Largest Finance Companies Research Summary
- The largest finance company in the U.S. is Berkshire Hathaway, with a revenue of $302.089 billion.
- As of 2022, the U.S. finance & insurance industry has a market size of $5.4 trillion.
- The U.S. finance & insurance market is projected to grow at a CAGR of 5.4% through 2028.
Between insurance, banking, credit cards, and mortgage payments, financial companies are a major, if unseen, part of most Americans’ everyday lives.
But who are these companies who are approving your credit card applications, giving you the ability to buy a house, and paying your hospital bills?
In this article, you’ll find a list of the 14 largest finance companies in the U.S., based on their total revenue in 2022.
Berkshire Hathaway. Omaha, Nebraska
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2022 Revenue: $302.089 billion
Market Cap: $683.10 billion
Berkshire Hathaway is an American multinational conglomerate holding company. Its CEO is the well-known Warren Buffet, who became a company 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 largest publicly-traded companies in the world.
Its subsidiaries include notable brands such as GEICO, Dairy Queen, Fruit of the Loom, and Duracell. The majority of Berkshire Hathaway’s subsidiaries are insurance companies, though.
JPMorgan Chase. New York, New York
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2022 Revenue: $154.792 billion
Market Cap: $393.34 billion
JPMorgan Chase is not only one of the oldest financial companies in the U.S., it’s also one of the largest in the country and the world.
JPMorgan Chase as it is today came from a long line of other banks and investment companies that stretches all the way back to 1799.
The founders of JPMorgan Chase’s earliest predecessor institution, the Manhattan Company, even included Alexander Hamilton and Aaron Burr.
Now, the company manages over $2.6 trillion in client assets, works in over 100 different countries, and employs over 250,000 people. JPMorgan Chase has over 40 subsidiaries, and some of the most well-known include Chase Bank, J.P. Morgan Co., and WePay.
Bank of America. Charlotte, North Carolina
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2022 Revenue: $115.053 billion
Market Cap: $265.70 billion
Bank of America is another one of the U.S.’s oldest financial institutions with a history stretching back 240 years. In 1998, though, BankAmerica and NationsBank merged to form Bank of America as it is today, creating the first coast-to-coast bank in the U.S.
Bank of America is also the first U.S. bank to introduce a general-use credit card with revolving credit, credit limits, and floor limits, and it eventually became Visa.
Today, Bank of America has about 66 million clients in over 35 countries, and its subsidiaries include Merrill, BofA Securities, and Balboa Insurance Company.
Citigroup. New York, New York
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2022 Revenue: $75.34 billion
Market Cap: $87.60 billion
Formed in 1998 when Citicorp and Travelers Group merged, Citigroup is a multinational investment bank and financial services corporation.
The company has over 100 million customers, is the world’s largest credit card issuer, and serves a large international customer base in 160 countries and jurisdictions with physical offices in 97 of those countries. It’s especially prominent in Mexico and Asia.
Citigroup’s 204,000 employees provide loan, deposit, investment banking, brokerage, wealth management services to their customers. Its subsidiaries include Citibank, Banamex, Diners Club International, and Aeroméxico.
Wells Fargo. San Francisco, California
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2022 Revenue: $73.8 billion
Market Cap: $157.34 billion
Wells Fargo began 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 delivery services.
The company grew until it ran the world’s largest stage line and became the first nationwide express company. This history is reflected in the Wells Fargo logo featuring horses and a stagecoach.
Now, the company is a multinational financial service company that serves over 65 million customers around the world with its banking, credit card, loan, mortgage, and other financial services.
Wells Fargo’s subsidiaries include Wells Fargo Advisors, Abbot Downing, Wells Capital Management, and Evergreen Investments.
MetLife. New York, New York
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2022 Revenue: $69.9 billion
Market Cap: $57.10 billion
Metropolitan Life Insurance Company, widely known as MetLife, is a part of MetLife, Inc., a holding corporation. Even though MetLife is mainly a life insurance company, it also offers health, dental, vision, auto, home, and accident insurance.
MetLife, Inc. serves clients in over 40 countries with various types of insurance, retirement, and savings services. The company’s clients include families, governments, and corporations in the Americas, Asia, Europe, the Middle East, and Africa.
Morgan Stanley. New York City, New York
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2022 Revenue: $53.7 billion
Market Cap: $143.78 billion
Morgan Stanley offers wealth management, investment management, institutional securities, and other financial services to its customers.
The original founders of JP Morgan Co. started Morgan Stanley in 1935 after all commercial and investment banking businesses were required to split. Now, the company manages $715 billion in assets for its clients 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.
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