US Banks

The first bank in the US was established at the beginning of the 1700s, by British merchants, who moved from Britain to the US. The first – Bank of Pennsylvania was founded in 1790 and was needed to process funding to the American Revolutionary War (775-1783). Since then, the demand for financial services, tax regulations, and printed paper rose, so two new banks – Bank of North America and the Bank of the United States were opened.

Nowadays, there are hundreds of banks in the United States, and all of them are regulated at both – the federal and state level.

Federal Reserve was created on December 23, 1913, with the enactment of the Federal Reserve Act. It controls the effective operation of the state's economy. Failing the rules of federal regulations can lead to different civil and criminal penalties and even jail.

These are five vital functions of the Fed:

Federal Reserve controls the monetary policy of the US, which includes promoting stable prices, increasing the level of employment and moderates all long-term interest rates in the United States
Stabilizes the financial risks over the US and minimizes systematic risks through monitoring and controlling them in the US and several countries abroad
Monitors and increases the safety of the financial institution as they have a significant impact on the financial system of the US
Promotes the safety of the settlement and payment systems to the US government, which means the facilitation of the US dollar transactions and payments.
Fed Is oriented on consumer protection and community development. To reach these results, they go through development, consumer-focused examinations,researches and analyses by working on the consumer issues, community economic development activities and the administration of consumer laws and regulations.

According to FDIC (Federal Deposit Insurance Corporation). In 2014, there were 6799 commercial banks in the United States.

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Five Largest Banks of The USA

JP Morgan Chase & Co

JP Morgan Chase & Co. is the largest bank of USA and has $2.62 trillion worth assets. It was formed in 1996 as a result of a merger of several banking companies. Headquarters are located in New York. JP Morgan Chase & Co is one of the biggest employers of the US with more than 228 000 employees, serving in more than 100 countries. This bank provides financial services to thousands of small and big companies, different institutions, millions of customers and the government itself. Despite this, JP Morgan is ranked within the top 10 for All Global Investment banks.

JP Morgan is the first US bank that is now in the process of creating Digital Coin for Payments. These coins are based on the blockchain – based technology, which will fasten the transfer of payments between different institutional accounts. As the head of

Digital Treasury Services and Blockchain – states, the JPM coin will soon extend the US

Dollar and other leading currencies as the capabilities are currency agnostic.

Bank of America (BoA)

Bank of America (BoA) – is the second largest bank of USA and has $2.34 trillion worth assets. It was formed on October 17, 1904, and was initially known as the Bank of Italy. The headquarters are located in Charlotte and North Carolina. Billions of taxes are generated through this bank, which significantly strengthens the national purchasing

power. BoA was recognized as one of the "100 Best Companies to Work For" and is in the list of "Best Big Companies to Work For." In June 2018, the bank announced a plan of repurchasing $20.0 billion in its common stock.

Wells Fargo

Wells Fargo is the third largest bank of the United States. The assets are worth $1,85 trillion. Bank was founded in 1852 by Henry Wells and William Fargo. Wells Fargo was once the World's most significant bank due to market capitalization, but in 2016 the situation changed due to the scandal involving Wells Fargo's employees, who created more than 2 million fake bank accounts. Besides the banking services, Wells Fargo is the

largest Auto lender in the country. Also, this bank is the largest residential mortgage servicer, funding more than one in four domestic mortgages.

Citigroup

Citigroup is the fourth largest bank of the United States with the assets worth of $1,84 trillion. It was founded on June 16, 1812, and is one of the oldest banks that still operates on the market. The headquarters are located in Manhattan, New York.

The bank has more than 985 branches throughout America and other continents. It is a multinational bank, offering different financial services to more than 200 million users. Citibank continues expanding, and nowadays 74% of branches are located outside the US – in 100 countries across six continents. Nowadays, it is the world’s largest provider of credit cards.

Goldman Sachs Group Inc.

Goldman Sachs Group Inc. is the fifth largest bank of the United States and has the assets worth $957.19 billion, which is increasing rapidly. The bank was founded in 1869 and is headquartered in New York. The firm offers a wide range of financial services and has a unique client base including largest corporations, financial institutions, individuals and even government.

Goldman Sachs Group Inc. has received lots of awards for its great financial services or as an employer. For example DisabilityIN’s Disability Equality Index Awards (July 2018) – which is given to the companies for providing individuals with disabilities excellent opportunities in the workplace.

Annually, the role of the banking system expands and offers more and more services. From time to time the system gets more automated, which allows users to do transactions or any other banking processes faster and easier. It is estimated, that the assets of the five banks discussed above were equal to the 56% of the United States Economy – several years ago.

Along with the expanding process of the bank, responsibilities towards its users also rise. For the bank to operate successfully on the market, they update their data protection and anti-fraud process daily.