Largest banks in the U.S. 2023, by number of employees
JPMorgan Chase was the largest U.S. employer in the banking sector as of December 31, 2023. The bank had over 220,000 employees at the end of the year. Wells Fargo ranked second, with close to 200,000 employees. In 2023, JPMorgan Chase was also the largest U.S. bank in terms of number of branches, which may explain their high employee number.
Employment in the U.S. banking sector
The number of employees of FDIC-insured banks in the United States fluctuated during the last decade, from around 1.96 million in 2012, down to 1.91 million in 2014, and up to around two million in 2023. There is no clear downward trend in bank employment in the United States, despite the decreasing number of bank branches in the last several years.
The largest banks
The big four in the U.S. banking industry are JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup. The largest, JPMorgan Chase, is not only the leading bank in the United States in terms of market capitalization, but also the leading bank in the world. The bank had a market capitalization of around 492 billion U.S. dollars as of 2023.