The giant companies of the financial industry continually shape the economic landscape. This article analyses the top 30 financial companies in the United States, providing a clear snapshot of each entity, their core operations, market capitalization, and industry positioning.
Understanding these entities is paramount for investors, finance enthusiasts, and the general public. This list is invaluable for those keen on financial trends, investment opportunities, or gaining insights into the financial sector’s robustness and diversity. It serves as a comprehensive guide for anyone wishing to understand the financial giants that fuel the U.S. economy.
Key insights from the list of Top 30 US Financial Companies in January 2023
The compilation represents a rich tapestry of industries within the financial sector, including asset management, insurance, banks, credit services, and financial conglomerates, showcasing the extensive reach and influence of these entities.
Diversity in Financial Services
Asset Management: Companies like BlackRock and The Blackstone Group exemplify asset management’s pivotal role, managing vast wealth and shaping global financial trends.
Insurance: Giants like MetLife and The Progressive Corporation illustrate the insurance sector’s resilience and diversity, offering a range of products from life to property insurance.
Banks: JPMorgan and Bank of America symbolize the robustness of banking institutions, offering extensive services and maintaining substantial market presence.
Credit Services: Visa and Mastercard are the flag bearers of the credit services industry, facilitating billions of transactions globally and shaping payment technologies.
Berkshire Hathaway leads with a colossal market cap of $682.32 B, embodying the financial conglomerate’s strength for investing in a wide variety of sectors, including tech, finance, and energy among others.
In contrast, smaller yet influential entities like Arthur J. Gallagher & Co., with a market cap of $39.48 B, depict the spectrum’s vibrancy and diversity.
Innovative Impact and Global Influence
Companies like Visa and PayPal are at the forefront of financial technology innovations, revolutionizing the way we perceive and handle money, and contributing substantially to the sector’s technological evolution.
American Express and Goldman Sachs, with their extensive history, symbolize the fusion of traditional financial services with modern innovations, maintaining relevancy in the ever-evolving sector.
The international footprint of entities like Citigroup and AIG underlines the U.S. financial sector’s global impact, shaping economic structures and influencing financial markets worldwide.
For more information on the largest American companies, download our S&P 500 companies Excel file containing the complete list of the 500 largest publicly listed companies in the US, together with extensive business, market, financial, and digital information on each company. For even more data on the largest US companies, download our Excel files on the Russell 1000 companies, Russell 2000 companies, or Russell 3000 companies.
Check our data platform for the latest ranking of US financial companies.
List of the top 30 largest American financial companies by market capitalization
To give you more perspective on what companies are in the finance field in the US, details about the thirty largest American finance companies, components of the S&P 500 index, have been listed hereafter. Each financial company is detailed with presentations of its industry, activities, market capitalization, a direct link to its website, logo, and stock ticker.
The financial companies listed hereafter are ranked by market capitalization in United States Dollars, as of effective close on January 1st, 2023.
Note that if you are searching for information on these companies to invest in their stocks, make sure you know what you are doing as your investment will be subject to significant risks with the evolution of stock prices.
Shortcuts to each financial company
To facilitate your browsing in this long list, here are quick links to go directly to the details of any of the top 30 American finance companies.
Arthur J. Gallagher & Co., often abbreviated AJG, is a global insurance brokerage and risk management services company. Founded in 1927 and headquartered in Rolling Meadows, Illinois, AJG has become one of the largest insurance brokers in the world, operating in the Americas, Europe, Asia, and Oceania through local insurance brokering subsidiaries.
The Travelers Companies, Inc., better known as Travelers, is an insurance company headquartered in New York City, particularly involved in commercial property-casualty insurance. One of the largest insurers in the US, Travelers operates in personal insurance, business insurance, and bonds. It has expanded in the United Kingdom, Ireland, Singapore, China, Canada, and Brazil.
Aflac Inc. is an insurance company, especially involved in supplemental insurance. Founded in 1955 and headquartered in Columbus, Georgia, Aflac provides insurance and payroll deduction insurance coverage for accidents or illnesses. Aflac operates with licensed sales associates in the United States and sales agencies in Japan.
AIG is a global insurance company offering a diverse range of insurance products, including general liability, environmental, casualty, professional liability, and property insurance to commercial, institutional, and individual customers, alongside an array of specialized insurances and life and retirement services.
AgriBank, FCB, serves as a funding bank, providing financial and risk management services to Farm Credit Associations which aid farmers, ranchers, and rural businesses across multiple states. It specializes in wholesale funding and retail bank support services, including product development, business services, and financial reporting. It is a subsidiary of Farm Credit System.
Moody’s Corporation, often simply called Moody’s, is a business and financial services holding company. Founded in 1909, it has evolved to be split into t<o businesses: a leading credit rating agency, Moody’s Investors Service, and a provider of financial analysis software and services, Moody’s Analytics. Moody’s has also recently acquired the California-based climate risk data firm Four Twenty Seven.
KKR & Co. Inc. is a global investment firm specializing in direct and fund of fund investments, focusing on areas including private equity, real estate, energy, infrastructure, and more. It operates globally, engaging in acquisitions, leveraged buyouts, management buyouts, and other investment strategies across various sectors such as technology, consumer products, financial services, healthcare, and industrials, among others. The firm seeks to acquire majority and minority equity interests and typically holds its investment for five to seven years.
Truist Financial is the result of the acquisition of SunTrust Banks, Inc, by BB&T Corporation. The two banks continue to operate as two brands, operating more than 2,000 branches in the US. BB&T provides consumer and commercial banking, securities brokerage, asset management, mortgage, and SunTrust Bank was originally more focused on deposits, lending, credit cards, and trust and investment services. Truist Financial is also engaged in insurance corporate and investment banking, capital market services, mortgage banking, and wealth management through its subsidiaries.
MetLife, Inc. is among the largest global providers of insurance, annuities, and employee benefit programs through its subsidiary Metropolitan Life Insurance Company. Founded in 1968, MetLife operates in home, car, and life insurance, commercial mortgages and securities backed by commercial mortgages, and sovereign debt. It conducts business throughout the United States, Japan, Latin America, Asia Pacific region, Europe, and the Middle East.
Intercontinental Exchange, often referred to as ICE, is a financial and commodity market operator. It owns financial and commodity markets exchanges and operates 12 regulated exchanges and marketplaces, including the New York Stock Exchange, futures exchanges in United States, Canada, and Europe, equity options exchanges and over-the-counter instruments markets. ICE also owns and operates 6 central clearing houses in the US, Europe, and Asia.
CME Group Inc., standing for the Chicago Mercantile Exchange and Chicago Board of Trade, is a global markets company operating derivatives, options, and futures exchanges in Chicago and New York City and providing settlement and clearing of exchange trades through CME Clearing. CME Group provides a wide range of financial products to manage risk and capture opportunities across all major asset classes through interest rates, equity indexes, foreign exchange, energy, agricultural products, and metals.
Tracing its origins to 1863, U.S. Bancorp is a bank holding company headquartered in Minneapolis, Minnesota, and incorporated in Delaware, with more than 72,000 employees. It is the parent company of U.S. Bank National Association, more simply referred to as U.S. Bank, which provides banking, investment, mortgage, trust, and payment services through more than 3,000 branches and 4,800 ATMs primarily located in the Midwestern United States. U.S. Bancorp also owns Elavon, a processor of credit card transactions.
PNC Financial Services Group, Inc., abbreviated as PNC, is a bank holding and financial services company based in Pittsburgh, Pennsylvania. Its regional bank subsidiary, PNC Bank, operates more than 2,400 branches and 9,000 ATMs across 19 states and the District of Columbia. PNC Financial Services also asset management, wealth management, estate planning, loan servicing, and information processing services.
The Progressive Corporation, more simply known as Progressive, is an insurance company, especially involved in car insurance in America. Founded in 1937 and headquartered in Mayfield Village, Ohio, Progressive offers insurance for motorcycles, boats, RVs, and commercial vehicles, as well as home insurance. It has expanded its offer of car insurance in Australia.
PayPal Holdings, Inc. is a company operating a worldwide online payment system. Providing an electronic alternative to traditional checks and money orders, Paypal helps online vendors and commercial users by supporting online money transfers in exchange for a fee. PayPal had its Initial Public Offering in 2002 before being acquired by eBay, which later separated from it in 2015.
Marsh & McLennan Companies, Inc. is a global professional services company operating in insurance brokerage, risk management, reinsurance services, talent management, investment advisory, and management consulting. Tracing its origins to 1905 and headquartered in New York City, Marsh & McLennan operates in insurance through its subsidiaries, Marsh, Guy Carpenter, and Jardine Lloyd Thompson, and in consulting with Mercer and Oliver Wyman Group.
Citigroup Inc., also known as Citi, is a multinational investment bank and financial services company headquartered in New York City. Tracing its origins to 1812, Citigroup operates through multiple subsidiaries in more than 160 countries with more than 210,000 employees. It operates in global markets with capital origination, corporate and investment banking, markets and securities services, private bank, and treasury and trade solutions, as well as in retail banking through Citibank, branded cards, retail services, commercial banking, and mortgages.
The Blackstone Group Inc. is a company dedicated to alternative investment management. It operates in four key businesses areas: private equity with minority investments in companies, corporate partnerships, and some startups; real estate, with investments in multiple real estate companies; hedge funds, through funds of hedge funds and other funds segments; and credit, through its acquisition of GSO Capital Partners, a credit-oriented alternative asset manager.
BlackRock, Inc. is a global investment management company. Originally involved in risk management and fixed income asset management, BlackRock has become one of the world’s largest asset managers, operating in 30 countries. It manages more than 800 exchange-traded funds through its iShares division, an analytics and risk management division with BlackRock Solutions, and sustainable investing and environmental, social, and corporate governance through its ESG investing division.
S&P Global Inc. (S&P meaning “Standard and Poor’s”) is a financial information and analytics company. Through its subsidiaries, it is involved in investment research and rating, with S&P Global Ratings, multi-asset class, and real-time data, research, news and analytics through S&P Global Market Intelligence. It operates global resources for index-based concepts, data, and research with its majority ownership of S&P Dow Jones Indices, which produces the S&P 500 and Dow Jones indices. And it also provides information and price assessments for a wide range of commodities through S&P Global Platts.
The American Express Company, also known as Amex, was founded in 1850. Originally involved in freight forwarding, American Express has later engaged in travel services and become a leader in cards and payments technology before expanding further to innovative digital products and services.
Founded in 1869, the Goldman Sachs Group, Inc., is one of the world’s largest multinational investment banks headquartered in New York City. It is also engaged in financial services including investment management, securities, asset management, prime brokerage, and securities underwriting. Goldman Sachs is a primary dealer in the United States Treasury security market and more generally, a prominent market maker.
Morgan Stanley is an investment bank and financial services company headquartered in New York City. Founded in 1935, Morgan Stanley has grown to become a multinational company with offices in more than 42 countries and more than 60,000 employees. With customers including corporations, governments, institutions, and individuals, Morgan Stanley operates in three main business lines: institutional securities, wealth management, and investment management.
The Charles Schwab Corporation is a bank and stock brokerage company headquartered in San Francisco, California. Focused on investing, wealth management, banking, and trading, Charles Schwab provides an electronic trading platform for stocks and other financial assets, margin lending, cash management services, and registered investment advisers services. It operates more than 300 branches in 46 states, Puerto Rico and London.
Tracing its origins to 1852, Wells Fargo & Company is a multinational financial services company headquartered in San Francisco, California and incorporated in Delaware, and present in more than 35 countries. The company is engaged in three main lines of business: community banking, wholesale banking, and wealth, brokerage, and retirement. Wells Fargo’s main subsidiary, Wells Fargo Bank operates more than 8,000 branches and 13,000 ATMs.
The Bank of America Corporation, abbreviated as BofA, is a multinational investment bank and financial services company headquartered in Charlotte, North Carolina, with more than 200,000 employees. Tracing its origins to 1784, Bank of America has become an American leader in consumer banking with more than 4,600 branches and 15,900 ATMs. Bank of America also operates in corporate and investment banking, wealth management, and investment management.
Mastercard Incorporated is a multinational financial services corporation. It is primarily involved in the processing of payments between the merchants’ banks and the card-issuer of customers using a Mastercard brand debit, credit, or prepaid card to make purchases.
JPMorgan Chase & Co. is a multinational investment bank and financial services company headquartered in New York City. With origins dating back to 1799, JPMorgan Chase has become one of the world’s largest universal banks operating worldwide. It is involved in retail and commercial as well as in investment banking, asset management, private banking, private wealth management, and treasury services.
Visa Inc., is a multinational financial services corporation facilitating electronic funds transfers throughout the world. It operates payment products that financial institutions use to offer credit, debit, prepaid, and cash access programs to their customers via Visa-branded credit cards, gift cards, and debit cards.
Berkshire Hathaway Inc. is a multinational conglomerate holding company. It wholly owns GEICO, Duracell, Dairy Queen, BNSF, Lubrizol, Fruit of the Loom, Helzberg Diamonds, Long & Foster, FlightSafety International, Pampered Chef, and NetJets, and also has significant shares of Pilot Flying J, Kraft Heinz Company, American Express, Wells Fargo, The Coca-Cola Company, Bank of America, Apple, United Airlines, Delta Air Lines, Southwest Airlines and American Airlines. Berkshire Hathaway also acquired a number of smaller companies in a wide variety of industries, including confectionery, retail, railroads, home furnishings, encyclopedias, manufacturers of vacuum cleaners, jewelry sales, newspaper publishing, manufacture and distribution of uniforms, and several regional electric and gas utilities.
Exploring the entities listed above provides a nuanced understanding of the financial giants steering the U.S. economy. This list is not just a compilation of financial mammoths but a reflection of economic diversity, innovation, resilience, and influence within the financial sector.
We encourage readers to delve deeper into each company, explore investment opportunities, and understand the intricate web of services and products they offer. If you are interested in more detailed analysis, sector comparisons, and comprehensive financial insights, check our tailored analytical tools and reports are just a click away, notably our US financial market and companies analysis.
Let’s interact! Share your thoughts, comments, and insights about these financial titans below. Whether you are an investor, a finance professional, or someone with a keen interest in the financial world, your perspective adds value to the conversation.