US banks need EUR correspondents to clear euro-denominated payments. A small group of US institutions handle the bulk of this flow, leveraging European subsidiaries or long-standing reciprocal relationships.
1. JPMorgan Chase (CHASUS33 / CHASGB2L) — New York. The largest US correspondent for EUR via JPMorgan AG (Frankfurt) and JPM London.
2. Citi (CITIUS33) — New York. Major EUR clearer via Citibank Europe plc (Dublin).
3. BNY Mellon (IRVTUS3N) — New York. Strong EUR custodian and correspondent role.
4. State Street (SBOSUS33) — Boston. EUR correspondent particularly for asset-management flows.
5. Wells Fargo (WFBIUS6S) — San Francisco. Building EUR correspondent network through its European subsidiaries.
6. Goldman Sachs (GOLDUS33) — New York. EUR clearing primarily for institutional flow via GS Bank Europe.
7. Morgan Stanley (MSNYUS33) — New York. EUR correspondent for capital markets / wealth flows.
8. Bank of America (BOFAUS3N) — Charlotte. EUR correspondent via BofA Europe.
9. Northern Trust (CNORUS44) — Chicago. EUR custody and correspondent role.
10. Brown Brothers Harriman (BBHKUS33) — New York. Niche EUR correspondent for private-banking and asset-servicing flows.
Via a EUR nostro held at a European correspondent (often their own EU subsidiary), then through T2 or EURO1 in the eurozone.
Only via their European subsidiaries. JPM AG, Citibank Europe, BofA Europe are TARGET2 direct participants.
See our companion article. The US-to-Europe relationships are deeper because of the size of cross-Atlantic capital flows.
Yes — every US correspondent bank on this list completed CBPR+ readiness for the November 2025 SWIFT cutover.