Commercial banks (SIC 602)

Commercial banks (SIC 602)

Major group 60: Depository institutions

Companies whose SIC industry code starts with 602. Companies with no code (SIC 0) and shell companies (SIC 9995) are left out.

Its 4-digit industries: 6020 · 6022 State commercial banks

S&P 500 companies All companies

The tiles, heatmap and tables below use the industry’s S&P 500 companies.

Companies in 2020 Q4 20

Average profit weight between them 0.72

Average profit weight in the industry over time

The mean profit weight over every ordered pair of the industry’s companies, each quarter: S&P 500 companies (solid) and all companies (faded). Click a quarter to show it.

Computed from the current data release, using every firm in the sample. Published papers used earlier releases and samples, so their figures differ slightly.

Show the numbers

Profit weights between the 20 largest companies, 2020 Q4

Each cell is the profit weight of the row company’s shareholders on the column company (darker: higher). Companies are ordered so that tightly linked groups form blocks. Largest means most reported owners. Click a cell to compare the two companies.

	Banc of California Inc	Customers Bancorp Inc	Zions Bancorporation …	JPMorgan Chase & Co	Wells Fargo & Co New	Regions Financial Cor…	M & T Bank Corp	Comerica Inc	Huntington Bancshares…	Northern Trust Corp	Peoples United Financ…	Citizens Financial Gr…	S V B Financial Group	Keycorp New	First Republic Bank S…	P N C Financial Servi…	U S Bancorp Del	State Street Corp	Bank of America Corp	Bank of New York Mell…
Banc of California Inc		0.56	0.49	0.34	0.30	0.43	0.45	0.41	0.40	0.35	0.46	0.44	0.38	0.40	0.37	0.36	0.28	0.33	0.31	0.29
Customers Bancorp Inc	0.79		0.57	0.43	0.44	0.64	0.57	0.59	0.59	0.50	0.65	0.66	0.54	0.59	0.51	0.45	0.41	0.49	0.39	0.42
Zions Bancorporation N A	0.83	0.69		0.56	0.53	0.80	0.81	0.81	0.74	0.68	0.88	0.87	0.71	0.75	0.69	0.63	0.50	0.64	0.51	0.52
JPMorgan Chase & Co	1.04	0.95	1.04		0.82	1.18	1.09	1.08	1.08	0.97	1.21	1.36	1.25	1.31	1.26	1.19	0.76	1.14	0.79	0.81
Wells Fargo & Co New	0.94	0.99	0.99	0.83		1.11	1.19	1.14	1.16	1.05	1.18	1.15	1.00	1.07	0.97	0.93	0.81	1.14	0.87	0.98
Regions Financial Corp New	0.78	0.83	0.86	0.69	0.64		0.87	0.87	0.89	0.79	1.00	1.05	0.89	0.98	0.90	0.78	0.60	0.80	0.59	0.62
M & T Bank Corp	0.72	0.65	0.76	0.56	0.60	0.76		0.84	0.82	0.75	0.82	0.80	0.66	0.73	0.68	0.62	0.50	0.69	0.53	0.55
Comerica Inc	0.73	0.75	0.85	0.62	0.65	0.85	0.95		0.89	0.77	0.97	0.91	0.78	0.82	0.74	0.65	0.57	0.76	0.57	0.61
Huntington Bancshares Inc	0.70	0.73	0.77	0.60	0.64	0.85	0.90	0.86		0.77	0.90	0.86	0.73	0.86	0.73	0.67	0.55	0.76	0.57	0.58
Northern Trust Corp	0.75	0.76	0.86	0.67	0.71	0.92	1.01	0.92	0.95		0.95	0.94	0.81	0.88	0.81	0.76	0.63	0.84	0.62	0.64
Peoples United Financial Inc	0.59	0.60	0.67	0.50	0.48	0.71	0.66	0.70	0.67	0.57		0.71	0.63	0.65	0.63	0.50	0.46	0.56	0.44	0.48
Citizens Financial Group Inc	0.61	0.65	0.71	0.60	0.51	0.80	0.69	0.70	0.68	0.61	0.77		0.81	0.88	0.82	0.76	0.47	0.71	0.48	0.50
S V B Financial Group	0.65	0.66	0.72	0.68	0.54	0.84	0.71	0.74	0.72	0.64	0.83	1.00		0.96	0.96	0.82	0.52	0.77	0.52	0.54
Keycorp New	0.62	0.65	0.70	0.66	0.53	0.84	0.72	0.72	0.77	0.64	0.79	0.98	0.88		0.91	0.83	0.50	0.77	0.51	0.52
First Republic Bank S F New	0.58	0.56	0.63	0.62	0.48	0.77	0.66	0.64	0.65	0.58	0.75	0.91	0.87	0.90		0.80	0.46	0.70	0.48	0.48
P N C Financial Services GRP …	0.62	0.54	0.64	0.66	0.51	0.74	0.67	0.62	0.67	0.61	0.67	0.94	0.83	0.91	0.89		0.45	0.82	0.50	0.47
U S Bancorp Del	0.73	0.76	0.78	0.65	0.68	0.88	0.83	0.84	0.84	0.77	0.93	0.90	0.80	0.84	0.78	0.68		0.76	1.04	0.95
State Street Corp	0.57	0.60	0.66	0.63	0.62	0.76	0.74	0.73	0.75	0.67	0.75	0.88	0.78	0.85	0.78	0.82	0.49		0.54	0.69
Bank of America Corp	0.65	0.58	0.63	0.53	0.58	0.68	0.70	0.67	0.68	0.61	0.71	0.73	0.65	0.69	0.65	0.62	0.83	0.66		0.86
Bank of New York Mellon Corp	0.60	0.61	0.62	0.53	0.63	0.69	0.70	0.69	0.67	0.61	0.75	0.73	0.64	0.68	0.63	0.56	0.73	0.81	0.83

Investors who drive it, 2020 Q4

The investors that contribute most to the industry’s average profit weight: roughly, those holding sizeable stakes in many of its companies at once. Investor types are inferred from the forms each investor files with the SEC and are under review. Anyone filing Forms 3/4/5 counts as an insider unless they also file 13F, in which case they count as an asset manager (such as Carl Icahn).

Big Three
Asset manager
Non-financial blockholder
Activist
Insider

#	Investor	Type	Companies held here	Share of the average	SEC CIK
1	Vanguard Group Inc	Big Three	20	40%	102909
2	BlackRock Inc.	Big Three	20	28%	1364742
3	State Street Corp	Big Three	20	12%	93751
4	Capital International Inc /Ca/Capital International SarlCapital International LTD /Ca/Capital Research Global InvestorsCapital World InvestorsCapital International InvestorsCapital Bank & Trust Co	Asset manager	12	4%	732812
5	FMR Llc*Fil LTD	Asset manager	19	2%	315066
6	Invesco LTD.	Asset manager	20	2%	914208
7	JPMorgan Chase & Co	Asset manager	20	1%	19617
8	Geode Capital Management, LLC	Asset manager	20	1%	1214717
9	Dimensional Fund Advisors LP	Asset manager	20	1%	354204
10	National Indemnity Co	Asset manager	4	0.9%	1067983
11	Wellington Management Group LLP	Asset manager	17	0.7%	902219
12	Northern Trust Corp	Asset manager	20	0.7%	73124
13	Price T Rowe Associates Inc /MD/	Asset manager	18	0.6%	80255
14	Bank of New York Mellon Corp	Asset manager	20	0.5%	1629943
15	Norges Bank	Asset manager	18	0.4%	1374170
16	Dodge & Cox	Asset manager	7	0.3%	200217
17	Charles Schwab Investment Management Inc	Asset manager	20	0.3%	884546
18	Wells Fargo & Company/Mn	Asset manager	20	0.3%	72971
19	Massachusetts Financial Services Co /MA/	Asset manager	12	0.3%	912938
20	Bank of America Corp /DE/	Asset manager	20	0.2%	70858
21	UBS Asset Management Americas Inc*Ubs Group AG	Asset manager	20	0.2%	1610520
22	Morgan Stanley	Asset manager	20	0.2%	895421
23	Ameriprise Financial Inc	Asset manager	20	0.2%	820027
24	Nuveen Asset Management, LLC	Asset manager	20	0.2%	1521019
25	Royal Bank of Canada	Asset manager	20	0.2%	1548814

The companies, 2020 Q4

Company	Reported owners	Reported ownership	SEC CIK
JPMorgan Chase & Co SIC 6020 · S&P 500	2974	72.07%	19617
Bank of America Corp SIC 6020 · S&P 500	2298	70.34%	70858
Wells Fargo & Co New SIC 6020 · S&P 500	1713	69.75%	72971
U S Bancorp Del SIC 6020 · S&P 500	1528	74.47%	36104
P N C Financial Services GRP Inc SIC 6020 · S&P 500	1218	83.65%	713676
Bank of New York Mellon Corp SIC 6020 · S&P 500	993	85.36%	1390777
State Street Corp SIC 6020 · S&P 500	807	92.96%	93751
Regions Financial Corp New SIC 6020 · S&P 500	725	73.88%	1281761
Huntington Bancshares Inc SIC 6020 · S&P 500	706	77.60%	49196
Keycorp New SIC 6020 · S&P 500	702	81.50%	91576
M & T Bank Corp SIC 6020 · S&P 500	631	86.45%	36270
Northern Trust Corp SIC 6020 · S&P 500	631	83.06%	73124
Citizens Financial Group Inc SIC 6020 · S&P 500	615	93.42%	759944
First Republic Bank S F New SIC 6020 · S&P 500	611	98.01%	1132979
S V B Financial Group SIC 6020 · S&P 500	603	91.55%	719739
Peoples United Financial Inc SIC 6020 · S&P 500	507	72.27%	1378946
Comerica Inc SIC 6020 · S&P 500	500	80.88%	28412
Zions Bancorporation N A SIC 6020 · S&P 500	453	84.00%	109380
Customers Bancorp Inc SIC 6020 · S&P 500 · dual class	170	84.44%	1488813
Banc of California Inc SIC 6020 · S&P 500 · dual class	137	95.91%	1169770

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Profit weights between the 20 largest companies, 2020 Q4

Investors who drive it, 2020 Q4

The companies, 2020 Q4

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