Finance Management
Top 10 biggest banks in the U.S.
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| Bank | Assets |
|---|---|
| JP Morgan Chase & Co. | $2.42 trillion |
| Bank of America Corp. | $2.15 trillion |
| Citigroup | $1.77 trillion |
| Wells Fargo | $1.75 trillion |
| U.S. Bancorp | $415.94 billion |
| Bank of New York Mellon Corp. | $377.37 billion |
| PNC Financial Services Group | $362.13 billion |
| Capital One Financial Corp. | $313.7 billion |
| HSBC North American Holdings | $291.61 billion |
| TD Bank U.S. Holding Co. | $253.2 billion |
These companies do business globally and handle every aspect of banking, including checking accounts, consumer lending, business financing, wealth management and investment banking.
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the Federal Reserve is a not a single entity, but a decentralized system
The essential components are the Board of Governors, a federal government agency, and the twelve regional Federal Reserve Banks, which are structured essentially as private corporations. the Federal Reserve to be a private entity because the Reserve Banks are organized similarly to private corporations. For instance, each of the 12 Reserve Banks operates within its own particular geographic area, or District, of the United States, and each is separately incorporated and has its own board of directors. Commercial banks that are members of the Federal Reserve System hold stock in their District's Reserve Bank. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. In fact, the Reserve Banks are required by law to transfer net earnings to the U.S. Treasury, after providing for all necessary expenses of the Reserve Banks, legally required dividend payments, and maintaining a limited balance in a surplus fund.The Board of Governors in Washington, D.C., is an agency of the federal government. The Board--appointed by the President and confirmed by the Senate--provides general guidance for the Federal Reserve System and oversees the 12 Reserve Banks. The Board reports to and is directly accountable to the Congress but, unlike many other public agencies, it is not funded by congressional appropriations. In addition, though the Congress sets the goals for monetary policy, decisions of the Board--and the Fed's monetary policy-setting body, the Federal Open Market Committe--about how to reach those goals do not require approval by the President or anyone else in the executive or legislative branches of government.
The Federal Reserve Board of Governors in Washington DC.
By creating the Federal Reserve System, Congress intended to eliminate the severe financial crises that had periodically swept the nation, especially the sort of financial panic that occurred in 1907. During that episode, payments were disrupted throughout the country because many banks and clearinghouses refused to clear checks drawn on certain other banks, a practice that contributed to the failure of otherwise solvent banks.
A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve Act of 1913.
Mr. Andersen, chief investment officer of Boston-based investment-management firm Fiduciary Trust Co. that holds about $25 million of Wells Fargo shares.
The U.S. Treasury, created in 1789, is the government department responsible for issuing all Treasury bonds, notes and bills. Among the government departments operating under the U.S. Treasury umbrella are the Internal Revenue Service (IRS), the U.S.
When tough economic times hit the U.S. in 2007 and 2008, the constant barrage of bad news depicting bank collapses and acquisitions left customers scrambling to ensure that their hard-earned money would be protected. The Federal Deposit Insurance Corporation (FDIC) covers deposits from failed banks, and the federal government has provided assurances that it will not run out of money.
Citigroup
Wells Fargo
Bank of America
Goldman Sachs
Morgan Stanley
J.P. Morgan