Banks in Manhattan
The epicenter of banking is clearly Manhattan given the fact that it is home to Wall Street and the functional headquarters of several of the most important banks in the world and several of the largest banks in the United States. Using data from the FDIC we compiled a list of the 25 largest banks in Manhattan, ranked by their total share of deposits within the market. We used the closest metropolitan statistical area to approximate Manhattan. All of the data showed represents information for New York, Newark and Jersey City. What should be immediately clear is how dominant a handful of banks are within the state.
Overall, banks in Manhattan have more than $2.5 trillion of customer deposits in the region, and of this figure the top 5 banks in Manhattan held a whopping 60%! Three of the five largest banks in Manhattan are among the best banks in America according to our research.
List of the 25 Largest Banks in Manhattan
Although it should not come as a surprise how dominant JPMorgan Chase Bank is given the fact that of all the banks in Manhattan, it has the closest tie to area (it used to be known as Chase Manhattan), its one third share of the market is still very impressive. JPMorgan Chase Bank is not just a top bank in terms of its size, but its total product offerings which makes it one of the best banks in NYC overall. Goldman Sachs Bank’s share of the market is also noteworthy given the fact that the company only launched its consumer banking business Marcus (which is also completely online) in 2016, and in 6 years has now overtaken Bank of America.
Below is the list in order of total share of deposits of the 25 largest banks in Manhattan. We show each bank’s total assets as of December 31, 2021, total deposits in the region, their share of the region’s total deposits and also how much of their total deposits this MSA represents.
1. JPMorgan Chase Bank
- Total Assets: $3,307 billion
- Total Deposits in MSA: $871 billion
- Deposit Share in MSA: 33.5%
- % of Total Deposits in MSA: 43.3%
2. Goldman Sachs Bank
- Total Assets: $434 billion
- Total Deposits in MSA: $209 billion
- Deposit Share in MSA: 8.0%
- % of Total Deposits in MSA: 74.0%
3. Bank of America
- Total Assets: $2,520 billion
- Total Deposits in MSA: $185 billion
- Deposit Share in MSA: 7.1%
- % of Total Deposits in MSA: 9.9%
4. Bank of New York Mellon
- Total Assets: $356 billion
- Total Deposits in MSA: $179 billion
- Deposit Share in MSA: 6.9%
- % of Total Deposits in MSA: 83.4%
5. Citibank
- Total Assets: $1,669 billion
- Total Deposits in MSA: $134 billion
- Deposit Share in MSA: 5.2%
- % of Total Deposits in MSA: 19.0%
6. HSBC
- Total Assets: $188 billion
- Total Deposits in MSA: $121 billion
- Deposit Share in MSA: 4.7%
- % of Total Deposits in MSA: 78.0%
7. Morgan Stanley Private Bank
- Total Assets: $155 billion
- Total Deposits in MSA: $109 billion
- Deposit Share in MSA: 4.2%
- % of Total Deposits in MSA: 100.0%
8. TD Bank
- Total Assets: $424 billion
- Total Deposits in MSA: $93 billion
- Deposit Share in MSA: 3.6%
- % of Total Deposits in MSA: 25.7%
9. Signature Bank
- Total Assets: $118 billion
- Total Deposits in MSA: $74 billion
- Deposit Share in MSA: 2.8%
- % of Total Deposits in MSA: 86.2%
10. Wells Fargo Bank
- Total Assets: $1,780 billion
- Total Deposits in MSA: $70 billion
- Deposit Share in MSA: 2.7%
- % of Total Deposits in MSA: 4.7%
11. Capital One
- Total Assets: $381 billion
- Total Deposits in MSA: $52 billion
- Deposit Share in MSA: 2.0%
- % of Total Deposits in MSA: 17.1%
12. PNC Bank
- Total Assets: $552 billion
- Total Deposits in MSA: $33 billion
- Deposit Share in MSA: 1.3%
- % of Total Deposits in MSA: 9.0%
13. Deutsche Bank
- Total Assets: $49 billion
- Total Deposits in MSA: $30 billion
- Deposit Share in MSA: 1.2%
- % of Total Deposits in MSA: 100.0%
14. First Republic Bank
- Total Assets: $181 billion
- Total Deposits in MSA: $28 billion
- Deposit Share in MSA: 1.1%
- % of Total Deposits in MSA: 20.5%
15. New York Community Bank
- Total Assets: $59 billion
- Total Deposits in MSA: $27 billion
- Deposit Share in MSA: 1.1%
- % of Total Deposits in MSA: 79.2%
16. Valley National Bank
- Total Assets: $43 billion
- Total Deposits in MSA: $24 billion
- Deposit Share in MSA: 0.9%
- % of Total Deposits in MSA: 73.0%
17. Santander Bank
- Total Assets: $102 billion
- Total Deposits in MSA: $24 billion
- Deposit Share in MSA: 0.9%
- % of Total Deposits in MSA: 30.8%
18. Sterling National Bank
- Total Assets: $30 billion
- Total Deposits in MSA: $22 billion
- Deposit Share in MSA: 0.9%
- % of Total Deposits in MSA: 95.8%
19. Investors Bank
- Total Assets: $28 billion
- Total Deposits in MSA: $17 billion
- Deposit Share in MSA: 0.7%
- % of Total Deposits in MSA: 85.9%
20. Bank of China
- Total Assets: $74 billion
- Total Deposits in MSA: $17 billion
- Deposit Share in MSA: 0.7%
- % of Total Deposits in MSA: 100.0%
21. City National Bank
- Total Assets: $93 billion
- Total Deposits in MSA: $15 billion
- Deposit Share in MSA: 0.6%
- % of Total Deposits in MSA: 20.5%
22. Apple Bank
- Total Assets: $16 billion
- Total Deposits in MSA: $14 billion
- Deposit Share in MSA: 0.6%
- % of Total Deposits in MSA: 100.0%
23. M&T Bank
- Total Assets: $155 billion
- Total Deposits in MSA: $14 billion
- Deposit Share in MSA: 0.5%
- % of Total Deposits in MSA: 10.8%
24. Bankunited
- Total Assets: $36 billion
- Total Deposits in MSA: $14 billion
- Deposit Share in MSA: 0.5%
- % of Total Deposits in MSA: 47.1%
25. Dime Community Bank
- Total Assets: $12 billion
- Total Deposits in MSA: $11 billion
- Deposit Share in MSA: 0.4%
- % of Total Deposits in MSA: 100.0%