J.P. Morgan Chase, Bank of America and Citibank are the top three largest New York-based commercial banks in terms of reported assets. Wells Fargo Bank and PNC Bank are close behind, based on their claimed assets on a 2010 report.
J.P. Morgan Chase reported assets of $2.5 trillion in 2014, making it the largest commercial bank in New York. Bank Of America's reported assets of $2.1 trillion make it the second largest bank in terms of assets for the same year. Other large banks based in New York include Bank of New York Mellon, HSBC Bank USA, TD Bank and Capital One.
Financial publications rank the size of a bank by the amount of assets it manages, assessing banks by the sum of their short-term and other investments, receivable assets, net property and equipment assets, intangible assets and advances. Cash is categorized as equivalent to a short term asset due to its liquidity compared with other vehicles of value such as property titles and financial derivatives. Differences in asset types have pronounced effects on the relative size of banks. For instance, Bank of America reports intangible assets of $77 billion, which is higher than J.P Morgan Chase's reported figure of $56 billion.