U.S. Top 10 Banks' Market Cap Hits Record $2.2 Trillion in 2024

In 2024, the combined market capitalization of America's top 10 banks—J.P. Morgan, Bank of America, Wells Fargo, Citigroup, Morgan Stanley, Goldman Sachs, Charles Schwab, PNC Financial, U.S. Bancorp, Truist Financial, and Capital One—reached a record $2.2 trillion. This marks an impressive 30% year-over-year growth, significantly outpacing the S&P 500's 24% growth over the same period. By comparison, the long-term compound annual growth rate (CAGR) for these banks was 4.8% from 2000 to 2024, highlighting the exceptional nature of 2024's performance.