Ashutosh Singh Rawat
The highly competitive and extensive banking sector of US had gone through a series of transformations and a number of laws passed by both the federal as well as state government. The US economy helps the banking industry and provides them with a golden opportunity to maintain its growth. Since the year 1781, while under an act the United States Congress established the Bank of North America in Philadelphia, the baking sector in the US showed tremendous growth and has constantly served a wide range of clients.
The banking sector of U.S. is functions under the prudent supervision and support of a strong economy. This sector of the economy serves a diverse market and attempts to provide both wholesale as well as retail financial services to all individuals, corporate and small and medium-sized enterprises. This deep U.S. banking sector is unique and has mirrored consolidation trends in other major economies.
The banking sector of US comprises of different types of banks including Thrift banks, Commercial Banks, Industrial Banks, Savings Banks, International Banks, Investment Banks and Corporate Banks etc. some of the leading banks of this economy are Citigroup, Wells Fargo & Company, Bank of America Corp., HSBC North America Inc., JP Morgan Chase & Company, US Bancorp, Wachovia Group, Bank of the New York Mellon Group, Taunus Corp. and Suntrust, Inc..
An eminent trend in banking sector of US is the number of mergers and acquisition activities that are frequently taking place. Since, the prospects for growth of this leading sector of the economy are quite moderate, its mergers and acquisitions taking place become one of the best options to proliferate its revenue generation.
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