The purpose of this paper is to investigate the effect of the financial crisis on the management of risk in the largest US banks. Levels of risk exposure, risk consequences and risk management were examined using a content analysis of the 10K annual reports form of a sample of 59 largest U.S. banks. Paired-t-test, along with frequency analysis of the disclosures of 15 banking risks was used to test our research hypotheses. Our findings demonstrate that the US largest banks didn’t change their risk management strategies and showed either a passive reaction to the risks they faced during the financial crisis or a delay in reaction. For this, it is essential for future research to extend the period of investigation to cover the period after 2009 in order to see if the banks have changed their risk management strategies.