2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Banks in America have been one of the foundations of prosperity, stability and the main engine of economic development for two centuries. It is difficult to imagine a sphere of public life that could do without banking services. In addition, a loan in the US is considered one of the most convenient and widespread financial instruments.
The largest US banks
Being a backbone for the US, the banking industry attracts increased interest from both investors and ordinary citizens. For greater convenience, the country uses the term "Big Four", which includes such American banks as JP Morgan Chase, Bank of America, Citigroup, Wells Fargo. All these banks are, in fact, huge financial corporations providing a wide range of financial services. Some of them were formed as a result of the merger of several large financial institutions, some are the side business of insurance companies.
For example, Bank of America is a truly all-American bank, with branchesin all states and thirty-five foreign countries. At the same time, the conglomerate employs about 213,000 employees in 4,700 offices around the world. The history of this company began in San Francisco in 1904 at the initiative of an Italian immigrant. Over the next hundred years, the capitalization of the bank reached 213 billion dollars, and the value of assets exceeded 2.14 trillion.
JPMorgan Chase Bank. Branches and representations. Creation history
JP Morgan Chase is the largest national bank in the United States, with branches in 23 states and offices in Canada, the UK and India.
This financial supercorporation was the result of the merger of more than a thousand financial institutions throughout its existence. The oldest predecessor of the combined company is the Bank of the Manhattan Company, founded in 1799 in New York.
It is noteworthy that the procedure for obtaining a banking license at that time was so complicated that those who wanted to create a bank had to cheat by opening financial institutions under the guise of ordinary companies. Thus, the Bank of the Manhattan Company formally performed water work in New York. So did many other companies that would later form America's largest bank.
Financial impact. JPMorgan Chase Assets
One of the main components of the financial corporation was founded by John Morgan and Anthony Drexel. The company was originally called Drexel, Morgan &Co, and was involved in helping Europeans with their investments in the United States. The bank had fairly close ties with the UK, as John's father was a major British banker.
The first major transaction in the history of the company was an intermediary mission in the sale of shares of one of the owners of the New York Railroad. Since then, investing in the railway industry has become one of the main directions of the company.
Today, the main directions of the financial corporation are investment banking, services for individuals and legal entities, as well as banking transactions. JPMorgan Chase is the largest bank in America in terms of depository assets under its management and custody. Total asset value reaches $24 trillion.
Wells Fargo: From Trucking to Finance
Wells Fargo Bank rounds out the big four US banks with $1.7 billion in assets. The history of the company began in 1852, initially it was engaged in the transportation of goods across America, as well as founded by the same entrepreneurs American Express.
By 1918, the company's management decided to separate the two business lines into a transport company and finance. Soon, most of the large transportation companies were nationalized and merged into a large state corporation. However, the financial division continued to develop rapidly and soon became one of the largest banks in America.
An important activity of the company isserving institutional clients and small businesses. Among the corporation's clients are about three million small entrepreneurs, but also 40 million individuals. The bank has 8,600 branches and 13,000 ATMs.
With a turnover of more than $88 billion, the company has a net worth of 200 billion and an annual net income of over $21 billion.
Cititgroup is the oldest bank of the big four
Corporation "Citygroup", which has its representative offices in Russia, traces its history to the first bank in America, founded in 1791. It is thanks to this status that the company is the primary agent in the placement of US Treasury securities.
Today, Citigroup is one of the largest international consortiums, providing a full range of possible financial services around the world. The bank has 219,000 employees and a net worth of over $226 billion.
Today, the company serves 200 million customer accounts in one hundred and sixty countries on five continents.
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