CHARLOTTESVILLE, Va.—The five largest banks now account for nearly half of the industry's $15.3 trillion in assets, according to new data released by SNL Financial for the end of the third quarter.
SNL reported the combined asset size of JPMorgan Chase ($2 trillion), Bank of America ($1.52 trillion), Wells Fargo ($1.48 trillion), Citibank ($1.37 trillion) and U.S. Bank ($387 billion) amounts to $6.78 trillion, or 44% of total banking industry assets.
All of that reflects a sharp increase over 1990, when the five largest banks in the U.S. held $457.9 billion in assets, or 9.58% of the industry’s total assets. Total credit union assets are approximately $1.1 trillion.
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