New York is the financial center of the world, so it is no surprise that the biggest commercial banks can be found there. Despite the financial troubles and recent protests on Wall Street, New York City still houses the world’s leading financial giants and is the place to be for big banks. Read on for a rundown of the top 5 biggest commercial banks in New York.
PNC (Pittsburgh National Corporation) is one of the oldest banks in America. It comes in fifth on the list of New York’s biggest banks and has assets worth almost $264 billion. Within its corporate and institutional banking, PNC offers a range of industry specialties such as government contracting and commercial real estate. However, one special segment that sets PNC apart from other banks is their expertise in the finances of charter schools. PNC’s corporate headquarters is in Pittsburgh, but it still has a strong presence on Wall Street in New York City.
Wells Fargo is not only the fourth largest bank on Wall Street, but is the largest bank in terms of market capitalization. The bank is around 150 years old, which gives it pedigree and experience in commercial banking. Wells Fargo has almost $1.3 trillion in assets and provides services all over the world with regional head offices in London and Hong Kong. This bank is particularly committed to the growth of environmental and clean technologies, for they are a sponsor of the 2011 CleanTech and National Renewable Energy Laboratory’s Industry Growth Forum competitions.
Citibank, formerly known as The First National City Bank of New York, is one of the oldest banks in the city and third on the list of top commercial banks in New York. Indeed it is almost as old as the city itself. Citibank is the banking side of the giant Citigroup and operates in over 160 countries. One indicator of the bank’s size is the fact that the United States government is one of its clients, though Citibank also offers banking professionals with experience in specific industry specialties such as the energy industry, public funds, and not-for-profit businesses.
Coming in second is the Bank of America, formerly the Bank of America Corporation. The bank’s headquarters are in North Carolina, but that does not stop it from having a very strong presence in New York. Bank of America has around $2.3 trillion in assets and offers a variety of services that operate under its subsidiaries such as the well-known Merrill Lynch. The Bank of America also maintains the largest market research team in New York.
The first and largest commercial bank in New York is J.P. Morgan Chase. It is a multinational banking corporation that deals investment, securities and retail. with total assets worth around $2.4 trillion. The bank’s corporate headquarters are in Manhattan. Interestingly enough, J.P. Morgan Chase employed several politicians, such as Tony Blair, before their political careers began! The commercial banking division proudly serves 24,000 clients throughout the U.S., ranging from corporations to non-profits. J.P. Morgan Chase prides itself on its knowledgeable staff members who become connected to their communities and make decisions on the local level.
The combined assets of these 5 largest commercial banks totals to an impressive $10 trillion and includes accounts from all over the world.