Banking in the United States

Common card · No. 442468

In the United States, banking had begun by the 1780s, along with the country's founding. It has developed into a highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street, it is centered on various financial services, such as private banking, asset management, and deposit security. The banking industry in the United States dates back to 1780, when the Bank of Pennsylvania was established to provide financial support for the American Revolutionary War. After merchants in the Thirteen Colonies needed a currency as a medium of exchange, the Bank of North America was opened to facilitate more advanced financial transactions. As of 2018, the largest banks in the United States were JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs. In the second quarter of 2026, the FDIC’s Quarterly Banking Profile was based on reports from 4,238 insured commercial banks and savings institutions. Those institutions reported aggregate...

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