Banks in America are 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 United States is considered one of the most convenient and common financial instruments.
The largest banks in the USA
Being a backbone for the USA, 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 banks in America as JP Morgan Chase, Bank of America, Citigroup, Wells Fargo. All these banks are, in fact, huge financial corporations that provide a wide range of financial services. Some of them were formed as a result of the merger of several large financial institutions, some are a side business of insurance companies.
For example, Bank of America is truly an all-American bank, with branches in all states and thirty-five foreign countries. At the same time, the conglomerate employs about 213,000 employees in 4,700 branches worldwide. The history of this company began in San Francisco in 1904 at the initiative of an Italian emigrant. Over the next hundred years, the bank's capitalization reached 213 billion dollars, and the value of assets exceeded 2.14 trillion.
JPMorgan Chase Bank. Branches and representative offices. History of creation
JP Morgan Chase Bank is the largest national bank in the United States, with its own branches in twenty-three states, as well as representative offices in Canada, the UK and India.
This financial super-corporation appeared as a result of the merger of more than a thousand financial institutions over the entire period of 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 trick, opening financial institutions under the guise of ordinary companies. Thus, the Bank of the Manhattan company formally performed water supply in New York. Many other companies acted the same way, of which the largest bank in America will be created later.
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 engaged 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 a share of one of the owners of the New York Railway. From this moment, investments in the railway industry have become one of the main areas of the company.
Today, the main directions of a financial corporation are investment banking, servicing private and legal entities, as well as conducting banking transactions. JPMorgan Chase is the largest bank in America in terms of the volume of depository assets under its management and storage. The total value of assets reaches $ 24 trillion.
Wells Fargo: From Shipping to Finance
Wells Fargo Bank closes the U.S. Big Four with four billion dollars worth of assets. The history of the company began in 1852, initially it was engaged in the transportation of goods throughout America, as was founded by the same American Express entrepreneurs.
By 1918, the company management decided to divide the two lines of business into a transport company and finance. Soon, most of the major transportation companies were nationalized and merged into a large state-owned corporation. However, the financial division continued to develop rapidly and soon became one of America's largest banks.
An important activity of the company is servicing institutional clients and small businesses. Among the clients of the corporation are about three million small entrepreneurs, but also 40 million individuals. The bank has 8600 own branches and 13 thousand ATMs.
With a turnover of more than 88 billion dollars, the company has 200 billion of its own capital, and its annual net profit exceeds 21 billion dollars.
Cititgroup - the oldest bank of the Big Four
Citigroup Corporation, which has its representative offices in Russia, is building its history to the first bank of America, founded in 1791. It is thanks to this status that the company is the primary agent in the placement of securities by the US Treasury.
Today, Citigroup is one of the largest international consortia providing a full range of possible financial services around the world. The bank employs 219 thousand employees, and its net worth exceeds 226 billion US dollars.
Today, the company serves 200 million customer accounts in one hundred and sixty countries on five continents.