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Transcript of Copyright © Cengage Learning. All rights reserved The American Banking Industry Commercial bank...
![Page 1: Copyright © Cengage Learning. All rights reserved The American Banking Industry Commercial bank –A profit-making organization that accepts deposits, makes.](https://reader036.fdocuments.us/reader036/viewer/2022082723/5a4d1b1b7f8b9ab0599934e0/html5/thumbnails/1.jpg)
Copyright © Cengage Learning. All rights reserved
The American Banking Industry
• Commercial bank– A profit-making organization that accepts deposits,
makes loans, and provides related services to its customers
– National bank: A commercial bank chartered by the U.S. Comptroller of the Currency
– State bank: A commercial bank chartered by the banking authorities in the state in which it operates
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Copyright © Cengage Learning. All rights reserved
Seven Largest U.S. Banks
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Source: The Fortune website, www.fortune.com, accessed September 30, 2008.
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Copyright © Cengage Learning. All rights reserved
The American Banking Industry (cont’d)
• Other financial institutions– Savings and loan associations (S&L)
• A financial institution that offers checking and savings accounts and certificates of deposit and that invests most of its assets in home-mortgage loans and other consumer loans
– Credit unions• A financial institution that accepts deposits from and
lends money to only those people who are its members• Members are usually employees of a particular firm,
people in a particular profession, or those who live in a community served by a local credit union
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Copyright © Cengage Learning. All rights reserved
The American Banking Industry (cont’d)
• Other financial institutions (cont’d)– Mutual savings banks– Insurance companies– Pension funds– Brokerage firms– Finance companies– Investment banking firms
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Copyright © Cengage Learning. All rights reserved
Careers in Banking
• The 7 largest banks in the U.S. employ approx. 1,132,000 people
• The U.S. Department of Labor expects the number of people employed in banking to grow more slowly than other jobs in the economy between now and the year 2012.
• Traits of successful bankers– Honesty– Ability to interact with people– Strong background in accounting– Appreciation for the banking-finance relationship– Basic computer skills
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