50 largest US banks by total assets, Q4 2025

Two US banks posted double-digit percentage growth in assets on a sequential basis in the fourth quarter of 2025, causing a shake-up in the US banking industry asset rankings.

Banco Santander SA on Feb. 3 announced its $12.23 billion agreement to acquire Webster Financial Corp., marking the third-biggest US bank deal since 2010 and Santander's first US retail bank acquisition in roughly 17 years. For the purposes of an S&P Global Market Intelligence analysis, Santander Holdings USA Inc.'s assets were adjusted upward by $84.07 billion to account for its parent company’s pending acquisition, resulting in a 47.9% increase in assets compared to the third quarter. As a result, Santander Holdings USA rose to the 19th-largest US bank by total assets in the fourth quarter, up from 30th in the prior quarter.

SoFi Technologies Inc.'s total assets rose 11.8% sequentially in the fourth quarter, representing the second-highest growth rate among the nation's 50 largest banks and propelling the company into the fourth-quarter rankings. The increase was driven by $3.1 billion in loan growth and about $1.7 billion in additional cash, cash equivalents and investment securities, SoFi CFO Christopher Lapointe disclosed in a January earnings call.

As of Dec. 31, 2025, the 50 largest US banks had a combined $25.580 trillion in assets, according to Market Intelligence data.

In the most recent quarter, the 50 largest US banks reported a $186.20 billion increase in assets, with 38 institutions posting growth. In contrast, during the fourth quarter of 2024, the 50 largest US banks at that time saw their combined assets fall by $436.75 billion, with most of that decline — $347.46 billion — concentrated at the three biggest banks: JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc.

– 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.

Big 4 banks' combined assets decrease

Aggregate assets of the four largest US banks declined sequentially by $26.85 billion, or 0.2%, in the fourth quarter of 2025, following a 0.6% increase in the previous quarter.

JPMorgan, the biggest US bank with $4.425 trillion in total assets as of Dec. 31, 2025, reported a quarter-over-quarter decrease of $135.31 billion, or 3.0%, in the fourth quarter. Wells Fargo & Co., meanwhile, posted the largest asset increase among the Big Four banks, with sequential growth of $85.70 billion, or 4.2%.

Citigroup recorded the second-largest increase in the fourth quarter of 2025, with assets rising by $14.73 billion, or 0.6%, from the prior quarter. Bank of America saw assets grow by $8.02 billion, 0.2%, during the same period.

Shares of the four banks fell following their fourth-quarter 2025 earnings reports, with analysts citing an overhang from President Donald Trump's call for a credit card interest rate cap and shifts in investor positioning as key reasons for the decline.

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 fourth quarter of 2025, click here.

Outlook

Bank consolidation is expected to continue, driven by a favorable regulatory environment, buyers with strong currencies seeking to scale up, and sellers facing rising costs, according to Jefferies analysts. Unless there is a notable macroeconomic shift, the window for bank consolidation will likely remain open until the 2026 midterm elections and could close after the 2028 presidential election, they wrote in a December 2025 research note.

Additionally, heightened activist investor interest and the market's favorable response to recent large transactions may serve as catalysts for a faster pace of deal activity, according to the analysts.