What Companies are in the Finance Field | List of Top Companies in the USA Finance Industry

What companies are in the Finance Field | Top companies in finance

Financial institutions have a significant, albeit unnoticed, role in the daily lives of most Americans through insurance, banking, credit cards, and mortgage payments.

But what companies are in the finance field accepting your credit card applications, enabling you to purchase a home, and covering your medical expenses?

In this article, we shall be looking at Top companies for finance majors, companies in the financial sector, the best companies in the financial services industry as well as the definition of finance companies and functions of finance companies.

Definition of Finance Companies

We are familiar with finance companies, but what companies are in the finance field? which brings us to the definition of finance companies for improved understanding.

An organization that lends money to people and businesses is a finance company. Most finance firms, unlike a bank, does not accept customer cash deposits and does not offer certain banking services like checking accounts. The interest rates that finance businesses charge on their loans, which are typically higher than the interest rates that banks charge their customers, generate profits for the corporations.

Which Financial Company is Best

There is a long list of top companies in the USA finance industry, but which financial company is best? Based on from industry experts in finance, with $282.305 billion in sales, Berkshire Hathaway is the largest financial institution in the United States. The U.S. finance and insurance business is expected to be worth $5.4 trillion by the end of 2022.

If you also enquire about who is the biggest finance company, you will still see Berkshire Hathaway.

What are the fields of finance?

The finance field includes three main subcategories:

  • Personal Finance
  • Corporate finance
  • Public (government) finance
  1. Personal Finance

Personal finance is unique to a person’s circumstances and activities. As a result, an individual’s income, living expenses, ambitions, and preferences are heavily influenced by linked financial strategies. In order to develop strategies for future requirements within financial restrictions, financial planning entails examining an individual’s existing financial situation.

  1. Corporate Finance

We refer to the financial activities involved in managing a corporation to as corporate finance. To supervise those financial activities, a division or department is typically established.

  1. Public Finance

Taxing, spending, budgeting, and debt-issuance policies are all aspects of public finance that have an impact on how a government pays for the services it offers to the general population. It is a component of monetary policy.

List of Top Companies in the USA Finance Industry

The United States is a hub of financial activities. There are over 100 financial service providers and companies. However, in our update, we shall narrow our search to find top companies in finance in the United States as well as those that have helped famous companies that filed for chapter 11.

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1. Berkshire Hathaway. Omaha, Nebraska

An American holding firm for global conglomerates, Berkshire Hathaway. Warren Buffet, a well-known investor in the business who joined in the 1960s, serves as its CEO.

Berkshire Hathaway began as a collection of textile mills in 1839. It is currently one of the biggest publicly traded firms in the world as well as the top of the best companies in the financial services industry.

Notable companies like GEICO, Dairy Queen, Fruit of the Loom, and Duracell are among its subsidiaries. But insurance firms make up the majority of Berkshire Hathaway’s businesses.

Estimated Annual Revenue: $282.305 billion

2. JPMorgan Chase. New York, New York

Finding what companies are in the finance field will not be complete if we fail to include JPMorgan Chase, headquartered in New York. JPMorgan Chase is not only among the largest and oldest financial institutions in the United States but also among the oldest.

The predecessors of JPMorgan Chase as it exists today may be traced back to 1799 and include many banks and financial firms. Even Aaron Burr and Alexander Hamilton were among the founders of the Manhattan Company, the earliest antecedent organization of JPMorgan Chase.

Today, the company manages client assets worth over $2.6 trillion, operates in over 100 countries, and has over 250,000 employees making it one of the top companies for finance majors. Among the more well-known JPMorgan Chase subsidiaries, which number over 40, include Chase Bank, J.P. Morgan Company, and WePay.

Estimated Annual Revenue: $128.296 billion

3. Americas Bank. Charlotte, North Carolina

With a 240-year history, Bank of America is another one of the country’s oldest financial firms. However, BankAmerica and NationsBank combined in 1998 to establish Bank of America, which became the country’s first coast-to-coast bank.

As the first bank in the United States to offer a general-use credit card with revolving credit, credit limitations, and floor limits—which later evolved into Visa—Bank of America.

Currently, Bank of America serves around 66 million customers across more than 35 nations. Merrill, BofA Securities, and Balboa Insurance Company are some of its subsidiaries.

Estimated Annual Revenue: $94.382 billion

4. Citigroup. New York, New York

With a sound track record as a global investment bank and financial services company, Citigroup was created in 1998 as a result of the merger of Citicorp and Travelers Group.

The corporation services a sizable international customer base in 160 countries and territories, is the largest credit card issuer in the world, and has physical offices in 97 of those nations. Particularly prevalent there are in Asia and Mexico.

The 204,000 employees of Citigroup offer their clients loan, deposit, investment banking, brokerage, and wealth management services. Citibank, Banamex, Diners Club International, and Aeroméxico are some of its subsidiaries.

Estimated Annual Revenue: $79.865 billion

5. Wells Fargo. San Francisco, California

During the Gold Rush in 1852, Wells Fargo was founded to offer banking services to the West and to connect it to the rest of the nation through shipping and transportation services.

The business expanded until it controlled the biggest stage line in the world and turned into the first countrywide express firm. The stagecoach and horses in the Wells Fargo emblem are a nod to this heritage.

As a global provider of banking, credit card, loan, mortgage, and other financial services, the corporation now has over 65 million customers worldwide. Abbot Downing, Wells Capital Management, Wells Fargo Advisors, and Evergreen Investments are some of Wells Fargo’s subsidiaries.

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Estimated Annual Revenue: $78.5 billion

6. Freddie Mac. Tysons Corner, Virginia

Freddie Mac, often known as the Federal Home Loan Mortgage Corporation, is Fannie Mae’s sister firm. Both of them carry out similar tasks, however Freddie Mac works with smaller thrift institutions while Fannie Mae deals with big retail banks.

By purchasing mortgage loans from lenders, Freddie Mac aims to maintain the U.S. housing market’s liquidity, stability, and affordability while managing assets worth $2.063 trillion. This increases the number of loans that lenders can offer, enabling more people to purchase homes.

Freddie Mac is a government-sponsored institution that, like Fannie Mae, is publicly traded. It was founded by Congress in 1970. Research on what companies are in the finance field is not complete if we fail to include Freddie Mac.

Estimated Annual Revenue: $75.125 billion

7. MetLife. New York, New York

Metropolitan Life Insurance Company, also referred to as MetLife, is a subsidiary of holding company MetLife, Inc. Despite being primarily a life insurance provider, MetLife also provides accident, health, dental, and vision insurance.

MetLife, Inc. offers a range of insurance, retirement, and savings services to customers in more than 40 countries. Families, governments, and businesses from the Americas, Asia, Europe, the Middle East, and Africa are among the company’s clients.

Estimated Annual Revenue: $71.08 billion

8. Goldman Sachs. New York, New York

They established the international investment bank and financial services provider Goldman Sachs in 1869 and provides its customers with investment management, securities, asset management, prime brokerage, investment banking, and securities underwriting services.

Nearly 40,000 people work for the company, which also includes more than 40 worldwide locations and companies like Marcus by Goldman Sachs, Goldman Sachs Personal Financial Management, Goldman Sachs Bank USA, Goldman Sachs Capital Partners, and Ayco.

Estimated Annual Revenue: $54.568 billion

9. American Express. New York, New York

The international investment bank and financial services provider Goldman Sachs was established in 1869 and provide its customers with investment management, securities, asset management, prime brokerage, investment banking, and securities underwriting services.

Nearly 40,000 people work for the company, which also includes more than 40 worldwide locations and companies like Marcus by Goldman Sachs, Goldman Sachs Personal Financial Management, Goldman Sachs Bank USA, Goldman Sachs Capital Partners, and Ayco.

10. Capital One. McLean, Virginia

Credit cards, consumer banking, business banking, and auto loans are among the financial services provided by Capital One, a bank holding company that was founded in 1994.

The business, which is led by its founder Richard Fairbank, helped to boost credit cards’ acceptance during the 1990s. These companies are in the finance field with revolutionary technologies.

Despite being a relatively new financial institution, Capital One is the fifth-largest credit card issuer in the nation and does business in both the UK and Canada, besides the US.

Wikibuy, ShareBuilder, Paribus, United Income, and Blue Tarp are all divisions of Capital One.

Estimated Annual Revenue: $32.033 billion

11. U.S. Bank. Minneapolis, Minnesota

The First National Bank of Minneapolis was founded in 1864, the Farmers and Millers Bank in Milwaukee was founded in 1853, and the United States National Bank of Portland was founded in 1891. Together, these three banks make up the bank holding company known as U.S. Bancorp.

Over the years, these organizations expanded and joined, and in 1968 they amalgamated to form U.S. Bancorp.

The business is today best known for its affiliate U.S. Bank National Association, also known simply as U.S. Bank, which provides clients with banking, investing, mortgage, trust, and payment services.

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The subsidiaries of U.S. Bancorp also include Syncada, Elavon, and talech.

Estimated Annual Revenue: $23 billion

12. The PNC Financial Services Group. Pittsburgh, Pennsylvania.

As the Pittsburgh Trust and Savings Company, PNC was founded in 1852. Following a few additional mergers and name changes, the bank changed its name to Pittsburgh National Corporation and merged with Provident National Corporation to form PNC.

Its approximately 52,000 personnel serves clients of PNC in the areas of retail banking, asset management, and corporate and institutional banking. PNC has 2,200 locations throughout the United States, as well as offices in Canada, China, Germany, and the United Kingdom, and manages $300 billion in assets.

PNC bought BBVA USA Bancshares, Inc. and BBVA USA, a subsidiary of that company, in November 2020. Harris Williams and Co., PNC Bank, PNC Real Estate, PNC Capital Advisors, LLC, and Hawthorn PNC Family Wealth are some of its additional subsidiaries.

Estimated Annual Revenue: $19.698 billion

13. Fannie Mae. Washington, D.C.

Actually known as the Federal National Mortgage Association, Fannie Mae was established in 1938 as a component of the New Deal by President Franklin D. Roosevelt.

The organization’s goal is to make housing more affordable for more Americans by developing a secondary mortgage market that will increase the number of loans that are accessible. By buying mortgage loans from lenders, Fannie Mae frees up those lenders to provide more loans to homebuyers.

This business stands out because it is both publicly traded and federally subsidized, which is unusual. Freddie Mac and Ginnie Mae are two other sister companies of Fannie Mae.

Estimated Annual Revenue: $22.2 billion

14. Morgan Stanley. New York City, New York

Wealth management, investment management, institutional securities, and other financial services are provided to customers by Morgan Stanley.

In 1935, after the requirement that all commercial and investment banking companies be split up, the founding founders of JP Morgan Co. founded Morgan Stanley. The organization now has 35 sites across the world and handles $715 billion in assets for its customers.

The Morgan Stanley Building on Broadway in New York City, however, is the place where Morgan Stanley is best known. E-Trade, Morgan Stanley Dean Witter Online, Inc., and Graystone Consulting are just a few of the company’s numerous subsidiaries.

Morgan Stanley is one of the companies that are in the finance field with a huge portfolio of other diverse investments.

Conclusion

What companies are in the finance field? remains one question any finance service consumer should know the answer to. In order to help business professionals, investors, and the general public who are interested in learning more about the global financial services industry, this article breaks down the top largest finance companies in the United States by revenue and asset.

We equally geared it towards improving people’s financial literacy.

Lastly, ensure you visit the Apply for a Job homepage and also check out our Jobs in USA category, for more essential information.

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