Thirty-six of the 50 largest U.S. banks reported an increase in assets during the first quarter. The top three U.S. banks, JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc., added a combined $178 billion in assets, while assets at Wells Fargo & Co. fell by $8.09 billion.
To conduct this analysis, S&P Global Market Intelligence examined the largest U.S. banks and thrifts by assets with a deposits-to-assets ratio of at least 25% or at least $20 billion in deposits for the quarter ended March 31.
To compile a pro forma ranking, S&P Global Market Intelligence calculates pro forma assets after taking into account pending M&A transactions or deals that have closed after quarter-end. To be included in the pro forma adjustments, the deal value must be at least $500 million or involve assets or deposits in excess of $2 billion. Loan portfolio deals are not included because of a general lack of data on both deal consideration and the impact on total assets.
Recently completed acquisitions
Morgan Stanley's assets were adjusted higher by $196.0 million to account for the company's acquisition of Shareworks by Morgan Stanley, which closed on May 1. Shareworks was formerly known as Solium Capital Inc.
In addition, People's United Financial Inc.'s assets and deposits were raised by $3.05 billion and $2.12 billion, respectively, to account for its completed acquisition of Belmont, Mass.-based BSB Bancorp Inc., which closed on April 1.
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