Newspaper article Sarasota Herald Tribune

JPMorgan Chase Still No. 1 with $2.25 Trillion in Assets

Newspaper article Sarasota Herald Tribune

JPMorgan Chase Still No. 1 with $2.25 Trillion in Assets

Article excerpt

JPMORGAN CHASE & CO. RE-tained bragging rights as the nation's largest bank last year, according to a recent report from SNL Financial.

The bank company closed the year with $2.25 trillion in total assets.

Bank of America Corp. was second at $2.12 trillion in assets. It and Chase were the only two U.S. banks to top $2 trillion in assets and $1 trillion in deposits.

Both institutions, which are major players in Florida banking, retained their spots at the top of the nation's biggest banks and thrifts. So did the rest of the top five: Citigroup Inc., $1.87 trillion in assets; Wells Fargo & Co., $1.31 trillion; and U.S. Bancorp, $340 billion.

Capital One Financial moved up one spot, to sixth, with $328.6 billion in assets. That figure includes its recent purchase of ING Bank. Bank of Mellon New York Corp. dropped one spot, with $325.3 billion.

PNC Financial Services Group rose one spot to eighth at $298.4 billion, thanks to its acquisition of RBC Bank's $27.2 billion, which was completed last month.

Rounding out the top 10 were HSBC North American Holdings Inc., with $287.0 billion and State Street Corp., with $216.8 billion.

The rankings and assets of banks that have retail offices in this area:

SunTrust Banks Inc., No. 12 at $176.9 billion.

BB&T Corp., No. 13 at $174.6 billion.

Regions Financial Corp., No. 16 at $127.1 billion.

BMO Financial Corp., No. 17 with $117.4 billion.

Fifth Third Bancorp, No. 18 with 117.0 billion.

Northern Trust Corp., No. 19 with $100.2 billion.

Comerica Inc., No. 28 with $61.0 billion.

Synovus Financial Corp., No. 40 with $27.2 billion.

Comerica dropped one spot, while Synovus fell three places. The others were unchanged.

Schwab fined by Florida

The Florida Office of Financial Regulation has fined Charles Schwab & Co. $1.1 million for distributing inaccurate information to investors.

The office found that Schwab, from 2008 to 2011, gave customers incorrect descriptions of preferred equity securities, municipal bonds and corporate bonds. …

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