Top 12 Companies in the U.S. Financial Services Market | Industry Leaders

The United States financial services market reached a value of USD 60.65 billion in 2024. The market is expected to grow at a CAGR of 7.47% between 2025 and 2034, to reach USD 124.65 billion by 2034. As per the analysis by Expert Market Research, the market is expected to be driven by the growing fintech industry and digitization.

The growth of the fintech industry in the United States is strengthening the market dynamics of financial services in the country. Government support for digitization and financial reforms, coupled with the COVID-19 pandemic, has accelerated the global fintech market. The surge in digital services and cashless payments, driven by health concerns, has led to significant growth in companies like Apple Pay, Google Pay, Venmo, Cash App, and PayPal. Approximately 150 million  Americans currently use or have used a digital wallet, according to a recent study.

Further, the growing emphasis on digitisation during lockdowns has supported the market growth. Additionally, fintech firms' adoption of advanced technologies like AI to combat cybercrime further fuels this growth. The widespread use of smartphones and increasing internet access, particularly among millennials and Gen-Z, are transforming payment systems and services. This dynamic environment offers ample opportunities for small and medium-sized enterprises supported by favouarble fundings and innovative financial services.

Latest Updates on Top U.S. Financial Services Companies | Market Insights

In December 2024, BlackRock announced the acquisition of HPS Investment Partners, a credit investment manager, in a stock deal valued at approximately $12 billion. This agreement facilitates BlackRock’s expansion in private credit, integrating HPS’s $148 billion in client assets. Additionally, the acquisition strengthens BlackRock’s offerings for insurance clients and creates a private financing solutions division.

In December 2024, Fidelity International announced plans to expand collaboration with U.S.-based Fidelity Investments. This agreement facilitates enhanced cooperation in private markets, leveraging Fidelity Investments’ expertise in defined contribution pension services. Additionally, the initiative supports Fidelity International’s growth amid market pressures and fee compression challenges.

In March 2024, KeyCorp secured a $2 billion investment from the Bank of Nova Scotia following U.S. Federal Reserve approval. This agreement facilitates Scotiabank’s 4.9% stake in KeyCorp, with an option to increase ownership to 19.9% over five years. Additionally, the partnership enhances collaboration in payments, wealth management, investment banking, and reshoring initiatives.

In March 2024, Robinhood announced the acquisition of TradePMR to strengthen its position in the wealth management sector. This agreement facilitates Robinhood’s entry into the RIA custody market, offering enhanced technology and portfolio management solutions. Additionally, the acquisition positions Robinhood to compete with industry leaders such as Charles Schwab and Fidelity.

Top 12 Financial Services Companies in the U.S. | Best Providers

1. JPMorgan Chase & Co.

JPMorgan Chase & Co., founded in 1968 and headquartered in the U.S., is a prominent financial services firm with global operations. The company is a publicly listed company on the NYSE under the symbol of JPM. With USD 3.9 trillion in assets and USD 327.9 billion in stockholders’ equity as of December 31, 2023, it leads in investment banking, consumer and small business financial services, commercial banking, financial transaction processing, and asset management. Organized into four main business segments and a corporate segment, its offerings cater to millions of customers in the U.S. and major corporate, institutional, and government clients, worldwide. The company’s workforce accounted for 309,926 employees located in 65 countries. The company secured sales of USD 158.1 billion in 2023. As a top-tier banking institution, JPMorgan Chase serves millions of customers worldwide, including individuals, small businesses, corporations, governments, and institutions. It is well-known for its strong technological innovation in digital banking and payments, as well as its leadership in global markets and mergers and acquisitions advisory.

2. Bank of America Corporation

Bank of America, a global financial giant, offers a comprehensive suite of banking, investing, asset management, and risk management services to individuals, small- and middle-market businesses, and large corporations worldwide. With around 56 million U.S. consumer and small business relationships, it stands as a major player in wealth management and holds a leading position globally in corporate and investment banking as well as trading. The company has a strong presence in the United States, with thousands of retail financial centres and ATMs, and a growing global footprint across more than 35 countries. Its digital banking platform is one of the most advanced, with millions of active users engaging through mobile and online channels. Bank of America is known for its commitment to sustainable finance, having pledged billions in environmental business initiatives. It also plays a key role in community development through affordable housing investments, educational programmes, and support for small businesses.

3. Citigroup, Inc.

Citigroup, Inc. is a leading global financial services corporation, as the City Bank of New York. It operates through two main business segments: Institutional Clients Group (ICG) and Personal Banking and Wealth Management (PBWM). The company provides a wide range of financial services including consumer banking, investment banking, credit cards, wealth management, and commercial banking. Through its vast network, Citigroup serves millions of customers across more than 160 countries and jurisdictions. The Institutional Clients Group offers services like corporate lending, treasury and trade solutions, markets and securities services, while PBWM focuses on retail banking, mortgages, and wealth planning. Citigroup is known for its strong presence in both emerging and developed markets, playing a key role in international financial flows. The company has adopted a digital-first strategy to modernise its operations, enhance customer experience, and drive efficiency. It also maintains a strong commitment to sustainability, financial inclusion, and responsible banking.

4. Wells Fargo & Company

Wells Fargo & Company is a diverse financial services organization, boasting around USD 1.9 trillion in assets. Established in 1852 and headquartered in San Francisco, it offers banking, investment, mortgage, and consumer and commercial finance services across 7,300 locations and 12,000 ATMs, including online and mobile banking. With a workforce of about 250,000, Wells Fargo serves one in three U.S. households and operates globally with offices in over 40 countries and territories. It was ranked No. 41 on Fortune's 2022 list of America's largest corporations. The company is structured into four main business segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. Wells Fargo is recognised for its extensive branch network and digital banking services, providing customers with easy access to financial solutions. Wells Fargo is dedicated to supporting veterans and upholding affirmative action and equal employment opportunities.

5. U.S. Bancorp

U.S. Bank is a leading commercial bank in the United States, renowned for its blend of cutting-edge technology and personalised human expertise. With a diverse range of services including commercial and institutional banking, business banking, payments, and wealth management, it caters to millions of clients nationwide. The company’s commitment to ethical practices has earned them recognition as one of the World’s Most Ethical Companies® and the most admired superregional bank by Fortune. The bank is known for its conservative risk management, strong capital position, and consistent financial performance. U.S. Bancorp serves individuals, businesses, institutions, and government entities through tailored financial products and services. It is also a major player in payment processing, issuing credit and debit cards, and offering merchant payment solutions globally. Serving over half a million clients globally, including Fortune 1000 companies, it provides tailored solutions for individuals, families, and corporations. Its inclusive workplace culture fosters innovation and has earned them accolades as a top employer.

6. The Goldman Sachs Group Inc.

Goldman Sachs, founded in 1869, is a premier global firm dedicated to fostering progress for clients, shareholders, and communities. With headquarters in New York and offices spanning major financial hubs worldwide, the company offers its expertise, capital, and innovative thinking to drive growth. Specialising in investment banking, securities, and investment management, it is committed to deploying resources and ideas for the betterment of all stakeholders. The company is well-known for its deep industry expertise, innovative financial strategies, and strong client relationships across global markets. Goldman Sachs has a strong presence in major financial centres worldwide, including London, Hong Kong, Tokyo, and Frankfurt, allowing it to offer clients local insight with a global perspective. It is also a leader in sustainable finance, investing in clean energy projects and supporting initiatives focused on environmental, social, and governance (ESG) standards. With a commitment to excellence and innovation, Goldman Sachs continues to shape the future of finance by embracing technology, fostering inclusive growth, and addressing the evolving needs of clients in a dynamic economic environment.

7. TD Bank, N.A.

The Toronto-Dominion Bank, or TD Bank Group (TD), is a prominent financial institution ranked sixth in North America by branch count. Established through the merger of the Bank of Toronto (founded in 1855) and The Dominion Bank (founded in 1869), TD has grown into a leading global bank offering a wide range of financial products and services. These include personal and commercial banking, wealth management, insurance, and investment banking. With a vast presence in key financial centres worldwide, TD serves around 22 million customers. Boasting a team of over 85,000 employees, TD is committed to delivering exceptional customer experiences, reflecting its identity as the Better Bank. The bank is known for its customer-focused approach, digital innovation, and strong risk management practices. In the United States, TD Bank operates under the brand “America’s Most Convenient Bank,” with a significant branch network along the East Coast. It has received recognition for customer satisfaction and corporate responsibility.

8. MetLife, Inc

MetLife, Inc., the parent company of Metropolitan Life Insurance Company (MLIC), is a leading provider of insurance, annuities, and employee benefits worldwide. With over 90 million customers across 60 countries, it stands as a major player in the industry. Established on March 24, 1868, it boasts a rich history and solid reputation. In the 2018 Fortune 500 list, MetLife secured the 43rd position, showcasing its substantial revenue and influence in the United States corporate landscape. The company’s core offerings include life, dental, disability, accident, and health insurance, along with retirement and savings products for individuals and groups. MetLife operates through various segments such as U.S., Asia, Latin America, and MetLife Holdings, providing tailored financial products and services to suit the needs of different markets. With a commitment to innovation and sustainability, the company continues to invest in digital transformation and customer-centric solutions to enhance user experience. MetLife is also known for its corporate social responsibility initiatives, including community development, environmental stewardship, and diversity and inclusion programmes. Through the MetLife Foundation, it supports financial health initiatives across the globe.

9. Edward Jones Investments

Edward Jones, a Fortune 500 company, offers financial services across the U.S. and Canada. With nearly 19,000 financial advisors, it serves over 8 million clients, managing a total of USD 1.7 trillion in assets. Edward Jones offers investment solutions, financial planning, and wealth management services. The company focuses on providing personalised services to individual investors through a network of financial advisors. The firm’s approach centres on building long-term relationships with clients by offering tailored investment strategies and financial guidance based on their unique goals and needs. The firm's mission revolves around fostering positive impacts, enhancing the lives of clients, colleagues, and communities. Backed by a workforce of 50,000 associates and a widespread presence in 68% of U.S. counties, Edward Jones remains dedicated to helping individuals achieve their financial goals. The firm has consistently ranked high in customer satisfaction, due to its commitment to understanding client needs and providing customised solutions.

10. Nationwide Mutual Insurance Company

Headquartered in Columbus, Ohio, Nationwide stands as a Fortune 100 company, renowned for its robust insurance and financial services offerings. With an A+ rating from Standard & Poor's, it is recognised for its strength and reliability. Nationwide leads the industry in customer-centric innovation, delivering a comprehensive array of products including auto business, homeowners, and life insurance. Additionally, it provides retirement plans, annuities, mutual funds, and specialty insurance like pet and motorcycle coverage, solidifying its position as a leading provider in the United States. Nationwide is committed to providing reliable and affordable insurance solutions, with a strong emphasis on customer service. The company has a significant presence across the country, serving millions of policyholders and businesses, making it one of the top insurers in the U.S. Nationwide’s corporate culture is focused on innovation, with the company continuously evolving to meet changing consumer needs. As a mutual company, Nationwide is owned by its policyholders, further aligning the company's mission with the needs of its customers.

11. Farmers Insurance Group

Farmers Insurance Group is a leading provider of insurance products and services in the United States. Founded in 1928, the company operates under the umbrella of the Farmers Insurance Exchange and offers a wide range of coverage options, including auto, home, life, and business insurance. It serves millions of customers through a network of agents, providing personalized support and tailored solutions to meet individual needs. Farmers is known for its strong financial stability and customer service, offering both standard and specialized insurance products. The company leverages advanced technology and data analytics to improve risk assessment, streamline claims processing, and enhance the customer experience. It also offers various discounts and incentives to help clients save on premiums while maintaining comprehensive coverage. In addition to its core insurance services, Farmers provides a range of financial services, including retirement planning and investment products. Over the years, the company has built a reputation for reliability and trust, with a commitment to helping individuals and businesses protect their assets and secure their futures.

12. Capital One Financial Corporation

Capital One Financial Corporation is a leading financial services company. It operates primarily in credit cards, banking, auto loans, and savings accounts, and is widely recognized for its innovative approach in the financial industry. The company offers a broad range of products and services to consumers, small businesses, and commercial clients. Capital One is well-known for its focus on technology and data-driven solutions, offering digital banking services that allow customers to manage their finances through mobile apps and online platforms. In addition to its credit card offerings, the company provides personal loans, mortgages, and commercial banking services, positioning itself as a major player in the U.S. financial sector. Capital One is committed to leveraging technology to streamline its services and enhance customer experiences. It has made significant investments in artificial intelligence, machine learning, and other digital tools to improve credit decisioning, fraud prevention, and customer support.