Top 10 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 10 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 $3.9 trillion in assets and $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.

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.

3. Citigroup, Inc.

Citi's mission is to be a reliable partner, offering responsible financial services that foster growth and economic advancement. With over two centuries of experience, it specialises in asset protection, lending, payment processing, and capital market access for its clients. As a global bank, it connects millions of individuals and businesses worldwide, helping them navigate challenges and seize opportunities across numerous countries and cities.

4. Wells Fargo & Company

Wells Fargo & Company (NYSE: WFC) is a diverse financial services organization, boasting around $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. 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. 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.

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. 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.

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.

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 $1.7 trillion in assets. 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.

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.