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Change in access to a financial account or services between 2005 and 2014 by country [2]. The term "financial services" became more prevalent in the United States partly as a result of the Gramm–Leach–Bliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge.
The U.S. finance industry comprised only 10% of total non-farm business profits in 1947, but it grew to 50% by 2010. Over the same period, finance industry income as a proportion of GDP rose from 2.5% to 7.5%, and the finance industry's proportion of all corporate income rose from 10% to 20%.
The following is a list of the world's largest publicly traded financial services companies, ordered by annual sales for the latest Fiscal Year in millions of U.S. dollars according to the Fortune Global 500. (Currently the top 50 public companies are included, while privately held companies are not included).
Banking, financial services and insurance (BFSI) is the industry's umbrella term for companies that provide a range of such financial products or services. This includes universal banks that provide a range of financial services or companies that operate in one or more of these financial sectors.
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.
"Fintech", a clipped compound of "financial technology", refers to the application of innovative technologies to products and services in the financial industry.This broad term encompasses a wide array of technological advancements in financial services, including mobile banking, online lending platforms, digital payment systems, robo-advisors, and blockchain-based applications such as ...
Financial services by country refers to the services provided in any given country by the finance industry: banks, investment banks, insurance companies, credit card companies, consumer finance companies, government sponsored enterprises, and stock brokerages
The entire financial services industry, including numerous investment banks, was bailed out by government taxpayer funded loans through the Troubled Asset Relief Program (TARP). Surviving U.S. investment banks such as Goldman Sachs and Morgan Stanley converted to traditional bank holding companies to accept TARP relief. [38]