10 Largest Banks in New York City
These are the ten largest banks with headquarters in New York City based upon assets according to the Federal Reserve. Seven of these banks are in the top 10 banks in the United States which shows just how much New York City is the financial capital of the United States and one of the leading financial centers in the world.
1) JP Morgan Chase - $2.1 trillion dollars
JP Morgan Chase came out of the financial crisis in far better shape than most of its peers. It took TARP money but never really needed it and paid it back as soon as it was allowed to. JP Morgan Chase and its predecessor companies have been fixtures in New York banking and Wall Street since 1799 when the company was started by Aaron Burr. The dueling pistols used by Alexander Hamilton and Burr one of which Burr used to kill Hamilton are owned by the company and kept at its 277 Park Avenue headquarters.
2) Citigroup - 2 trillion
Citigroup has its world headquarters at 399 Park Avenue in Midtown Manhattan in New York City. Without government help Citigroup would likely have gone bankrupt during the recent financial crisis and credit crunch as it had large exposure to bad credit risks. Citigroup is a big credit card issuer in the world.
3) Goldman Sachs - $881 billion
Goldman Sachs was an investment bank based in NYC that changed to a bank holding company so it could borrow funds from the Federal Reserve during the recent economic crisis. Goldman reportedly greatly benefited from the government's bailout of AIG as much of the bailout money was used to pay insurance claims against AIG by Goldman Sachs.
4) Morgan Stanley - $820 billion
Image Source (Revel Casino project in Atlantic City which Morgan Stanley wrote off)
Morgan Stanley is another investment bank that switched to a bank holding company so it could access funds from the Federal Reserve during the recent credit crunch. Dating to 1935 Morgan Stanley has its world headquarters at 1585 Broadway in Midtown Manhattan, NYC.
5) MetLife - $566 billion
Image Source (MetLife used to be the old Pan Am Building in Manhattan)
MetLife has its headquarters at 200 Park Avenue in Midtown Manhattan in the old Pan Am Building. MetLife is a life insurance company that became a bank holding company to gain access to government funds during the financial crisis. So much of MetLife's assets are tied to life insurance and not banking assets like checking accounts, deposits, mortgages, home equity loans, credit cards and the like.
6) Taunus Corporation - $364 billion
Image Source (Deutsche Bank headquarters in Frankfurt, Germany)
Taunus Corporation is the American holding company for the Frankfurt, Germany based Deutsche Bank and is located at 60 Wall Street in Lower Manhattan.
7) HSBC North America Holdings - $345 billion
HSBC North America Holdings is located at 452 Fifth Avenue in New York City and is the North American holding company for HSBC which is based in London and Hong Kong.
8) Bank of New York Mellon - $221 billion
Bank of New York Mellon is located at One Wall Street in Lower Manhattan and is the result of the 2007 merger of the Bank of New York with Mellon Financial Corp. The Bank of New York was founded by Alexander Hamilton in 1784.
9) American Express Company - $143 billion
American Express has its world headquarters at 200 Vesey Street in Manhattan. American Express is another financial company that applied to be a bank holding company as a result of the latest world financial crisis. Most of the company's profits come from credit cards and travelers checks and not typical bank products like loans, mortgages, bank accounts and deposits.
10) Utrecht-America Holdings - $41 billion
Utrecht-America Holdings has its headquarters at 245 Park Avenue in New York City.
For more see 10 Largest Banks in the United States