But who are these business who are approving your credit card applications, giving you the capability to purchase a home, and paying your healthcare facility costs?
In this article, you'll discover a list of the 15 largest finance companies in the U.S., based upon their overall earnings in 2020.
Berkshire Hathaway. Omaha, Nebraska
2022 Estimated Annual Revenue: $282.305 billion
Berkshire Hathaway is an American multinational conglomerate holding business. Its CEO is the well-known Warren Buffet, who became a business shareholder in the 1960s.
At its founding in 1839, Berkshire Hathaway was a group of textile milling plants. Now, as of 2020, it's one of the biggest publicly-traded business worldwide.
Its subsidiaries consist of noteworthy brand names such as GEICO, Dairy Queen, Fruit of the Loom, and Duracell. Most of Berkshire Hathaway's subsidiaries are insurance companies, though.
2022 Estimated Annual Revenue: $128.296 billion
JPMorgan Chase.
2022 Estimated Annual Revenue: $128.296
JPMorgan Chase is not only one of the oldest monetary business in the U.S., it's also among the biggest in the country and the world.
JPMorgan Chase as it is today came from a long line of other banks and investment companies that extends all the way back to 1799.
The founders of JPMorgan Chase's earliest predecessor organization, the Manhattan Company, even included Alexander Hamilton and Aaron Burr.
Now, the business manages over $2.6 trillion in client properties, operates in over 100 different nations, and utilizes over 250,000 people. JPMorgan Chase has over 40 subsidiaries, and some of the most popular include Chase Bank, J.P. Morgan Co., and WePay.
Americas Bank. Charlotte, North Carolina
2022 Estimated Annual Revenue: $94.382 billion
Bank of America is another among the U.S.'s oldest banks with a history stretching back 240 years. In 1998, however, BankAmerica and NationsBank merged to form Bank of America as it is today, producing the very first coast-to-coast bank in the U.S.
Bank of America is also the first U.S. bank to introduce a general-use charge card with revolving credit, credit limits, and floor limitations, and it eventually became Visa.
Today, Bank of America has about 66 million customers in over 35 countries, and its subsidiaries include Merrill, BofA Securities, and Balboa Insurance Company.
Citigroup
2022 Estimated Annual Revenue: $79.865 billion
Formed in 1998 when Citicorp and Travelers Group merged, Citigroup is an international financial investment bank and monetary services corporation.
The company has more than 100 million clients, is the world's biggest credit card issuer, and serves a large international client base in 160 nations and jurisdictions with physical offices in 97 of those nations. It's especially popular in Mexico and Asia.
Citigroup's 204,000 workers provide loan, deposit, financial investment banking, brokerage, wealth management services to their customers. Its subsidiaries include Citibank, Banamex, Diners Club International, and Aeroméxico.
Wells Fargo. San Francisco, California
2021 Estimated Annual Revenue: $78.5 billion
Wells Fargo started in 1852 during the Gold Rush to provide the West with banking services and connect it to the rest of the country through shipping and shipment services.
The company grew till it ran the world's largest phase line and ended up being the first across the country express business. This history is shown in the Wells Fargo logo design including horses and a stagecoach.
Now, the company is an international monetary service company that serves over 65 million clients all over the world with its banking, credit card, loan, home loan, and other monetary services.
Wells Fargo's subsidiaries include Wells Fargo Advisors, Abbot Downing, Wells Capital Management, and Evergreen Investments.
Freddie Mac. Tysons Corner, Virginia
2020 Estimated Annual Revenue: $75.125 billion
Brief for Federal Home Loan Mortgage Corporation, Freddie Mac is Fannie Mae's sibling company. They both carry out comparable functions, however while Fannie Mae deals with big retail banks, Freddie Mac works with smaller thrift ones.
Freddie Mac has $2.063 trillion in assets under its management as it works to keep the U.S. housing market liquid, stable, and cost effective by buying mortgage loans from lending institutions. This increases the variety of loans lenders taxi give out, helping more homebuyers afford real estate.
Freddie Mac was chartered by Congress in 1970 and is government-sponsored but, like Fannie Mae, it is also openly traded.
MetLife.
2021 Estimated Annual Revenue: $71.08 billion
Metropolitan Life Insurance Company, extensively referred to as MetLife, is a part of MetLife, Inc., a holding corporation. Despite the fact that MetLife is generally a life insurance business, it also uses health, oral, vision, auto, home, and accident insurance.
MetLife, Inc. serves clients in over 40 nations with numerous kinds of insurance coverage, retirement, and cost savings services. The company's customers include families, federal governments, and corporations in the Americas, Asia, Europe, the Middle East, and Africa.
Goldman Sachs
2022 Estimated Annual Revenue: $54.568 billion
Founded in 1869, Goldman Sachs is a multinational investment bank and financial services company that offers investment management, securities, possession management, prime brokerage, financial investment banking, and securities underwriting services to its customers.
The company has practically 40,000 staff members, over 40 global workplaces, and subsidiaries such as Goldman Sachs Bank USA, Goldman Sachs Capital Partners, Ayco, Marcus by Goldman Sachs, and Goldman Sachs Personal Financial Management.
American Express.
2022 Estimated Annual Revenue: $46.293 billion
American Express is an international monetary services corporation best understood for its charge cards, charge card, and tourist's cheques.
The company began in 1850 as an express mail business, and its creators consisted of Henry Wells and William G. Fargo, who both founded Wells Fargo as well.
Since 2019, American Express has more than 114.4 million cards in use on the planet, and it is among the 30 components of the Dow Jones Industrial Average along with Goldman Sachs and JPMorgan Chase.
Capital One. McLean, Virginia
2021 Estimated Annual Revenue: $32.033 billion
A bank holding company that started in 1994, Capital One's monetary service offerings consist of credit cards, consumer banking, industrial banking, and car loans.
The company is run by its founder, Richard Fairbank, and played a big part in helping charge card increase in appeal throughout the 90s.
Although it's a reasonably young financial business, Capital One is the fifth-largest credit card company in the nation and operates in the United Kingdom and Canada along with the U.S.
Capital One's subsidiaries consist of Wikibuy, ShareBuilder, Paribus, United Income, and Blue Tarp.
U.S. Bank. Minneapolis, Minnesota
2021 Estimated Annual Revenue: $23 billion
U.S. Bancorp is a bank holding business that began as 3 different banks: the United States National bank of Portland in 1891, the First National Bank of Minneapolis in 1864, and the Farmers and Millers Bank in Milwaukee in 1853.
Those organizations grew and combined through the years until they became U.S. Bancorp in 1968.
Now, the company is best understood for its subsidiary U.S. Bank National Association (more frequently described as U.S. Bank), which provides banking, financial investment, home mortgage, trust, and payment services to its clients.
Other U.S. Bancorp subsidiaries include Syncada, Elavon, and talech.
Fannie Mae. Washington, D.C.
2021 Estimated Annual Revenue: $22.2 billion
Fannie Mae in fact means Federal National Mortgage Association and was founded in 1938 by President Franklin D. Roosevelt as a part of the New Deal.
The company's function is to help more Americans afford real estate by developing a secondary home mortgage market to expand the number of loans available.
Fannie Mae does this by buying home loan from loan providers, freeing up those lending institutions to provide more loans to homebuyers.
This company is special because although it's federally sponsored, it's likewise a publicly-traded company.
Fannie Mae also has 2 sibling organizations: Freddie Mac and Ginnie Mae.
The PNC Financial Services Group. Pittsburgh, Pennsylvania
2021 Estimated Annual Revenue: $19.698 billion
PNC began in 1852 as the Pittsburgh Trust and Savings Company. After a couple of more mergers and name changes, the bank became Pittsburgh National Corporation and merged with Provident National Corporation, offering the company its present name, PNC.
PNC's around 52,000 staff members provide retail banking, possession management, and business and institutional banking to the business's customers. PNC handles $300 billion in assets and has 2,200 branches throughout the U.S. in addition to offices in Canada, China, Germany, and the United Kingdom.
In November of 2020, PNC obtained BBVA USA Bancshares, Inc. and its subsidiary, BBVA USA. Its other subsidiaries consist of PNC Bank, Harris Williams and Co., PNC Real Estate, PNC Capital Advisors, LLC, and Hawthorn PNC Family Wealth.
Morgan Stanley. New York City City, New York
2021 Estimated Annual Revenue: $11 billion
Morgan Stanley provides wealth management, financial investment management, institutional securities, and other monetary services to its customers.
The original founders of JP Morgan Co. began Morgan Stanley in 1935 after all commercial and financial investment banking companies were required to split. Now, the company handles $715 billion in properties for its customers and has locations in 35 countries.
Morgan Stanley's most iconic location, however, is the Morgan Stanley Building on Broadway in New York City. The company's many subsidiaries include E-Trade, Morgan Stanley Dean Witter Online, Inc., and Graystone Consulting.
State Farm. Bloomington, Illinois
2021 Estimated Annual Revenue: $327 million
Founded in 1922, State Farm is the U.S.'s biggest property, casualty, and car insurance provider, but it likewise offers other kinds of insurance coverage as well as extra monetary services such as banking, mutual funds, and investment management.
The company has over 19,000 independent professional agents in addition to its more than 58,000 staff members and services 83 million policies and accounts in the U.S.
State Farm has a variety of subsidiaries, consisting of State Farm Life Insurance Company, State Farm General Insurance Company, and State Farm Bank, F.S.B.