According to the Financial Times, the four largest banks in the United States—JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo—are poised to capture the largest share of industry profits in nearly a decade, underscoring their dominant market positions. Based on data from industry tracker Bank Reg Data, these banks reported combined profits of approximately $88 billion in the first nine months of 2024. Despite the presence of over 4,000 other banks in the U.S., these four institutions accounted for 44% of the banking sector's profits, marking the highest share since 2015.
Additionally, the top seven U.S. banks, including U.S. Bancorp, PNC Financial Services Group, and Truist Bank, generated nearly 56% of total banking profits in the same period, up from 48% in 2023.
