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Banking In The United States
In the United States, banking had begun by the 1780s, along with the country's founding. It has developed into a highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street, it is centered on various financial services, such as private banking, asset management, and deposit security. The beginnings of the banking industry can be traced to 1780 when the Bank of Pennsylvania was founded to fund the American Revolutionary War. After merchants in the Thirteen Colonies needed a currency as a medium of exchange, the Bank of North America was opened to facilitate more advanced financial transactions. As of 2018, the largest banks in the United States were JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs. As of March 2024, there were 4,587 FDIC insured commercial banks and savings institutions in the U.S. History Merchants traveled from Britain to the United States and established the Bank of Pennsyl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Citigroup
Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, the bank holding company for Citibank, and The Travelers Companies, Travelers; Travelers was spun off from the company in 2002. Citigroup is the List of largest banks in the United States, third-largest banking institution in the United States by assets; alongside JPMorgan Chase, Bank of America, and Wells Fargo, it is one of the Big Four (banking)#United States, Big Four banking institutions of the United States. It is considered a Systemically important financial institution, systemically important bank by the Financial Stability Board, and is commonly cited as being "too big to fail". It is one of the eight global investment banks in the Bulge Bracket. Citigroup is ranked 36th on the Fortune 500, ''Fortune'' 500, and was ranked #24 in Fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking License
In most legal jurisdictions, a financial institution is required to obtain a banking licence before it is legally permitted to carry on a banking business. Besides other requirements, such a business is not permitted to contain in its name words such as ''bank'', ''insurance'', ''national'', etc, unless it holds an appropriate license. Depending on banking regulations, jurisdictions may offer different types of banking licenses, such as: * full banking licenses for general banking activities, such as taking deposits from the general public * international banking licenses (offshore banking licenses), which prohibits any local business activities * non-banking financial institution ( NBFI) is an institution that provides financial services but has to comply with fewer regulations than one with a full banking license. License issuance Licenses are typically issued by a national banking regulator to applicant corporations that meet its banking requirements. The requirements may ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Muskogee, Oklahoma
Muskogee () is the 13th-largest city in Oklahoma and is the county seat of Muskogee County, Oklahoma, Muskogee County. Home to Bacone College, it lies approximately southeast of Tulsa, Oklahoma, Tulsa. The population of the city was 36,878 as of the 2020 census, a 6.0% decrease from 39,223 in 2010. History French fur traders were believed to have established a temporary village near the future Muskogee in 1806, but the first permanent European-American settlement was established in 1817 on the south bank of the Verdigris River, north of present-day Muskogee. After the passage of the Indian Removal Act of 1830 under President Andrew Jackson, the Muscogee (Creek) Nation, Muscogee Creek Indians were one of the "Five Civilized Tribes" forced out of the American Southeast to Indian Territory. They were accompanied by their slaves. The Indian Agency, a two-story stone building, was built here in Muskogee. It was a site for meetings among the leaders of the Five Civilized Tribes. Toda ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oklahoma Territory
The Territory of Oklahoma was an organized incorporated territory of the United States that existed from May 2, 1890, until November 16, 1907, when it was joined with the Indian Territory under a new constitution and admitted to the Union as the state of Oklahoma. The 1890 Oklahoma Organic Act organized the western half of Indian Territory and a strip of country north of Texas known as No Man's Land (now the Oklahoma Panhandle) into Oklahoma Territory. Native American reservations in the new territory were then opened to settlement in a series of land runs in 1890, 1891, and 1893. Seven counties were defined upon the creation of the territory. They were originally designated by number and eventually became Logan, Cleveland, Oklahoma, Canadian, Kingfisher, Payne, and Beaver counties. The Land Run of 1893 led to the addition of Kay, Grant, Woods, Garfield, Noble, and Pawnee counties. In 1896, the Oklahoma Territory acquired Greer County, Texas when the Supreme Co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Bank Act
The National Banking Acts of 1863 and 1864 were two United States federal banking acts that established a system of national banks chartered at the federal level, and created the United States National Banking System. They encouraged development of a national currency backed by bank holdings of U.S. Treasury securities and established the Office of the Comptroller of the Currency as part of the United States Department of the Treasury. The Act shaped today's national banking system and its support of a uniform U.S. banking policy. Background Antebellum Period At the end of the Second Bank of the United States in 1836, the control of banking regimes devolved mostly to the states. Different states adopted policies including a total ban on banking (as in Wisconsin), a single state-chartered bank (as in Indiana and Illinois), limited chartering of banks (as in Ohio), and free entry (as in New York). While the relative success of New York's "free banking" laws led several states also ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jay Cooke & Company
Jay Cooke & Company was a U.S. bank that operated from 1861 to 1873. Headquartered in Philadelphia, Pennsylvania, with branches in New York City and Washington, D.C., the bank helped underwrite the American Civil War, Union Civil War effort. It was the first "wire" brokerage house, pioneering the use of telegraph messages to confirm securities transactions with clients. The bank became overextended in the building of the Northern Pacific Railway and failed, contributing to the Panic of 1873. History Early years Jay Cooke founded the bank in 1861 with William E. C. Moorhead, the ownership split two-thirds to one-third. Later partners included Cooke's brothers, Henry and Pitt, then H. C. Fahnestock and Edward Dodge, who held the bank's seat on the New York Stock Exchange after 1870. During the Civil War, Cooke & Company sold hundreds of millions of dollars in Union government bonds. Its reputation among investors around the world enabled the bank to sell these bonds when other br ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Investment Banking
Investment banking is an advisory-based financial service for institutional investors, corporations, governments, and similar clients. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by underwriting or acting as the client's agent in the issuance of debt or equity securities. An investment bank may also assist companies involved in mergers and acquisitions (M&A) and provide ancillary services such as market making, trading of derivatives and equity securities FICC services (fixed income instruments, currencies, and commodities) or research (macroeconomic, credit or equity research). Most investment banks maintain prime brokerage and asset management departments in conjunction with their investment research businesses. As an industry, it is broken up into the Bulge Bracket (upper tier), Middle Market (mid-level businesses), and boutique market (specialized businesses). Unlike commercial banks and retail banks, inves ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Panic Of 1837
The Panic of 1837 was a financial crisis in the United States that began a major depression (economics), depression which lasted until the mid-1840s. Profits, prices, and wages dropped, westward expansion was stalled, unemployment rose, and pessimism abounded. The panic had both domestic and foreign origins. Speculation, Speculative lending practices in the West, a sharp decline in cotton prices, a collapsing land bubble, international Bullion coin, specie flows, and restrictive lending policies in Britain were all factors. The lack of a central bank to regulate fiscal matters, which President Presidency of Andrew Jackson, Andrew Jackson had ensured by not extending the charter of the Second Bank of the United States, was also key. The ailing economy of early 1837 led investors to panic, and a bank run ensued, giving the crisis its name. The bank run came to a head on May 10, 1837, when banks in New York City ran out of gold and silver. They immediately suspended hard money (p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation
In economics, inflation is an increase in the average price of goods and services in terms of money. This increase is measured using a price index, typically a consumer price index (CPI). When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of CPI inflation is deflation, a decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. Changes in inflation are widely attributed to fluctuations in Real versus nominal value (economics), real demand for goods and services (also known as demand shocks, including changes in fiscal policy, fiscal or monetary policy), changes in available supplies such as during energy crisis, energy crises (also known as supply shocks), or changes in inflation expectations, which may be self-fulfilling. Moderat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Andrew Jackson
Andrew Jackson (March 15, 1767 – June 8, 1845) was the seventh president of the United States from 1829 to 1837. Before Presidency of Andrew Jackson, his presidency, he rose to fame as a general in the U.S. Army and served in both houses of the U.S. Congress. Jacksonian democracy, His political philosophy became the basis for the History of the Democratic Party (United States), Democratic Party. Jackson's legacy is controversial: he has been praised as an advocate for working Americans and Nullification crisis, preserving the union of states, and criticized for his racist policies, particularly towards Native Americans in the United States, Native Americans. Jackson was born in the colonial Carolinas before the American Revolutionary War. He became a American frontier, frontier lawyer and married Rachel Donelson Jackson, Rachel Donelson Robards. He briefly served in the U.S. House of Representatives and the U.S. Senate, representing Tennessee. After resigning, he served a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve System
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Although an instrument of the U.S. government, the Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the president or by anyone else in the executive or legislative branches of government, it does not receive funding appropriated by Congress, and the terms of the members of the board of governors span multiple presidential and congressional terms." Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
