In the United States, we love our money. And we love to save it. According to a 2019 study by GOBankingRates, Americans have more than $9.34 trillion held in various financial institutions. From certificates of deposit to money market accounts, Americans may save money for a rainy day in various ways. Gross private savings in…
Extra-thick mattress? Check! Economics book? Check! Bank account? College is a time of new experiences: meeting new people, learning new things, and—for many students—using a bank other than their parents. For the first time in their lives, young adults can shop around for a bank account that meets their specific needs. And banks know this:…
Following the recent news on CEO Thomas Gottstein’s endorsement by Axel Lehmann, the Chairman of Credit Suisse Group, a statement from the bank insists that no changes have occurred. This comes after reports on Bloomberg News claiming that the bank had plans for his replacement. In the report, the newsroom speculated changes in the bank’s…
South Africa has the strongest and most stable financial and banking service sector in Africa. The top 10 banks in South Africa are also among the top in Africa. The country produced six banks in the 2021 edition of the Banker’s annual ranking of 1,000 of the world’s largest banks. Although South Africa’s banks continue…
The UK boasts of the largest banking sector in Europe and the fourth in the world with a total of 300 banks and 45 building societies. The top 10 banks in the UK comprise some of the top financial and multinational corporations in the world. The European nation is also regarded as the largest cross-border…
China is a global financial power house, a trend largely fueled by the country’s rapid industrialization both locally and globally. Among the top 10 banks in China are four with slots among the top 10 banks in the world and the banking sector in the world’s second largest economy has also continued to grow both…
In a new bet on the mainstream adoption of digital assets, Goldman Sachs and Barclays have invested in Elwood Technologies. Elwood is a crypto trading platform founded by British hedge fund billionaire Alan Howard. Elwood Technologies received $70 million from this new round of funding. Other institutions joined in the fundraising round. They included Down…
The banking industry, and especially the top 10 banks in the U.S has undergone tremendous growth since the Great Depression. In 2018, the US banking industry had $17.9 trillion in assets and $236.8 billion in net income. The industry is the largest in the world, supporting the largest economy, and has the largest diversity of…
The global banking industry has grown and evolved since the 2008 financial crisis and as of 2018, total assets had climbed to $124 trillion. The largest banks in the world are also the biggest movers of the global economy in terms of investment and provision of liquidity. The COVID-19 pandemic has reshaped the global banking…
The U.S senate confirmed that Jerome Powell would be chairing the Federal Reserve Board for another four years in his second term. He secured this position on May 12, 2022, after the members of the Senate cast an 80-19 affirmative vote. Despite the expiry of his first term in February 2022, Powell has not left…