Jake Miller
The number of employees in the banking sector varies from bank to bank and country to country. For instance, JPMorgan Chase, the largest bank in the US in terms of market capitalization and number of branches, had over 220,000 employees as of 2023. In contrast, the average US commercial banking business employs 493.4 people, indicating that some banks have more employees than others. While employee numbers in the US banking sector have fluctuated, there were around 1.96 million employees in 2012, 1.91 million in 2014, and approximately two million in 2022, with a slight dip to 1.97 million in 2023. This indicates that banks have more users than employees, as the number of employees across the sector is in the millions, while individual banks have user bases in the hundreds of millions or even billions.
| Characteristics | Values |
|---|---|
| Number of employees in FDIC-insured commercial banks in the U.S. in 2022 | 2 million+ |
| Number of employees in FDIC-insured commercial banks in the U.S. in 2023 | 1.97 million |
| Number of employees in FDIC-insured commercial banks in the U.S. in 2024 | 1,979,738 |
| Number of employees in FDIC-insured commercial banks in the U.S. in 2025 | 1,927,675 |
| Number of employees in JPMorgan Chase (largest U.S. bank employer) in 2023 | 220,000+ |
| Number of employees in Wells Fargo (second-largest U.S. bank employer) in 2023 | 200,000 |
| Average number of employees in U.S. commercial banks | 493.4 |
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What You'll Learn
JPMorgan Chase: the largest US bank by employees
JPMorgan Chase is the largest US bank by employees as of December 31, 2023, with over 220,000 employees. The bank is also the largest in the US in terms of the number of branches, which may explain its high number of employees. The McCoy Center in Columbus, Ohio, is the largest JPMorgan Chase facility in the world, with approximately 11,050 employees. The bank moved some of its operations to the JPMorgan Chase Tower in Houston after purchasing Texas Commerce Bank.
JPMorgan Chase is the result of the merger of Chase Manhattan and J.P. Morgan & Co. in 2000. The bank has a long history, dating back to the creation of the Bank of the Manhattan Company in the nineteenth century. Over time, JPMorgan Chase has expanded globally and now serves clients in over 100 countries. The bank has regional headquarters in Hong Kong, New York, and São Paulo, with its Global Corporate Bank's main headquarters in London.
JPMorgan Chase offers a wide range of financial services, including investment banking, commercial banking, financial transaction processing, and asset management. The bank serves millions of customers, including prominent corporate, institutional, and government clients. In 2019, JPMorgan Chase invested nearly $324.5 million in global philanthropic and business initiatives, and its employees volunteered approximately 468,000 hours in their communities.
JPMorgan Chase has faced legal issues, including a settlement of $2.05 billion in 2014 to resolve civil and criminal charges related to the Madoff scandal. Despite these challenges, the bank has received recognition for its work, including being named one of the "World's Most Admired Companies" by Fortune and winning a Handshake Early Talent Award for being a great employer for today's youth.
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Wells Fargo: second-largest US bank by employees
Wells Fargo is the second-largest US bank in terms of employee numbers, with close to 200,000 employees as of December 31, 2023. The bank is headquartered in San Francisco and has a significant presence in Charlotte, North Carolina, where it is one of the largest employers. The company's recent annual report disclosed that it has approximately 250,000 employees company-wide.
Wells Fargo's history can be traced back to the mid-19th century, when it was founded as a banking and express company. Over the years, Wells Fargo has grown and evolved through a series of mergers and acquisitions. In 1923, Wells Fargo Nevada merged with the Union Trust Company, forming the Wells Fargo Bank & Union Trust Company. The company shortened its name to Wells Fargo Bank in 1954 and continued to expand through subsequent mergers.
The bank has faced scrutiny and legal issues in recent years, including a scandal in 2016 involving the creation of millions of fake accounts by employees. This resulted in restrictions on the bank's ability to grow and led to a $3.7 billion settlement with the Consumer Financial Protection Bureau. Despite these challenges, Wells Fargo remains a significant player in the US banking industry, with a large employee base and a presence in multiple cities.
Wells Fargo's employee count is surpassed only by JPMorgan Chase, which held the top spot as of December 31, 2023, with over 220,000 employees. The high number of employees in both banks can be attributed in part to their extensive branch networks, with JPMorgan Chase being the leading bank in terms of branch locations.
While Wells Fargo has faced setbacks, its commitment to its employees and customers remains crucial to its operations. The bank's ability to adapt and navigate challenges will be key to its future success and sustainability in the competitive banking industry.
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FDIC-insured banks: over 2 million employees in 2022
The number of employees in FDIC-insured banks in the United States has fluctuated over the years. In 2012, there were around 1.96 million employees, which decreased to 1.91 million in 2014. However, this number started to increase, and by 2022, the number of employees in FDIC-insured banks exceeded 2 million. While there was a slight decrease in 2023, with approximately 1.97 million employees, the overall trend suggests a growing workforce in the banking industry.
FDIC-insured banks are those that are protected by the Federal Deposit Insurance Corporation (FDIC), an agency that insures deposits in banks across the United States. The FDIC plays a crucial role in maintaining the stability of the banking system by insuring deposits up to $250,000. Despite the decreasing number of bank branches in recent years, the value of deposits in these banks has been growing, reaching trillions of dollars.
The largest banks in the United States include JPMorgan Chase, Wells Fargo, Bank of America, and Citigroup. As of December 31, 2023, JPMorgan Chase was the largest employer in the banking sector, with over 220,000 employees. Wells Fargo followed closely with nearly 200,000 employees. These banks not only boast a large number of employees but also a significant presence in terms of branches across the country.
While the exact number of bank customers or users is challenging to pinpoint, it is safe to assume that banks serve a vast number of individuals and businesses. With the increasing trend in the number of employees, it is evident that banks continue to require a significant workforce to cater to the needs of their diverse customer base. The growth in the value of deposits and the overall stability of the banking system contribute to the demand for a robust workforce in FDIC-insured institutions.
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Commercial banking: average US business employs 493.4 people
The average US commercial banking business employs 493.4 people. This is a decrease from five years prior, though the revenue per employee has increased in that time. While the number of bank branches has decreased in recent years, there is no clear downward trend in bank employment in the United States.
As of December 31, 2023, JPMorgan Chase was the largest US employer in the banking sector, with over 220,000 employees. Wells Fargo ranked second, with nearly 200,000 employees. These two banks are part of the "big four" in US banking, along with Bank of America and Citigroup.
The number of employees in the US banking sector has fluctuated in the last decade. In 2012, there were around 1.96 million employees, which decreased to 1.91 million in 2014. However, the number rose again, reaching approximately two million in 2023.
While the average US commercial bank employs 493.4 people, it is worth noting that this number can vary significantly between banks of different sizes and scopes. Larger banks, such as JPMorgan Chase and Wells Fargo, have employee counts in the hundreds of thousands, while smaller banks may have a more modest number of employees.
Overall, while the average US commercial bank employs a few hundred people, the total number of employees in the US banking sector is in the millions. This discrepancy highlights the diverse nature of the banking industry, encompassing a wide range of institutions, from small local banks to large international financial powerhouses.
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Commercial banking: 1.97 million employees by 2025
As of 2025, there are close to 2 million people employed in the commercial banking industry in the US. Specifically, one source states that there are 1,927,675 people employed in US commercial banking as of 2025. This number has declined by 0.0% on average over the five years between 2020 and 2025. Despite this, the average commercial banking business employs more workers than it did five years ago.
The number of employees in the US banking sector has fluctuated over the last decade. In 2012, there were around 1.96 million employees, which decreased to 1.91 million in 2014. However, the number rose again, and by 2023, there were approximately 2 million employees in the US banking sector.
As of December 31, 2023, JPMorgan Chase was the largest US employer in the banking sector, with over 220,000 employees. Wells Fargo ranked second, with nearly 200,000 employees. JPMorgan Chase was also the largest in terms of the number of branches, which likely contributed to its high number of employees.
While the number of bank branches has decreased in recent years, there is no clear downward trend in bank employment in the US. The average number of employees per business in commercial banking in the US has decreased in the last five years, while revenue per employee has increased.
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Frequently asked questions
Banks have more users than employees. For example, JPMorgan Chase, the largest bank employer in the US as of 2023, has over 220,000 employees, while banks in the US have millions of customers.
JPMorgan Chase is the largest bank employer in the US, with over 220,000 employees as of 2023.
The number of employees in the US banking sector has fluctuated over the years. While there were around 1.96 million employees in 2012, the number decreased to 1.91 million in 2014. However, the number has since increased, with approximately 1.97 million employees in FDIC-insured commercial banks in 2023.
