According to reports, the four largest US banks are expected to receive the largest share of the industry's profits in nearly a decade, which indicates that they are consolidating their dominant market position. According to the Financial Times's calculation based on data from industry tracking agency Bank Reg Data, the four largest US banks — J.P. Morgan Chase, Bank of America, Citigroup, and Wells Fargo — reported a total profit of about US$88 billion for the first nine months of 2024. Although there are more than 4,000 other banks in the US banking industry, these four banks together account for 44% of US banking profits, the highest share in the first nine months since 2015. Including United States Bank of America, PNC Financial Services Group, and Truist Bank, the top seven banks in the US by deposit size generated nearly 56% of total banking profits in the first nine months of this year, up from 48% in the same period in 2023.

According to reports, the four largest US banks are expected to receive the largest share of the industry's profits in nearly a decade, which indicates that they are consolidating their dominant market position. According to the Financial Times's calculation based on data from industry tracking agency Bank Reg Data, the four largest US banks — J.P. Morgan Chase, Bank of America, Citigroup, and Wells Fargo — reported a total profit of about US$88 billion for the first nine months of 2024. Although there are more than 4,000 other banks in the US banking industry, these four banks together account for 44% of US banking profits, the highest share in the first nine months since 2015. Including United States Bank of America, PNC Financial Services Group, and Truist Bank, the top seven banks in the US by deposit size generated nearly 56% of total banking profits in the first nine months of this year, up from 48% in the same period in 2023.