Bank Of America: 15 Top competitors and Alternatives

Bank of America is an America-based international financial corporation and investment bank located in Charlotte, North Carolina.

Founded in 1998, the company started to offer several financial services to over 66 million consumers and small business clients globally. 

It’s a pretty widespread and trusted financing institution in the United States and perhaps the most renowned bank with a versatile mobile app and extensive digital capabilities. With a global presence, BOA has approx. 16,200 ATMs and 4,600 retail financial centers worldwide. 

Assets: $2.52 trillion

Bank of America’s Competitors

JPMorgan Chase & Co.

Initiated in 1799, JPMorgan Chase & Co is possibly the most vintage financing house and multinational investment bank in America.

Headquartered in NYC, the corporation stays in contrast to its several competitors like Bank of America. It presently has 5,000 branches and 16,000 ATMs with a global presence and service available.

By serving credit cards, insurance, mortgage loans, banking, risk and wealth management, and so on, the company has generated roughly US$3.831 trillion as of 2021. 

Wells Fargo & Co.

Another strong competitor of Bank of America is Wells Fargo, an American multinational financial services company.

This company has its corporate headquarter in San Francisco, California, where Steven Black (Chairman) and Charles Scharf (President and CEO) plan to serve as satisfactory financial services to peers.

This company designed a savings app and mobile banking app-oriented services for millennials followed by a series of banking services like asset management, insurance, mutual funds, etc.

Founded in 1929, by Henry Wells and William Fargo, Wells Fargo has 5200 branches with 13,000 ATM services available worldwide. 

Assets: $1.78 trillion

Citigroup Inc.

Headquartered in Sioux Falls, South Dakota, Citigroup is an American multinational investment bank and financial services corporation that is a strong competitor of Bank of America in current states.

In 1812, the company started its journey under the name of City Bank of New York. Later, it modified its identity to First National City Bank of New York. The bank currently operates in 19 major countries and 2,649 locations, including 1,494 in Mexico and 723 in the United States.

Being one of the powerful and primary banking sources, Citibank competes with American Express extensively in customer service, satisfaction, amenities, and other features.  

U.S. Bancorp

It’s another America-based bank holding company and a parent business of U.S. Bank.

Being the 5th largest commercial bank by assets, U.S. Bancorp offers a range of banking services – private equity, wealth management, insurance, consumer banking, credit cards, and more to the Millenials.

It’s The First National Bank of Cincinnati, founded in 1863 and well-trusted by consumers for its ide branch network and investment in strengthening its digital offerings. 

Assets: $564.16 billion

Headquarters: Minneapolis

PNC Financial Services Group Inc.

With a total number of 59,426 employees in the house and worldwide branches, PNC bank is another significant rival of Bank of America presently.

The bank was first founded in 1845 and currently has 2,629 units. The commercial headquarter of PNC Financial services is in Pittsburgh, Pennsylvania, U.S. The bank has its name on the list of largest banks in the United States by assets.

The company stands with a significant valuation of US$557 billion as of 2021. 

Truist Financial Corp.

In the industry of financial services providers, Truist Financial is a reliable name, which is the by-product of a coalition of equivalents between SunTrust and BB&T. 

By serving financial services to roughly or over 10 million consumer households, Truist has become the 11th and 12th largest bank by assets, respectively, and now comprises the sixth-largest bank.

It was founded in 1872. Currently, the bank generates almost US$20.370 billion in revenues and holds a total asset of US$509.228 billion as of 2020. 

Headquarters: Charlotte, North Carolina

Goldman Sachs Group

From credit cards, commercial banking, investment banking, and mutual funds to asset management – Goldman Sachs limited offers extensive financial services to American residents.

The bank is a global investment bank, asset management organization, and securities firm. This firm has a worldwide spread business with an asset worth US$1.5 trillion as of 2021.

Goldman Sachs has reported employing 43,900 people and generates revenues of US$59.3 billion approx. 

Headquarters: New York

TD Group US Holdings LLC

Commercialized in 2007, TD Bank has bloomed pretty well and doing business in America and across the world by offering its financial and banking services.

This firm is a commercial banking arm of Canada’s TD Bank Group in the United States, offering credit cards, mortgages, deposit accounts, and retail and small business goods.

Settled in Cherry Hill, New Jersey, this banking firm has assets worth $423.65 billion by operating in over 1,300 branches along the East Coast. 

Capital One Financial Corp.

Capital One is a rigorous rival of Bank of America with approx. 52,000 employees and US$421.602 billion worth of assets.

Located in McLean, Virginia, this American bank holding company has a specialization in banking, auto loans, savings accounts, and credit cards. Founded in 1994, Capital One corporation primarily operates in the United States with a major customer base.

It is one of the largest financial institutions in the U.S.A., with prominence for being a technology-infused bank. Capital One is reported to drive US$26.033 billion in revenues in 2020, accounting for 75% of the company’s revenue.

State Street Corp.

Founded in 1792, State Street Corp. is a financial services and asset management firm with an approximately 40,000 workforce and a global presence in over 100 locations.

Investment research and trading, as well as investment management, are the services State Street Corp. has nailed in this industry. Among its clientele are asset owners, insurance firms, and pension funds.

Assets: $311.06 billion

Headquarters: Boston

Morgan Stanley

Morgan Stanley is an international investment bank and financial service provider firm located in Midtown Manhattan, New York City, at 1585 Broadway. 

The firm has a broad and loyal clientele that includes organizations, governments, institutions, and individuals. It has corporate offices in over 42 countries and over 60,000 workers.

On the 2018 Fortune 500 ranking of the largest firms in the United States by total revenue, Morgan Stanley was ranked 67th. Morgan Stanley was established in 1935. It has offices in over 41 different countries.

Assets: $191.92 billion

Headquarters: New York

Additional Sources