Financial institutions permeate the lives of most Americans, quietly wielding immense influence through insurance, banking, credit cards, and mortgage services. Here we will let you know about What companies are in the finance field in USA.
Who are the companies that approve your credit card applications, enable you to purchase a house, and cover your hospital expenses?
Highlights
- Berkshire Hathaway, with a colossal revenue of $302.089 billion, reigns as the United States’ largest finance company.
- As of 2022, the U.S. finance & insurance industry has a market size of $5.4 trillion.
- The projected compound annual growth rate (CAGR) for the U.S. finance and insurance market stands at 5.4% up until 2028.
In this article, discover a compilation of the top 14 finance companies in the United States, ranked by their total revenue in 2023. This comprehensive list showcases the leading players in the industry, exemplifying their financial prowess and market dominance.
So What companies are in the finance field?
Here is the list of 10 LARGEST FINANCE COMPANIES IN THE UNITED STATES:
1.Berkshire Hathaway. (Omaha, Nebraska)
2022 Total Revenue: $303 billion
Market Cap: $684 billion
Berkshire Hathaway stands as a prominent American multinational conglomerate holding company. helmed by the renowned Warren Buffett, who joined as a shareholder back in the 1960s.
When it was established in 1839, Berkshire Hathaway comprised a collection of textile milling plants. Today, in 2020, it has metamorphosed into one of the largest publicly traded companies globally, transcending boundaries of fame and success.
Berkshire Hathaway’s impressive portfolio comprises renowned brands like GEICO, Dairy Queen, Fruit of the Loom, and Duracell. Although the majority of its subsidiaries are insurance companies, the conglomerate’s reach extends far beyond, adding diverse value to its enterprise.
2. JPMorgan Chase. (New York)
2022 Revenue: $154.792 billion
Market Cap: JPMorgan Chase, a financial service provider with a rich history dating back to 1799, stands as one of the oldest and largest companies in both the United States and the world. Its prestigious lineage traces back to the Manhattan Company, whose founding members included none other than Alexander Hamilton and Aaron Burr. With assets totaling over $2.6 trillion and a global presence spanning over 100 countries, JPMorgan Chase effectively manages $393.34 billion. Boasting a workforce of over 250,000 individuals, JPMorgan Chase operates through more than 40 notable subsidiaries, including renowned entities like Chase Bank, J.P. Morgan Co., and WePay.
3. Bank of America. (Charlotte, North Carolina)
2022 Revenue: $115.053 billion
Market Cap: Bank of America, with a rich history spanning 240 years, stands as one of the oldest financial institutions in the United States. Formed in 1998 through the merger of BankAmerica and NationsBank, the institution evolved into the first coast-to-coast bank in the country. Pioneering the introduction of a general-use credit card with revolving credit, credit limits, and floor limits, Bank of America later became Visa. Presently, the bank serves approximately 66 million clients across more than 35 countries. Its subsidiaries include Merrill, BofA Securities, and Balboa Insurance Company.
4. Citigroup (New York)
2022 Revenue: $75.34 billion
Market Cap: Formed in 1998 through the merger of Citicorp and Travelers Group, Citigroup is a multinational investment bank and financial services corporation. With a staggering $87.60 billion in revenue, this company stands at the forefront of the industry. Boasting a customer base of over 100 million, Citigroup holds the title of the world’s largest credit card issuer.
It establishes a strong global presence with physical offices in 97 countries and jurisdictions, catering to a diverse international clientele spread across 160 nations. Notably, Citigroup shines in Mexico and Asia, garnering significant recognition in these regions. With a workforce of 204,000 dedicated employees, the company excels in delivering a comprehensive suite of services including loans, deposits, investment banking, brokerage, and wealth management. Noteworthy subsidiaries under its umbrella encompass Citibank, Banamex, Diners Club International, and Aeroméxico.
5. Wells Fargo. (San Francisco, California)
2022 Revenue: $73.8 billion
Market Cap: Established during the Gold Rush in 1852, Wells Fargo emerged as a banking institution catering to the West and bridging its connections to the rest of the nation through shipping and delivery services. Progressing steadily, the company ultimately operated the world’s largest stage line and even became the pioneering nationwide express company.
This remarkable history is encapsulated in the Wells Fargo logo, adorned with horses and a stagecoach. Presently, Wells Fargo stands as a multinational financial service provider, catering to a staggering 65 million customers worldwide with an extensive range of banking, credit card, loan, mortgage, and other financial offerings. Among its notable subsidiaries are Wells Fargo Advisors, Abbot Downing, Wells Capital Management, and Evergreen Investments.
6. MetLife (New York)
2022 Revenue: $69.9 billion
Market Cap: Metropolitan Life Insurance Company, widely recognized as MetLife, is a subsidiary of MetLife, Inc., a diversified holding corporation. While primarily specializing in life insurance, MetLife also offers a comprehensive range of insurance products including health, dental, vision, auto, home, and accident insurance. With a global presence spanning over 40 countries, MetLife, Inc. serves a diverse clientele including families, governments, and corporations across the Americas, Asia, Europe, the Middle East, and Africa, providing a wide array of insurance, retirement, and savings services.
7. Morgan Stanley (New York)
2022 Revenue: $53.7 billion
Market Cap: Morgan Stanley, a financial powerhouse, provides a comprehensive range of services, including wealth and investment management, institutional securities, and more. Founded in 1935 by the original founders of JP Morgan Co., it emerged as a result of the required separation of commercial and investment banking businesses. With a global presence in 35 countries, the company manages a staggering $715 billion in assets for its valued clients. One of its most iconic locations is the Morgan Stanley Building on Broadway in New York City. Notable subsidiaries of Morgan Stanley include E-Trade, Morgan Stanley Dean Witter Online, Inc., and Graystone Consulting.
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8. American Express. (New York)
2022 Revenue: $50.68 billion
Market Cap: American Express, a multinational financial services corporation, is renowned for its charge cards, credit cards, and traveler’s cheques. Established in 1850 as an express mail business, it was co-founded by Henry Wells and William G. Fargo, both of whom were instrumental in the creation of Wells Fargo. As of 2019, American Express boasts a staggering global card usage of over 114.4 million, solidifying its position as one of the 30 components of the Dow Jones Industrial Average, alongside Goldman Sachs and JPMorgan Chase.
9. Goldman Sachs. (New York)
2022 Revenue: $47.37 billion
Market Cap: Founded in 1869, Goldman Sachs is a renowned multinational investment bank and financial services company. With a wide array of offerings including investment management, securities, asset management, prime brokerage, investment banking, and securities underwriting services, Goldman Sachs caters to the diverse needs of its clients. Boasting a workforce of nearly 40,000 employees and a presence in over 40 international offices, the firm also operates subsidiaries such as Goldman Sachs Bank USA, Goldman Sachs Capital Partners, Ayco, Marcus by Goldman Sachs and Goldman Sachs Personal Financial Management. In terms of its market value, the company stands at an impressive $117.24 billion.
10. Capital One. (McLean, Virginia)
2022 Revenue: $34.3 billion
Market Cap: Capital One, a bank holding company founded in 1994, has become a major player in the financial industry with a range of services. From credit cards and consumer banking to commercial banking and auto loans, Capital One caters to diverse financial needs. Spearheaded by its founder Richard Fairbank, the company played a significant role in popularizing credit cards in the 90s. Despite being relatively young, Capital One has climbed to become the fifth-largest credit card issuer in the United States, operating not only in the U.S. but also in the United Kingdom and Canada. Notable subsidiaries under the Capital One umbrella encompass Wikibuy, ShareBuilder, Paribus, United Income, and Blue Tarp.
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