Citigroup Inc. overtook Wells Fargo & Co. to become the third-largest U.S. bank by assets at the end of the first quarter.
During the quarter, Citi added $80 billion in assets, pushing its total to $1.922 trillion as of March 31.
Meanwhile, Wells Fargo's assets shrunk by $36 billion to $1.915 trillion. The company must comply with a cap on its assets, barring Wells from exceeding the size it reported at the end of 2017. The limit was imposed by the Federal Reserve earlier this year because of the company's numerous missteps in consumer issues.
JPMorgan Chase & Co., the largest U.S. bank at $2.6 trillion in assets, added another $76 billion in the first quarter.

Methodology
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% for the quarter ended March 31. Starting this quarter, banks and thrifts are exempted from the deposits-to-assets ratio criteria if they hold more than $20 billion in deposits as of the most recent quarter. Consequently, previously excluded financial institutions, such as Goldman Sachs Group Inc. and Morgan Stanley, are now part of the rankings.
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 due to a general lack of data on both deal consideration and the impact on total assets.
Newly announced mergers, acquisitions and divestitures
Fifth Third Bancorp's assets and deposits were increased by $20.17 billion and $14.97 billion, respectively, to account for the pending acquisition of Chicago-based MB Financial Inc., which was announced May 21.
BMO Financial Corp.'s assets were adjusted upwards by $9.16 billion to reflect the pending acquisition of KGS-Alpha Capital Markets LP, which was announced May 1.
Did you enjoy this analysis? Click here to set up real-time alerts for data-driven articles on the U.S. financial sector. Click here to access the top-50 table in Excel. Please click here to view the latest ranking of the world's 100 largest banks. |

