JPMorgan Chase (New York) remained the largest bank by asset size in the U.S., according to the most recent data compiled by Charlottesville, Va.-based information services firm SNL Financial.
As of Sept. 30, JPMorgan had $2.27 trillion in assets, ahead of Bank of America (Charlotte, N.C), with $2.21 in assets, according to SNL. JPMorgan Chase overtook BofA in October as the country's largest bank, a position held by Bank of America since it acquired Merril Lynch in the first quarter of 2009. The current figures are based on SNL's pro forma data, which reflects pending M&A deals and transactions that have closed since Sept. 30.
SNL also reported that HSBC's assets shrunk by $43.6 billion, dropping it to eighth from fifth. This was a result of the announced sale of 195 branches on July 30, which made up $14 billion in assets, and the announced sale of the card and retail services business by HSBC Holdings on Aug. 10, worth $29.6 billion in assets, said SNL.
SNL also reported that PNC Financial Services Group (Pittsburgh) did not get a boost in its rankings despite its pending acquisition of RBC Bank.
The biggest jump in the top 50 belonged to BMO Financial (Chicago), which rose up seven spots to 17th from 24th compared to the third quarter of 2010, thanks to its recent acquisition of Marshall & Ilsley, completed in July.
To read the full report, visit SNL's website.
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Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio