The top 10 publicly traded financial firms in the US will be examined in this article.
Any nation’s ability to maintain economic stability is greatly influenced by the finance industry. The finance sector, which includes a broad range of businesses like banking, insurance, and investment management, makes it easier for capital to move between different entities and gives people and companies access to the resources they need to make investments, expand, and prosper. In 2023, The Business Research Company estimated that the global financial services market would have grown to a value of $31.13 trillion. In the future, the market is anticipated to expand from 2024 to 2028 at a compound annual growth rate (CAGR) of 7.6%, reaching a valuation of $44.92 trillion at the conclusion of the forecast period.
One of the world’s largest financial markets is the United States. However, the finance industry faces a wide range of difficulties that are reshaping the market. These difficulties include uncertain economic conditions, disruptive technologies, cybersecurity risks, and complex regulatory frameworks. According to a Federal Reserve survey of senior loan officers conducted on May 6, in the first quarter of 2024, US banks saw a decline in the demand for household credit as well as an increase in the demand for industrial loans.
The survey found that while demand for commercial and industrial loans declined, the net share of large and medium-sized banks tightening standards increased to as high as 15.6%. The demand for commercial real estate loans from foreign banks increased as the standards for these loans loosened to a level not seen in two years. In terms of home loans, more banks raised their requirements for auto loans while lowering them for credit cards and other consumer loans. All categories of household loan demand declined overall over the past year, with the demand for auto loans being the lowest.
After talking about current events in the finance sector, let’s examine the top 10 publicly traded financial firms in the United States.
The top 10 US publicly traded financial firms are included in this article. We used Yahoo Finance and Finviz stock screeners to determine the top financial companies in the US. The top financial firms in the US as of May 9, 2024, ordered by market capitalization, were then listed. In ascending order based on their market caps, we have listed the top 10 publicly traded financial firms in the United States.
Market Capitalization: $570.13 Billion
On our list of the top 10 largest publicly traded financial companies in the US, Visa Inc. (NYSE:V) is ranked first. It is a company that provides payment card services and makes electronic money transfers possible everywhere in the globe. As of May 9, 2024, the market capitalization of Visa Inc. (NYSE:V), the largest finance company in the US, was $570.13 billion.
Market Capitalization: $567.24 Billion
The second-largest publicly traded financial company in the US on our list is the multinational American financial institution JPMorgan Chase & Co. (NYSE:JPM). Investment banking, consumer and small business financial services, commercial banking, financial transaction processing, and asset management are among the company’s areas of expertise. As of May 9, 2024, the market capitalization of JPMorgan Chase & Co. (NYSE:JPM) was $567.24 billion.
Market Capitalization: $423.53 Billion
One of the top three publicly traded financial firms in the US is the American payment technology company Mastercard Incorporated (NYSE:MA). It is one of the largest fintech companies in the world and provides a variety of services related to processing payments, including transaction processing. Mastercard Incorporated (NYSE:MA) has a $423.53 billion market capitalization as of May 9, 2024.
Market Capitalization: $299.44 Billion
The American multinational investment bank and holding company for financial services is called Bank of America Corporation (NYSE:BAC). The company provides people, companies, and governments with a comprehensive range of banking, investment management, and other financial and risk management goods and services. As of May 9, 2024, Bank of America Corporation (NYSE:BAC), one of the leading financial services firms in the US, had a market capitalization of $299.44 billion.
Market Capitalization: $213.69 Billion
One of the top 5 largest publicly traded financial firms in the US is the multinational American financial services firm Wells Fargo & Company (NYSE:WFC). Along with consumer and business financing services, the company offers a wide range of banking, investment, and mortgage products and services. Wells Fargo & Company (NYSE:WFC) has a market capitalization of $213.69 billion as of May 9, 2024. In 2024, it ranks among the US banks with the highest profits.
Market Capitalization: $172.01 Billion
The American Express Company (NYSE:AXP) is a multinational financial services company based in the United States with a focus on credit cards. The company also offers services linked to travel. The company only operates an online banking division; there are no physical branch offices. As of May 9, 2024, American Express Company (NYSE:AXP), a globally integrated payments company, has a market capitalization of $172.01 billion. On our list of the biggest US publicly traded financial companies, it comes in at number six.
Market Capitalization: $159.47 Billion
Among the leading providers of financial services in the US is Morgan Stanley (NYSE:MS). It offers businesses, governments, institutions, and individuals a broad range of investment banking, securities, wealth management, and investment management services. The company maintains offices in forty-two nations. Morgan Stanley (NYSE:MS) has a $159.47 billion market capitalization as of May 9, 2024.
Market Capitalization: $146.95 Billion
Global investment banking, securities, and investment management company Goldman Sachs Group Inc. (NYSE:GS) was founded in 1997. It provides corporations, financial institutions, governments, and individuals with a broad range of financial products and services. In terms of total deposits, it is among the biggest banks in the US. As of May 9, 2024, the market capitalization of Goldman Sachs Group Inc. (NYSE:GS) was $146.95 billion.
Market Capitalization: $137.82 Billion
The American multinational financial services company Charles Schwab Corporation (NYSE:SCHW) was founded in the year 2000. The corporation offers a comprehensive array of brokerage, banking, and financial advisory services via its operational subsidiaries. The market capitalization of The Charles Schwab Corporation (NYSE:SCHW) is $137.82 billion as of May 9, 2024.
Market Capitalization: $135.28 Billion
Among the top ten largest publicly traded financial companies in the US is S&P Global Inc. (NYSE:SPGI). The company offers credit ratings, benchmarks, analytics, and workflow solutions in the global capital, commodity, and automotive markets. It specializes in financial information and analytics. As of May 9, 2024, S&P Global Inc. (NYSE:SPGI) has a market capitalization of $135.28 billion.
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