Wells Fargo: 15 Top Competitors and alternatives

Wells Fargo & Company is a multinational financial services company based in San Francisco, California, with operating headquarters in Manhattan and global management offices. The company has about 70 million members in 35 countries worldwide.

Given its importance to financial markets, the Financial Stability Board has classified it as a systemically significant institution. On the Fortune 500 list, Wells Fargo is rated 37th among the world’s largest corporations.

Besides JPMorgan Chase, Bank of America, and Citigroup, Wells Fargo is one of the four “Big Four” banks in the United States. It operates 8,050 branches and 13,000 ATMs.

JP Morgan Chase

JPMorgan Chase (JPM) was created in 2000 when JP Morgan Bank and Chase Manhattan Bank merged. The bank is among the top ten in the world in terms of total assets, and it is the largest bank in the United States regarding market capitalization and assets.

Based in New York, the bank operates four businesses that provide banking and financial services in over 100 countries. Among these are asset management, corporate and investment banking, consumer and community banking, and commercial banking.

Bank of America

Bank of America Corporation (BAC) is based in Charlotte, North Carolina, but has a significant retail banking presence in all 50 states, with over 4,500 retail facilities serving over 50 million consumer and business accounts.

In terms of total assets and market capitalization, it is the second most valuable bank in the United States.

Its present scale was achieved by a series of mergers and acquisitions, the most notable of which was the 1998 merger of NationsBank and Fleet Boston Financial, the largest bank merger at the time.

Citigroup

Citigroup (C), like its forefathers, is a worldwide banking and financial services conglomerate. The bank, based in New York, was formed due to one of history’s largest mergers, that of Citicorp and Travelers Group, a financial services business.

The bank drops to the fourth position, trailing Wells Fargo. Before the Great Recession, Citigroup was the world’s largest corporation and bank.

Citigroup’s TTM ROA was 1% and its ROE ratio was 10.04 percent for 2019. Citigroup announced a net income of $19.4 billion on revenue of $74.3 billion for the fiscal year 2019.

Goldman Sachs

The Goldman Sachs Group (sometimes known as The Goldman Sachs Corporation) is a financial services corporation, investment bank, and asset management firm. Four divisions make up the company’s business: investment banking, global markets, asset management, and consumer & wealth management.

It was founded in 1869 and is based in New York, New York. In the fiscal year 2020, it made $53.5 billion in revenue.

It ranks second in the world in terms of revenue among investment banks and 59th overall among Fortune 500 firms in the United States.

BNP Paribas

BNP Paribas is a bank and financial services business. The firm’s two sections are retail banking and services and corporate and institutional banking.

It offers corporate clients long-term corporate automobile leasing, rental, and other financial solutions, digital banking and investment services, cash management and factoring services, and wealth management services.

BNP Paribas is Europe’s second-largest banking group, behind HSBC, and the world’s ninth-largest banking organization. It expanded to become one of the world’s five largest banks after the 2008 financial crisis.

State Street Corporation

In 1792, the Union Bank of Massachusetts founded State Street Corporation. It was awarded a national license in 1865 and renamed the National Union Bank of Boston.

The bank amalgamated with State Street Deposit & Trust Co (established in 1891) in 1925 and was renamed State Street Corporation.

It is the United States’ second-oldest bank. In terms of assets, State Street is the 15th largest American bank, but it is the world’s second-largest custodian bank.

Morgan Stanley & Co.

The bank is headquartered in New York City, New York, and operates in over 42 countries worldwide. Its institutional securities, investment management, and wealth management services are available to individuals, organizations, and governments. It made $41.41 billion in sales in 2019. It employs 60,431 people.

Regarding wealth management, Morgan Stanley rates better than Wells Fargo (4th). It was rated 61st by revenue on the Fortune 500 list of the top companies in the United States for 2021. The Financial Stability Board regards the bank as systemically important.

US Bank

In 1863, US Bank was founded as the First National Bank of Cincinnati. In 2001, it merged with other regional banks and was renamed US Bank.

With $495 billion in assets, the US Bank, based in Minneapolis, Minnesota, is the fifth-largest American bank. It offers consumer, business, corporate, and commercial banking services.

.It also offers wealth management, investment management, and payment services. In 2019, it had 69,651 workers and a revenue of $27.32 billion.

PNC Financial Services Group

PNC Financial Services Group was founded in 1845 in Pittsburgh, Pennsylvania as the Pittsburgh Trust and Savings Company. It did, however, begin operations in 1852, during the years between the Great Fire of Pittsburgh.

Its affiliate PNC Bank provides retail banking services. Other financial services include loan servicing, wealth management, asset management, and estate preparation. In 2019, it had 51,918 workers and revenue of $21.62 billion. This company provides mortgages in the United States.

Royal Bank of Canada

The Royal Bank of Canada is the country’s largest bank by market capitalization. The bank is one of the world’s systemically important financial institutions.

It is located in Toronto and serves over 16 million customers worldwide. Its financial offerings include personal and commercial banking, wealth management, investor and treasury services, capital markets, and insurance.

1864 was the year when the Royal Bank of Canada was formed. It has 82,801 people and $50.85 billion in sales in 2019.

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