INDUSTRY PROFILE:
Financial markets in the United States are the largest and most liquid in the world. In 2018, finance and insurance represented 7.4 percent (or $1.5 trillion) of U.S. gross domestic product. Leadership in this large, high-growth sector translates into substantial economic activity and direct and indirect job creation in the United States.
Let’s start with the well-known sector of banking. Even if you don’t have a savings or checking account, you’ve probably passed by a bank or two. This sector is where you get your bank accounts, credit cards, loans and increasingly much more. Credit unions also offer many of the same accounts as banks, often with even more favorable interest rates. The main difference between credit unions and banks is the community and ownership that comes with being a credit union member versus being a bank customer.
Financial advisors, discount brokerages and investment banks are also part of the banking financial sector. Financial advisors can specialize in accounting, tax preparation, debt repayment and a range of other financial needs. A financial planner is a type of financial advisor who specializes in creating long-term financial plans like saving for retirement. Investment banks are tailored for more wealthy consumers. Here, you can find wealth management, tax advice and company guidance.
The next financial services industry sector involves asset management. This is where pensions, insurance assets, hedge funds, mutual funds, etc. are handled. It’s important to note that nowadays, a certain financial product isn’t limited to just one financial sector. For example, both an asset management firm and an insurance company will have to manage insurance assets at some point, even though they are two different sectors.
The insurance sector provides, you guessed it, insurance policies. Of course, this also encompasses a wide range of insurance needs from auto insurance to life insurance to health insurance. The insurance sector provides the underwriting and funding you need for all your insurance needs.
Then there is the private equity sector, which you may not be quite as familiar with. Private equity and venture capital funds provide companies with capital. In exchange, the private equity investors gain ownership stakes or a cut of the company’s profits. This is largely an entrepreneurial investment sector.
To be sure, these sectors don’t quite encompass the vastness of the financial services industry. There are tax filing services and companies, currency exchange services, electronic transfer companies and credit cards. These offerings are just as much a part of the financial services industry as investment banks or asset management firms.
Companies in this industry engage in financial transactions and create, liquidate, purchase, and sell financial assets such as securities, bonds, and insurance. Major finance and insurance companies include AIG, Bank of America, Citigroup, Fidelity, Goldman Sachs, JPMorgan Chase, MetLife, and Wells Fargo (all based in the US), as well as Allianz (Germany) AXA and BNP Paribas (both based in France), and Industrial and Commercial Bank of China (China).
Major global financial hubs include New York, London, Hong Kong, Shanghai, Los Angeles, and Singapore, according to the 2022 Global Financial Centers Index by Z/Yen. Top financial centers in Asia Pacific include Hong Kong, Shanghai, Singapore, Beijing, and Tokyo.
The US finance and insurance sector consists of about 475,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $4.5 trillion.
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All are invited to participate:
Finance Industry Entity Features Live Video Blog Schedule: February 11th, 2025 @ 11am
Venue: https://www.cibunet.com/
Discussion Questions:
1. What are some of the obvious ethics/practices of the industry or entity in the industry that violate scriptures?
2. What are the notable complaints of those who patronize this industry or entity in this industry?
3. What services or products of this industry or entity of this industry ultimately hurt people?
4. Does the industry or entity in the industry violate Environmental Social and Governance ESG sustainability goals in any way?
5. How does this industry or entity in this industry compete that is flawed in your opinion?
6. What are some of the tactics of this industry or entity in this industry that does not augur well for other industries and the overall economy?
Research Sources: Websites, News, Search Engines, Social Media Pages etc.
https://www.goldmansachs.com/
https://www.bankofamerica.com
https://www.chase.com/
https://www.wellsfargo.com/
https://www.citi.com
https://www.aig.com/home
https://www.metlife.com/
https://www.fidelity.com/
11 Responses to “Finance Industry: Goldman Sachs, Bank of America, JP Morgan Chase, Wells Fargo, Citi and others…”
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February 5th, 2025 at 1:36 pm
Interesting article on how US banks have abandoned climate initiatives group that promotes global efforts on climate change – US, Banks Quit Agreements On Climate Change –
Two scriptures that enshrine our blessings as humans to have dominion over creation also mandate us to be responsible for it’s upkeep. Genesis 1:28 “Then God blessed them, and God said to them, “Be fruitful and multiply; fill the earth and subdue it; have dominion over the fish of the sea, over the birds of the air, and over every living thing that [h]moves on the earth.”
Genesis 2:15 “Then the Lord God took the man and put him in the garden of Eden to [e]tend and keep it.”
If owners of properties, require their tenants to be responsible with their handling of their property, should it be an issue for us as humans to preserve the earth for future generations?
February 11th, 2025 at 6:40 am
Have you noticed the unusual disparity between interest rates paid by many banks and their lending rates? Chase Bank and Bank of America pay you approximately 0.01% on your savings account while the lending rate charged on some credit cards are as high as 25%. This is ridiculous profiteering and exploitation of customers. Check this link….
February 15th, 2025 at 5:30 pm
We are called to be stewards of all God has given to us. Most of the world’s wealthiest, invest but are not interested in the replenishing of the earth. They complain about government regulations instead of running their companies efficiently and compliant with environmental rules and laws. They are happy to take the resources but refuse to give back by cleaning the air of pollution, replenishing the forest, and cleaning the oceans, lakes streams, etc. The earth is so contaminated, and this is possibly why we have so many new unknown diseases and mutations of cancer among us. The banks and their shareholders are only concerned with multiplying the returns on their investments and not the carbon footprint they are leaving the next generation.
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February 17th, 2025 at 6:16 pm
Another injustice that occurs in our banking system is the practice of Redlining, a discriminatory practice where minorities are usually deny mortgage loans because they are deemed to be financially risky. For example blacks are most likely to be denied a mortgage loan even though they may meet all requirements. In 2024, Ocean first Bank agreed to pay $15 million to resolve an allegation that it engaged in redlining. This practice is a violation of Proverbs 20:23 which states “Diverse scales are an abomination to the Lord and dishonest scales is not good”.
The banks also exploit their vulnerable customers by charging overdraft and other banking fees to enrich themselves.
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February 18th, 2025 at 3:37 am
Having worked in the Bauxite Industry some years ago. Mining for bauxite is a ‘raping’ of the earth. They dig deep into the earth over year to process alumina from the bauxite which is shipped abroad for further processing into aluminum, and it’s related products.
Promise was made to restore the land. That has not happened. There are deep pockets evident throughout a number of Caribbean countries along with gross environmental issues to surrounding communities and families. This violates GOD’s Commandment in Genesis 1:28 – “Replenish the earth and subdue it”.
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February 18th, 2025 at 4:02 am
In reading articles regarding Goldman Sachs as a top financial entity, I cannot understand clearly how they would assist me or others to build a solid futuristic foundation. It seems they do a lot of research and posts articles to educate us on certain proposals that seem unstable. With recent Administrative changes from what they disclose, there is so much uncertainty. It seems that there is mass confusion and no solutions.
To make matters worst, they have disclaimers at the end of each research posts that they cannot be held responsible, liable for any loss or damage direct or indirect that clients may experience. Who are they then? What assistance do they claim to offer for our benefit? I see ‘red flags’.
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February 18th, 2025 at 8:41 am
a) God commanded the Israelites in Lev. 25:3,4 to tilt the land for six years
and give the earth a rest in the 7th year. This scripture mandates all
christians to take care of the earth and give it a rest sometimes. I therefore
have an issue with christians who say they don’t believe in climate change.
I personally believe that the Covid pandemic was the earth’s way of taking
its rest since mankind will not give it the rest. Therefore, I agree that we
must take care of the earth as believers.
b) Banks ask you to keep a minimum amount of money in your checking
account to avoid paying a fee. They lend this minimum amount to make
profit and they do not offer the customer any part of that profit. These are
some of the ways the make profit off the customer.
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February 18th, 2025 at 8:52 am
There are major differences between the banks and the credit union. the credit union is not-for-profit while the bank is for profit. As such, you get a better interest rate on your deposit when you join a credit union enterprise. Also, the Credit Union is designed for the community.
I can recall when I lived in Jamaica that some teachers would join the credit union set up by the teachers’ society. There were other credit unions set up by the church, and nurses. What I observed then was the availability of loans to those members. Members made use of these loans to do set up business or pay for tuition to further their education.
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February 18th, 2025 at 9:19 am
American Banks and the EU Banks are in a delicate position because they are not held to a high standard therefore they fail to practice valued principles and practices. If they did, they could be unafraid and unashamed to take a position and uphold true value and truth. Therefore, they lack trust. Instead, they trust in only money. “The thief comes to steal, kill and destroy but I come that you may have life more abundantly” John 10:10
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February 18th, 2025 at 10:21 am
As scripture says in Genesis 2:15, God gave Adam the mandate to dress and keep the Earth. Colossians 3:23-24 states that in whatever we do, we are to do as unto God, and not unto man. Therefore, I strongly agree that just as tenants are obligated to take good care of their spaces so also we humans have the responsibility of taking good care of the Earth.
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March 21st, 2025 at 10:45 pm
Goldman Sachs has been a giant in financial systems, they have not demonstrated Godly initiatives towards their people.
They stated that “Our strategy and core franchise strengths position Goldman Sachs to operate at the fulcrum of one of the most important structural trends taking place in finance: the emergence and growth of private credit and other asset classes that can be privately deployed,” said David Solomon, Chairman and CEO of Goldman Sachs.”
“There is significant demand from our investing clients for private credit and private equity – from investment grade and leveraged lending to hybrid capital and asset-backed finance as well as equity,” Solomon said. “Our One Goldman Sachs approach allows us to channel the growing synergies between our clients in Global Banking & Markets and those in Asset & Wealth Management.”
But what if it were different? What if Wall Street actually did truly commit itself to a new, virtuous cycle that defined ambition and success in terms of both profitability and the common good? What if Goldman Sachs was the undisputed leader of that new cycle? As a start, what if Goldman’s well-paid people chose to redirect a generous portion of their bonus pool to create a new, for-profit, pooled investment fund? We even have a name for it: The Goldman Sachs Virtue Fund. This fund could be the highest-returning fund on social capital by, for example, providing low-interest loans to small businesses and new business startups. This fund could set the standard for corporate leadership in creating new jobs and bridging the massive gap between the growth of the financial markets and the stagnation of the jobs market, directly helping those who have suffered most in this crisis. Mr. Blankfein says that he is just a banker “doing God’s work.” We believe he can do just that. As the prophet Isaiah reminds us, doing God’s work is “satisfying the needs of the afflicted” (58:10). When we do so, there is a clear return on the investment: “you shall be called the repairer of the breach, the restorer of streets to live in” (58:12). That’s much better than being called a Giant Vampire Squid…
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