Check out the history of the top 4 banks in the United States
That the United States is the largest economy in the world we already know. But do you know which are the biggest banks in the country? Concentrating true fortunes, these institutions are capable of “breaking the world” in case of a crisis. In fact, that actually happened in 2009.
Nowadays, the institutions mentioned below cover more than 80% of American clients. In addition to managing their money, these banks offer advantages in loans and debt settlement. Want to know what the main ones are? Just keep reading!
JP Morgan Chase
Having the backing of JP Morgan Chase is having the backing of a financial industry titan. The bank is the largest by assets in the United States and one of the largest in the world, being also one of the oldest.
Its roots go back to 1799, when the Chase Manhattan Corporation and the J.P. Morgan & Co. merged. But its history as we know it today begins in 1854, when Junius S. Morgan, patriarch of the Morgan banking family, moved to London and joined the private banking firm George Peabody & Co.
The recent history of the JP Morgan Chase bank is marked by the shadow of Bernard Madoff, the former financier who recently died in prison after being sentenced to 150 years in prison for perpetrating the largest pyramid scheme in history. That happened in 2009.
Bank of America
The history of the traditional bank began in 1904, in the city of San Francisco, state of California, under the name Bank of Italy. It was founded by Amadeo Pietro Giannini, whose aim was to help people who were not rich and therefore had no access to banking services.
Its main target and clients were Italian immigrants, the American middle class and farmers. Today, the Bank of America is one of the largest financial institutions in the world, serving individual consumers, small and medium businesses and large corporations.
Present in more than 36 countries, it has more than 16 thousand automatic machines (ATMs), more than 4,600 bank branches, more than 67 million customers and online banking services with approximately 36 million active users, including 25 million mobile users.
It all started on June 16th1812, two days before the war between the United States and England started. At this time, the state of New York authorized the constitution of the City Bank of New York with a share capital of US$ 2 million, having as its first president Samuel Osgood.
A month later, the bank established its registered office at 52 Wall Street to serve a group of prosperous city merchants.In the following year, it had already paid its first dividends.
CITIBANK, which is part of Citigroup, one of the largest financial groups on the planet, has more than 8,500 bank branches, 22,000 ATMs, offices in 100 countries around the world and more than 200 million customers. It has global assets in the order of US$ 2 trillion. It is currently the second-largest retail bank in the US market.
To tell the company’s story, it is necessary to go back in time. In the late 1840s, the gold rush began on the American west coast, more specifically in the state of California. With that, millions of people moved to the region in search of wealth and the promise of big profits.
And many did. It was in this scenario that Henry Wells and William Fargo, who had founded American Express in 1850, envisioned an enormous and profitable business opportunity.
On March 18, 1852, these gentlemen founded Wells, Fargo & Co. in New York City, considered to be the first private security company in the world. Today, WELLS FARGO’s main engine for growth in deposits is its customer service model. The company sells “packages” of products rather than just trying to “sell bank accounts”. As a result, the more products customers have in the bank, the more loyal it becomes, making the products more profitable.