50 largest US banks by total assets, Q1 2025

The US banking industry reported a sequential asset increase of 1.8% in the first quarter as banks stockpiled cash and equivalents amid sluggish loan growth.

The 50 largest US banks reported a $967.20 billion increase in aggregate assets during the quarter, with 37 institutions recording asset growth. By comparison, the 50 largest US banks reported a sequential aggregate asset decline of $436.75 billion in the fourth quarter of 2024.

As of March 31, 2025, the 50 largest US banks had a combined $24.546 trillion in assets, according to S&P Global Market Intelligence data.

Big 4 banks' combined assets increase

Aggregate assets at the four largest US banks grew sequentially by $681.71 billion, or 5.9%, in the first quarter, compared to a 2.9% contraction in the previous quarter.

JPMorgan Chase & Co., the biggest US bank at $4.358 trillion in total assets as of March 31, reported an increase of $355.04 billion in assets in the first quarter. That marked the third-highest sequential increase among the nation's 50 largest banks at 8.9%.

Citigroup Inc. posted the second-highest sequential growth at 9.3%, or an increase of $218.57 billion in assets. Bank of America Corp. reported asset growth of 2.7% from the prior quarter, while Wells Fargo & Co.'[s assets increased 1.1% in the same period.

Moody's Ratings recently downgraded the long-term deposit ratings of Bank of America, JPMorgan and Wells Fargo's bank subsidiaries and branches in response to a recent downgrade of the US government's credit rating and its diminished capacity to provide support to the global systemically important banks.

The Big Four banks boosted their share repurchases in the first quarter, signaling a strong capital position and a sign of confidence despite mixed economic signals.

– Download a template to compare a bank's financials to industry aggregate totals. – Read some of the day's top news and insights from S&P Global Market Intelligence.

Top gainers and losers

Of the 39 banks with assets between $50 billion and $500 billion, 29 reported asset growth during the first quarter.

Columbia Banking System Inc. posted the highest sequential growth at 35.0% after its assets were adjusted higher by $18.09 billion to reflect its pending acquisition of Pacific Premier Bancorp Inc. The $2.04 billion purchase, announced April 23, is the largest US bank M&A deal announced since 2021.

Capital One Financial Corp., which completed its $35.34 billion acquisition of Discover Financial Services on May 18, saw its assets increase by $3.73 billion in the first quarter of 2025.

Meanwhile, Charles Schwab Corp. logged the largest sequential decrease in total assets at 3.5%.

Flagstar Financial Inc. posted a sequential asset decline of 2.5% in the first quarter, marking the bank's third consecutive quarter of asset contraction. Flagstar's shares rose after the company posted a narrower loss than expected and improved its credit quality metrics in the first quarter. The company expects to resume profitability in the fourth quarter.

To conduct this analysis, S&P Global Market Intelligence examined the largest US banks and thrifts by assets with a deposits-to-assets ratio of at least 25% or at least $30 billion in deposits as of quarter-end.

To compile a pro forma ranking, S&P Global Market Intelligence calculates pro forma assets after accounting for pending M&A transactions as well as transactions that closed after quarter-end. To be included in pro forma adjustments, the deal value must be over $1 billion or involve assets or deposits in excess of $5 billion. Loan portfolio deals are not included because of a general lack of data on both deal consideration and the impact on total assets.

To view an Excel spreadsheet containing the top 50 US banks and thrifts in the first quarter of 2025, click here.

Growth outlook

In a May 14 report, Janney analysts maintained a positive outlook on banks following strong first-quarter earnings and the easing of tariff tensions.

In addition, D.A. Davidson analysts said US bank M&A activity remains robust due to a more favorable regulatory backdrop despite the macro obstacles resulting from President Donald Trump's tariff policies.

The approval of Capital One's purchase of Discover Financial exemplifies Trump-era regulators' desire to move bank deals swiftly, even if they involve sizable deals with regulatory concerns.