providing more benefits like payment with one click. The market cap of the company is about $277.03 billion.
7. Wells Fargo
Market Cap: $162.84 billion
Stock ticker: WFC
Wells Fargo is a financial company in the USA, diversified into different business categories having 1.92 trillion assets. Its subsidiaries are Wells Fargo Advisors, Wells Fargo Bank, Wells Fargo Rail, Wells Fargo Securities. The fund based company’s primary services are consumer & commercial banking, investment banking, and mortgaging. The company also offers loans for private students to pay their education expenses.
In the classification of companies by total revenue, Wells Fargo ranked as the 30th largest US company on the 2020 Fortune 500. It has a market cap worth $162.84 billion.
8. Citigroup Inc.
Market Cap: $152.29 billion
Stock Ticker: C
Citigroup Inc. operates as a global financial holdings firm, diversified into a wide range of segments: wealth management, global consumer banking and institutional client’s group. The company claims to be the biggest credit card issuer across the world. It serves more than 110 clients in the US and other global markets.
The company is ranked 8th in the list of 60 largest US financial companies as it has a market cap of worth $152.29 billion.
9. Morgan Stanely
Market Cap: $143.43 billion
Stock Ticker: MS
Morgan Stanely is an American financial holdings firm that operates currently in more than 42 countries. The firm’s primary services and products are investment management, wealth management, and financial securities to governments, individuals, financial firms, and corporations.
The wealth management segment deals with small-medium-sized institutions and individuals by providing insurance products or retirement plan services. The financial securities segment deals in profitable sales and trading, IPOs. The investment management act as mediatory to manage the assets of its clients. The company enjoys a market cap worth $143.43 billion.
10. Charles Schwab Corporation
Market Cap: $118.48 billion
Stock Ticker: SCHW
Charles Schwab Corporation, a financial holding company, is one of the major U.S. financial institutions. The firm serves its clients through two main streams: one is advisor service, and the other is investor’s service.
The investors’ service serves individual and corporate clients with bank services and retail investment. The advisor services provide trading and support for business retirement plans. Charles Schwab Corporation brings innovations to its services according to what its clients need. The company has a market cap worth $118.48 billion.
11. American Express
Market Cap: $115.28 billion
Stock Ticker: AXP
American Express, a US financial company, is the world’s leading credit cards issuer to its clients like individuals, small businesses and corporations. The company began its journey by providing cargo freights facilities. Later on, it introduced its more innovative products like issuing charge cards and credit cards. It also offers innovative travel-related services to its clients.
Now, the company has become the world’s largest network of financial payments. The firm earns its client’s trust by delivering quality, integrity, innovation and protection of payments. The market cap of the corporation is 115.28 billion.
Market Cap: $114.36 billion
Stock Ticker: BLK
BlackRock ranked 12th on the largest US financial companies by market cap list, worth $114.36 billion. By classification of investment management, the fund-based company is a leading global player, currently managing assets (assets under management) worth nearly $8.67 trillion.
BlackRock invests in some major portfolios such as equities, fixed incomes and money market securities. It attracts its clients by providing them plans according to their future needs; examples are college savings, retirement plans etc. Its primary sources of revenues are administrating charges and investment consultancy.
13. Goldman Sachs Group
Market Cap: $112.96 billion
Stock Ticker: GS.
Goldman Sachs Group is a leading US investment bank, deals in securities underwriting and investment management, international markets and investment banking. The fund based has a diversified base of clients such as financial institutions, corporations, individuals and governments. It serves publicly and privately by providing them investment advisory and wealth management plans.
The corporation manages the client’s assets and helps raise the capital for a business to strengthen it. According to the Financial Stability Board, the company has great importance in the US and global financial markets. The market cap of the firm is 112.96 billion.
14. S&P Global Inc.
Market Cap: $84.91 billion
Stock Ticker: SPGI
S&P Global Inc., a little different from other financial institutions, is a publicly-traded US company. Its major segments are Market Intelligence, Platts, Indices and Ratings. The company collects financial data, turns it into user research, analytics and credit ratings which it assigns to local governments, companies, countries, etc. The rating range is from AAA highest rating to D lowest. The rating scores help financial investors to evaluate the financial credibility of the business.
The company also provides index benchmarks and estimation for investment consultants and wealth managers. The company has its market capitalization of worth $84.91 billion.
15. US Bancorp
Market Cap: $83.95 billion
Stock Ticker: USB
US Bancorp is a bank holding US financial company that is purely dealing in the banking line with headquarters in Minneapolis, Minnesota, United States. It is the subsidiary of the US Bank National Association. The firm assists in significant segments like payment, mortgage loans, investment banking, and general banking.
Its clients are financial firms, individual entity businesses and governments. Other services’ list includes loans, credit cards, lending and depositary services, insurance policies, mobile banking and leasing. For understanding the market size, the company enjoys a market cap worth $83.95 billion.
16. Truist Financial
Market Cap: $79.03 billion
Stock Ticker: TFC
Among the list of largest US financial companies, Truist Financial Corp. is another bank holding company. It was formed as a new firm when SunTrust bank and BB&T (Branch Banking and Trust Company) merged in 2019. The firm offers several types of products and services, and the list includes general banking services, particular loans, insurance, assets & wealth management, mortgage and securities.
The company is one of the leading market players in the high growth markets, with its history of serving around 12 million household consumers. The market capitalization of the firm is $79.03 billion.
17. PNC. Financial Services
Market Cap: $75.31 billion
Stock Ticker: PNC
PNC. Financial Services is a US-based bank holding firm involves in financial services. The company has diversified business segments, and examples are assets management, retail banking, institutional and corporate banking. Its primary services are lending & depositing, cash management, investment services, wealth management, and brokerage.
To win the middle market in competition, the company is also struggling by offering various types of loans and treasury management to its governmental and corporational clients. Besides, the company is already playing a leading role in many target markets. PNC. Financial Services has a market cap worth $75.31 billion.
18. CME Group Inc.
Market Cap: $73.58 billion
Stock Ticker: CME
CME Group, a financial company, is the most prominent global diverse derivatives marketplace. The company trades in all major asset classes with future & options contracts, fixed income trading and foreign exchange trading through different platforms. It creates future and options contracts based on metals, interest rates, foreign exchange rates, Agricultural commodities and equity indexes.
On average, the company is currently dealing with about 3 billion contracts worth nearly about $1 quadrillion yearly. The companies and individuals come to the company’s website as sellers and buyers to manage their risk for for-profit purposes. The company enjoys its market cap of worth $73.58 billion.
19. Chubb Limited
Market Cap: $72.7 billion
Stock Ticker: CB
Chubb Limited is a US financial holding publicly traded casualty and property insurance company operating in more than 54 countries and US territories. It targets those clients looking for commercial, personal life insurance, and agricultural insurance, and it also offers general overseas insurance.
The insurance policies it provides include vehicle, life, supplemental health, reinsurance, accidental, loss control, landowners, labors’ compensation and risk management. The company has vital importance in the US and global markets as it has assets of more than $190 billion and a market cap worth $72.7 billion.
20. Intercontinental Exchange
Market Cap: $62.59 billion
Stock Ticker: ICE
Intercontinental Exchange is a US financial company that operates clearinghouses, international exchanges and offers data, listing and technology services. The firm owns six central clearinghouses worldwide. It also holds the various exchanges for running its business in commodities and financial markets.
The company lists, trades, and clears a wide range of financial securities and derivatives contracts based on asset classes, agriculture commodities, foreign exchange, interest rates, equities and bonds. The company contains a market cap worth 62.59 billion.
21. Marsh & McLennan
Market Cap: $61.75 billion
Stock Ticker: MMC
Marsh & McLennan Companies, Inc. is a US specialized services firm that operates worldwide. The company provides services in risk management, investment advisory, insurance brokerage, reinsurance and talent management. The company has four major segments through which it operates globally, and the list includes Marsh, Guy Carpenter, Mercer and Oliver Wyman.
Now, the Marsh segment is a leading player in insurance brokerage and risk management. The Guy Carpenter segment deals with reinsurance and investment advisory services. The Mercer and Oliver Wyman segments offer services like human resource management advisory and global consultant. The company’s market cap is $61.75billion.
22. Capital One Financial
Market Cap: $58.7 billion
Stock Ticker: COP
Capital One Financial Corporation is one of the largest US financial companies operating as a banking. The firm is offering its financial products and services through consumer banking, commercial banking and credit cards. As per the report of 2018, the bank’s 75% of revenue was from credit cards, and the other 25% was from consumer and commercial banking.
The bank’s clients are individuals, small businesses and commercial businesses to whom it offers a wide variety of products and services like auto finance, credit cards, and saving products. The market cap of the firm is $58.7 billion.
23. Everest Re Group
Market Cap: $58.7 billion
Stock Ticker: RE
Everest Re Group is a US insurance and reinsurance company operating globally. The company provides a wide range of products and services to protect its clients against property or other casualty risks. The firm is serving its client in the United States and 40 other countries providing property and casualty reinsurance.
The company serves its United States customers by providing reinsurance in accidents, health, businesses, marine and aviation. The foreign segment serves its International clients by providing reinsurance on property and casualty operating its branches in Bermuda, Brazil, Canada and Singapore. The firm’s market capitalization is $58.7 billion.
24. Moody’s Corp
Market Cap: $55.68 billion
Stock Ticker: MCO
Moody’s Corp is one of the top financial institutions in the United States, which provides credit ratings and financial services. The company operates with its two primary divisions, Moody’s Analytics and Moody’s Investor Services. Moody’s Investor Services gives credit ratings to the companies’ bonds and stocks for investor facilities as the global investors’ eyes catch the credit scores provided by Moody’s before investing in stocks, bonds and securities.
While the other department, Moody’s Analytics, provides financial analysis software and other tools to help its clients in economic research, risk management and credit analysis. The firm’s market cap is $55.68 billion.
25. MetLife Inc.
Market Cap: $54.34 billion
Stock Ticker: MET
MetLife, a holding company, is one of the leading players in financial markets. It provides primary services like employee benefits programs, insurance, annuities and assets management to individuals and organizational clients. It is crucial to get to know for a better understanding of its market size that the company is currently serving more than 90 million customers worldwide.
The company is aiding the people worldwide with protection against their property, homes, and businesses according to the customers’ financial needs. The market capitalization of the firm is $54.34 billion.
26. Aon PLC
Market Cap: $52.45 billion
Stock Ticker: AON
Aon PLC is a globally operating professional institute that offers assistance and solutions related to risk management, health and retirement. The company serves its clients through various products and services like commercial risk management plans, reinsurance plans, health solutions and retirement plans.
The company has also established the Global Clients Network to capture and serve the global client. The firm has experts from various countries, and they are available anywhere from the world to help their customers provide risk and insurance-related solutions. The company enjoys a market cap worth $52.45 billion.
27. The Bank of New York Mellon
Market Cap: $41.97 billion
Stock Ticker: BK
The Bank of New York Mellon is an investment holding company operating in the United States. The bank was formed in 2007 when the Bank of New York merged with Mellon Financial Corporation. The bank is working as the world’s most considerable asset servicing and custodian company with $36.8 trillion assets under custody and 2 trillion assets under management.
The Bank of New York Mellon claims to be the “bank of banks” for strengthening the financial institutions through their unique intuitive solutions. The company’s market capitalization is $41.97 billion.
28. American International Group
Market Cap: $40.94 billion
Stock Ticker: AIG
American International Group is among the largest US financial companies. It is a global insurance institution operating in more than 80 countries. The company operates its businesses through the subsidiaries: Investment Business Units, General Insurance and Life & Retirement. Its key products and services are property and casualty insurance, financially secured retirement plans, risk management, mutual funds and mortgage loans. The firm’s major clients are individuals, businesses and institutions.
American International Group also provides financial protection against property damages caused by natural disasters. The company has a market cap worth $40.94 billion.
29. T. Rowe Price Group
Market Cap: $39.26 billion
Stock Ticker: TROW
Rowe Price Group is one of the top US financial firms operating as investment management through its subsidiaries. The company provides its core services like investment advisory, retirement plans, accounts management to financial institutions & intermediaries and individuals.
The fund-based company works with the strategy of active management. It doesn’t follow the previous investment benchmarks, but its managers try to achieve maximum output from investments. It provides its products worldwide in regions like Europe, Africa, Middle East, North America Asia Pacific. The company has a market value of equity worth $39.26 billion.
30. The Travelers Companies
Market Cap: $38.85 billion
Stock Ticker: TRV
The Travelers Companies is an American holding company known as Travelers, dealing through personal insurance, business insurance, risk management and bond and specialty insurance. It offers insurance for vehicles, homes, valuable things and businesses. The firm plays a leading role in financial markets, providing the best property casualty insurance.
The company also offers a wide range of insurance products and services to its global clients. It is one of the largest insurance companies in the United States. The market value of the firm’s equity is $38.85 billion.
31. Prudential Financial
Market Cap: $36.41 billion
Stock Ticker: PRU
When we talk about the largest US financial companies by market cap, Prudential Financial is the 30th largest financial company. The company provides its expertise in investment management, insurance and other financial products and services. Its products and services are annuities, mutual funds, assets management, securities and life insurance.
The company is operating its businesses in United States, Latin America, Europe and Asia. It holds more than $4 trillion of life insurance through its subsidiaries. The market capitalization of the firm is around $36.85 billion.
Market Cap: $35.64 billion
Stock Ticker: AFL
Aflac is an American-based holding company that claims to be the financial protection provider to more than 50 million clients worldwide. The company mainly deals through two segments: Aflac Japan and the Aflac United States. Both segments provide insurance-related plans for financial protection to clients worldwide.
The company offers its major products and services like medical benefits, cancer treatment, accident, life, short-term disability, critical care and income support insurance. It is one of the top US financial companies by market cap, worth $35.64 billion.
33. Allstate Corp.
Market Cap: $35.47 billion
Stock Ticker: ALL
Allstate Corp is an insurance company in the United States, protecting people financially from uncertain events by providing more than 113 million proprietary policies. It provides its services through the segments like Allstate Life, Allstate Protection, Service Businesses, Allstate Benefits, Annuities, Discontinued Lines and Coverages, and others. Allstate Corp. has the famous slogan “You Are in Good Hands with Allstate”.
The firm’s core services and products are property and casualty insurance, accident, life, and health insurance. The company contains a market value of equity of around $35.47 billion.
34. State Street Corp.
Market Cap: $30.36 billion
Stock Ticker: STT
State Street Corp., a USA-based firm, is a bank holding company and financial services operating businesses worldwide through its major segments Investment Management and Investment Servicing. The company claims to be the heart of financial services.
The Investment Servicing segment offers custodian bank services to assets owners, funds accounting, handling of assets of classes like stocks, private equity and foreign traded funds, etc. The Investment Management segment provides research assets management, insurance advisory services to various financial institutions. The market capitalization of the firm is $30.36 billion.
35. Willis Towers Watson
Market Cap: $29.96 billion
Stock Ticker: WLTW
Willis Towers Watson is a public limited American company dealing in risk management, brokerage, and investment advisory services. The financial institution is serving its clients from more than 140 countries around the globe. The company provides innovative solutions to help clients manage risk, support talent, maximize benefits, and capitalize on strengthening individuals and businesses.
Willis Towers Watson understands customers’ needs and makes efforts to provide the solution more effectively than the customers’ expectations. The company’s market cap is $29.96 billion.
36. First Republic Bank
Market Cap: $29.58 billion
Stock Ticker: FRC
First Republic Bank is a wealth management American company. The firm offers business banking, trust and wealth management, insurance services, brokerage, and personal banking to businesses and low-risk clients. The company is currently handling total wealth management assets worth $194.5 billion.
The company also provides loans for personal, property, households, and short-term business credit. It earns its new financial clients referred by its old existing satisfied customers. First Republic Bank has a market value of equity worth $29.58 billion.
37. Discover Financial Services
Market Cap: $29.18 billion
Stock Ticker: DFS
Discover Financial Services is on the list of one of the largest US financial companies. Through its subsidiary, the company offers personal loans, saving accounts, credit cards and loans. The company also has three more subsidiaries: Pulse, Discover Network and Diners Club International.
It is one of the largest companies when measured in terms of credit cardholders in the USA. The firm provides credit cards through Discover Network, having around 50 million credit cardholders. The firm has a market capitalization worth 29.18 billion.
38. William Companies
Market Cap: $28.77 billion
Stock Ticker: WMB
William Companies is an energy-based American company dealing in natural gas and natural gas liquids. The company is a leading industrial and investment Grade C Corporation having operations related to natural gas and natural gas liquids. The firm gathers, processes, transports and stores the natural gas.
William Companies is serving its customers by operating more than 30,000 miles’ pipeline of natural gas in the United States territories. The company has captured 30% of the total natural gas users in the United States, having a market capitalization of worth $28.77 billion.
39. Ameriprise Financial
Market Cap: $27.14 billion
Stock Ticker: AMP
Ameriprise Financial is a bank holding and financial services institution. The firm operates through its core business segments: Asset Management, Advice and Wealth Management, Insurance Protection services and Annuities. It is currently holding near $900 billion assets under management (AUM).
Ameriprise Financial provides products and services like financial advisory, brokerage, banking, investment management, annuities and mutual funds. The company is on the list of the largest financial companies in the United States. The firm’s market cap is $27.14 billion while serving more than 2 million institutional, business and individual clients.
40. Fifth Third Bancorp
Market Cap: $27.1 billion
Stock Ticker: FITB
Fifth Third Bancorp is an American financial holding company operating its businesses through its subsidiary Fifth Third Bancorp. The company’s major services and products are wealth and assets management, cash management, consumer and commercial banking services.
Fifth Third Bancorp also helps its individuals, businesses and organizations by providing vehicle loans, mortgage, home equity loans, lease products and investment advisory. The firm enjoys the market value of equity worth $27.1 billion and is on the largest US financial companies by market cap list.
41. SVB Financial
Market Cap: $26.48 billion
Stock Ticker: SIVB
SVB Financial is a US holding company involves in offering banking and financial services. It operates through its segments: Silicon Valley Bank, Global Commercial Bank and Silicon Valley BancVentures. It provides its major services like commercial banking, consumer banking, funds’ investments, venture capital investments and funds management.
SVB Financial helps technology and life science companies to grow their business. Besides the USA, the firm also operates its banking services in United Kingdom, China, Hong Kong, Canada and Germany. It is one of the largest US financial firms, having a market capitalization worth $26.48 billion.
42. Arthur J. Gallagher & Co.
Market Cap: $24.52 billion
Stock Ticker: AJG
Arthur J. Gallagher & Co. is an insurance brokerage company and is one of the largest US financial companies by market cap. The firm deals in the segments: insurance, risk management and advisory services to the institutions, families and individuals. The firm’s core services and products are property-casualty insurance claims settlements, retirement solutions, loss control advisory and workers benefits programs.
Moreover, Arthur J. Gallagher & Co. also invests in the coal cleaning production companies. The company has a market value of equity worth $24.52 billion.
43. Hartford Financial Services Group Inc.
Market Cap: $24.21 billion
Stock Ticker: HIG
Hartford Financial Services Group Inc. is an American investment and insurance company headquartered in Hartford, Connecticut. The fund-based firm’s primary revenue sources are group benefits, mutual funds, property, & casualty insurance segments.
The company’s major products and services are property and casualty operations, automobile insurance, general liability insurance, worker’s compensation, investment management. It also provides its clients with insurance against uncertain events such as home protection against damage caused by the flood. The company’s market cap is $23.21 billion and competes on the list of top US financial firms by market capitalization.
44. Synchrony Financial
Market Cap: $23.98 billion
Stock Ticker: SYF
Synchrony Financial is an American-based consumer financial services firm. It operates its businesses through segments including Payment Solutions, CareCredit and Retail Card.
Through Payment Solutions, the company provides promotional financing for major consumer purchases such as private label credit cards and installment loans. Through CareCredit, the company offers promotional funding for medical procedures such as vision, audiology, dental and veterinary. While through Retail Card, the company provides private label credit cards and other credit products to small and medium-sized businesses. The company has a market cap worth $23.98 billion.
45. Northern Trust Corp.
Market Cap: $22.25 billion
Stock Ticker: NTRS
Northern Trust Corp. is one of the largest US financial companies. The company operates through its main businesses: Investment Management, Wealth Management and Asset Servicing. The products and services it provides are cash management, securities lending, employee benefit services, financial advisory, retirement plans and estate administration. It also provides investment services through active and passive management strategies and hedge funds.
Northern Trust Corp. is one of the global investment leaders handling about $1.1 trillion assets under management (AUM). The firm has a market cap worth $22.25 billion.
46. Regions Financial Corp.
Market Cap: $22.09 billion
Stock Ticker: RF
Regions Financial Corporation is an American holding company of banking services. The firm is one of the largest US financial companies operating wealth management, commercial banking and other products and services related to mortgage.
Regions Financial Corporation offers safe deposit boxes, mortgages, line of credit, home equity, auto & personal loans, credit cards, and small business loans. Moreover, the company also helps grow and protect its major clients’ wealth, including individuals, corporate and governmental organizations. The company has a market value of equity of about $20.09 billion.
47. M&T Bank
Market Cap: $19.8 billion
Stock Ticker: MTB
M&T Bank is a US financial services company providing its full-time services in the banking sector. The bank offers commercial banking, retail banking, private banking, investment banking and investment management.
M&T Bank helps small-sized businesses and professionals by providing various services related to business banking. It also offers a wide range of credit products, deposits services, investment, short-term and long-term loans, mortgage and real estate loans. The bank is one of the top commercial banks in the United States. The bank has a market capitalization worth $19.8 billion.
Market Cap: $19.46 billion
Stock Ticker: KEY
Key Corp is a US financial firm operating as a bank holding company maintaining its banking business through its subsidiary, Key Bank. The firm offers its products and services: consumer & commercial banking, investment management and consumer financing to individuals, institutions and corporates.
KeyCorp also helps its client by offering credit cards, business solutions, wealth management products and personalized deposit and lending products. The company is currently capturing clients from the United States and more than 30 other countries worldwide. The firm’s market value of equity is $19.46 billion.
49. Citizens Financial Group
Market Cap: $19.04 billion
Stock Ticker: CFG
Citizen Financial Group is one of the oldest American financial services firm. The company provides banking services through its segment: commercial banking and retail banking. The retail banking segment offers a wide variety of banking, leasing, lending, savings, small businesses financial support offerings and wealth management. The commercial banking segment provides lending, deposits, treasury management, risk management, interest rates, foreign exchange, merge and acquisition.
The firm’s primary clients are nonprofit organizations, government banking, technology, health care, real estate, corporates and individuals. The company enjoys a market value of equity worth $19.04 billion.
Market Cap: $18.84 billion
Stock Ticker: MKTX
MarketAxess is a US-based financial company that is operating an electronic trading platform. The company provides the market’s data to the institutional investors and brokers to trade credit instruments such as corporate bonds and other fixed-income instruments. The company also offers post-trade services, financial data, deep insights and other supporting tools.
MarketAxess is a leading player in the electronic trade of corporate bonds in the United States. Its unique, eye-catching innovation is the “One Tree Planted”, as it plants one tree for each $1 million trade of green bonds through its platform.
51. Cincinnati Financial
Market Cap: $16.92 billion
Stock Ticker: CINF
Cincinnati Financial is a US insurance holding company providing casualty and insurance through its primary operating segment, Insurance Company and investment Company. The firm offers the products and services like commercial casualty & insurance, worker’s compensation, annuities, home and individual insurance.
Cincinnati Financial also provides life and health insurance, assets management to corporates, businesses and individuals. It has the equity investment and fixed maturity investment as the help hands of earning its revenue. The company enjoys a market capitalization worth $16.92 billion.
52. Raymond James Financial
Market Cap: $16.91 billion
Stock Ticker: RJF
Raymond James Financial is an American holding company operating businesses of financial and investment services through its subsidiaries. The firm’s major clients are corporations, individuals and municipalities. Its core products and services are retail banking, commercial banking, insurance, investment banking, private banking, credit cards, mortgage loans, wealth management and financial analysis services.
Raymond James Financial has a market cap worth $16.91 billion. It is one of the largest US financial companies by market capitalization. The company currently has more than 20,000 shares, individuals and institutional investors.
53. Principal Financial Group
Market Cap: $16.53 billion
Stock Ticker: PFG
Principal Financial Group is a US-based investment and insurance firm operating worldwide. Through its expertise and honesty, the company strives to make its clients’ investment dreams a reality. Its major operating segments are Principal Global Investors, Retirement and Income Solutions, US Insurance Solutions, Principal International, and Corporate.
Principal Financial Group specializes in providing retirement solutions, income annuities, assets management, mutual funds, estate planning, life insurance and medical insurance (dental & vision) services. The company’s market value of equity is $16.53 billion.
54. Huntington Bancshares
Market Cap: $16.37 billion
Stock Ticker: HBAN
Huntington Bancshares is an American holding company engaged in banking in the provision of banking services. The firm provides a wide range of products and services to individuals, businesses and commercial institutions.
Huntington Bancshares offers lending, savings, business loans, merchant services, liquidity management, investments, commodity risk management, lease, business insurance, foreign exchange and interest rates. The company also provides its services customized for the United States military, financial protections, home mortgages and small business loans. The financial firm has a market cap worth $16.37 billion.
55. Franklin Resources
Market Cap: $14.82 billion
Stock Ticker: BEN
Franklin Resources is an American-based investment holding company operating globally. The major products and services it provides are retirement plans, mutual funds, hedge funds, corporate credit, loans, inflation protection, risk management, private equity and real estate services.
Franklin Resources also manages the assets on behalf of professional private and institutional investors, currently having $1.4 trillion assets under management (AUM). The firm is striving its best to provide the best outcomes from investors. The firm’s market capitalization is $14.82 billion and is ranked 55th on the list of 60 largest US financial companies by market cap.
56. Loews Corp.
Market Cap: $14.07 billion
Stock Ticker: L
Loews Corporation is a US-based holding company diversified into different businesses. It operates in diversified businesses through its subsidiaries Diamond Offshore Drilling, Loews Hotels, Altium Packaging, Boardwalk Pipeline Partners and CNA Financial. Its main products and services are hotel chain management, casualty and property insurance, oil and gas drilling, pipeline transportation, natural gas, and natural liquid storage.
Loews Corporation mainly focuses on long-term value-addition for its stakeholders. By the end of 2020, the company had reduced its outstanding shares to 291 million shares. The market value of the company is $14.07 billion.
57. Unum Group
Market Cap: $13.54 billion
Stock Ticker: UNM
Unum Group is one of the largest US financial firms operating as an insurance company. The firm provides financial protection through its main segments: Colonial Life, Unum US, Unum UK, and Unum International.
Unum Group offers insurance for cancer treatment and service for the still serviced products but not marketed now, and it is the largest disability income provider in the world. The company provides short-term and long-term disability insurance, dental, accidental death insurance, life insurance and severe illness insurance. The company has a market cap worth $13.54 billion.
58. W. R. Berkley Corporation
Market Cap: $13.54 billion
Stock Ticker: WRB
R. Berkley Corporation is a US holding company operating through its segments engaged in insurance business provision. Besides the United States, it is currently serving its clients in Europe, Canada, Mexico, Australia and Asia. The firm has two major segments: Insurance and Reinsurance Global.
R. Berkley Corporation principal products and services include admitted lines, surplus lines, individual special lines, property & casualty insurance and reinsurance business. The company has a market capitalization worth $13.54 billion.
59. Lincoln National
Market Cap: $12.04 billion
Stock Ticker: LNC
Lincoln National is one of the largest financial holding companies by market capitalization in the United States. It also provides future family insurance plans, education insurance, retirement plans and financial protection against uncertain future events.
Lincoln National primarily operates the insurance and investment businesses through its subsidiaries. Its primary products and service are permanent life insurance, fixed & variable annuities, employee benefit programs, investment advisory and financial wellness services.
The firm has a market cap worth $12.04 billion.
60. Invesco Ltd.
Market Cap: $11.48 billion
Stock Ticker: IVZ
Invesco Ltd. is a US-based independent insurance managing firm. The list of 60 largest US financial companies by market cap ranks Invesco Limited 60th number. i. Besides the United States, the firm is currently operating in 25 countries across the globe.
Invesco Limited’s major products and services are investment management in real estate, distressed investing, bank loans, equities, fixed income, hedge funds, fund of funds and investment in environmental activities. The company has a market capitalization of worth $11.48 billion and currently manages the $1.35 in assets on behalf of clients globally.
How do financial companies make money?
- Financial companies provide financial products and services to the customer, and they charge a fee for their services and services they provide. For example, the financial companies charge interest for providing loans and charge a fee for processing loan request applications.
- The companies charge commission for acting as an intermediary in the financial markets between buyers and sellers.
- The financial companies invest the investors’ money as a collective in purchasing safe securities and stocks to earn more profits for investors and charge fees for managing their funds.
- Financial companies as insurance firms generate revenue by charging insurance premiums from clients and investing them in other securities and stocks.
- The financial companies also generate money by purchasing products and goods for customer and sell them at higher prices than actual prices on an installment basis.
Why is the financial services industry so important?
The financial services industry is the backbone of the nation’s economy. It provides business opportunities to unemployed people by offering them loans and helps transfer funds by accepting from the buyer and transferring to a merchant account through credit, debit cards, or electronically for businesses’ smooth working.
The insurance companies that are part of financial firms give financial protection to the businesses, individuals and households against any financial damage caused by uncertain events like death, natural disaster, accident and business loss. These companies support in favor of their clients to minimize their financial loss.
Financial companies play a vital role during the shortfall of money in the economy. During the shortage of money, these companies offer higher interest on deposits and savings so that the public may deposit the money. In this way, these institutions overcome the shortage of money in the economy.
Also See: How to Invest in the Stock Market
Top 10 US financial Companies – Summary
The largest US financial companies by market cap are busy days and nights serving the clients with financial activities and contributing to the United States economy’s growth. These companies are striving their best to provide more innovative products and services to their customers. You have read the overview of all the 60 largest US financial companies above. From those 60 US financial companies, let’s discuss the overall summary of the top 10 US financial companies:
1. Berkshire Hathaway
Berkshire Hathaway is an American holding company of diversified businesses, including financial businesses. The company is publicly traded on the New York Stock Exchange as stock ticker “BRK.A” and “BRK.B”. The company’s market capitalization is $594 billion.
2. JPMorgan Chase & Co.
JPMorgan Chase & Co. is a financial holding company involved in the banking services business such as credit card issuer, banking services, investments and assets management. It trades its stock as “JPM” on New York Stock Exchange. Its market capitalization is $471.4 billion.
3. Visa Inc.
Visa Incorporation is the world’s payment network engaged in issuing worldwide accepted debit and credit cards. The firm trades on New York Stock Exchange as Stock ticker “V”. Its market cap is $452.89 billion.
Mastercard is also a credit, debit and prepaid cards issuer for payments that are accepted globally. The company trades as stock ticker “MA” on New York Stock Exchange. Its market capitalization is $336.61 billion.
5. Bank of America Corp.
Bank of America Corporation is involved in are investment banking, wealth management, and trading of assets. It trades on New York Stock Exchange as stock ticker “BAC.” The company has a market cap worth $336.61 billion.
Paypal is a financial company that offers online funds transfer through accounts safely. The company trades on NASDAQ-100 as stock ticker “PYPL”. Its market capitalization is $277.03 billion.
7. Wells Fargo
Wells Fargo operates diversified financial businesses. The fund based company offers banking, investment and mortgaging. The firm trades on New York Stock Exchange as the stock ticker “WFC”. It has a market cap worth $162.84 billion.
8. Citigroup Inc.
Citigroup Incorporation is a financial institution engaged in issuing credit cards, offering wealth management and global consumer banking. Citigroup Inc. trades on New York Stock Exchange. Its market capitalization is $152.29 million.
9. Morgan Stanely
Morgan Stanely is operating in more than 42 countries, providing wealth management, investment management, and financial securities services. The company trades on New York Stock Exchange as stock ticker “MS”. It has a market cap worth $143.43 billion.
10. Charles Schwab Corporation
Charles Schwab Corporation is one of the major US financial institutions mainly dealing in investment and advisory services. The company trades on New York Stock Exchange as stock ticker “SCHW”. The market capitalization of the company is $118.48 billion.