Gourt > Regional > Asia > Business and Economy > Financial Services (1)
Financial services is a term used to refer to the services provided by the finance industry. Financial services is also the term used to describe organizations that deal with the management of money. Banks, investment banks, insurance companies, credit card companies and stock brokerages, are examples of the types of firms comprising the industry, which provides a variety of money and investment related services. Financial services is the largest industry (or industry category) in the world, in terms of earnings; as of 2004, the industry represents 20% of the market capitalization of the S&P 500.*
History of financial services
United States: Gramm-Leach-Bliley Act
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 in the US financial services industry to merge. Critics of this act say the term financial services attempts to make the unison of these operations sound natural, ignoring the history of problems that have arisen from combining them, such as conflicts of interest and monopolization. Others, noting that many of the restrictions abolished by the Gramm-Leach-Bliley Act had never existed in other countries or had been abolished earlier than in the US, say the term financial services is a natural one, in long term use, which means nothing more than its constituent words.In the USA almost every company now which previously described themselves as a bank, insurance company, or brokerage house, now describes themselves in some way as a financial services institution. Allstate Insurance, for example, now provides CDs and investment brokerage services. Bank of America offers full featured brokerage products, while E*TRADE has expanded into offering bank accounts and loans. Companies usually have two distinct approaches to this new type of business. One approach would be a bank which simply buys an insurance company or an investment bank, keeps the original brands of the acquired firm, and adds the acquisition to its holding company simply to diversify its earnings. Outside the US, e.g., in Japan, non-financial services companies are permitted within the holding company. In this scenario, each company still looks independent, and has its own customers, etc. This is essentially the style of Citigroup and JP Morgan Chase.
More on [ Financial services ]
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ukdmjobs (DM Jobs) Fri, 27 Nov 2009 19:35:17 -0000
Job Alert: Senior Marketing Executive - Business/Financial Services: Our client is one the UK’.. http://bit.ly/5jo939
Sarkozy Wins Bid to Install Ally as EU Financial-Services Chief http://bit.ly/76WpQC
PoliticsHoncho (John Pol) Fri, 27 Nov 2009 19:32:05 -0000
Sarkozy Wins Bid to Install Ally as EU Financial-Services Chief http://bit.ly/76WpQC
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a_biao (a_biao) Fri, 27 Nov 2009 19:31:14 -0000
RT: @crowdsourcerisk: Ernst & Young top for financial services risk management: UK has been voted the be.. http://bit.ly/8aTxz3
Kudos to Miguel at Dell financial services for some great customer service!
jgippe (jay gippe) Fri, 27 Nov 2009 19:30:35 -0000
Kudos to Miguel at Dell financial services for some great customer service!
News Update EU Commission: financial services appointment is blow to Brown - guardian.co.uk http://ow.ly/164OnC
Yohansan (Ilya Lyubimov) Fri, 27 Nov 2009 19:28:25 -0000
News Update EU Commission: financial services appointment is blow to Brown - guardian.co.uk http://ow.ly/164OnC
Biz Point: EU Commission: financial services appointment is blow to Brown - guardian.co.uk (http://cli.gs/HNURV)
jbusinesspoint (Business Point) Fri, 27 Nov 2009 19:28:12 -0000
Biz Point: EU Commission: financial services appointment is blow to Brown - guardian.co.uk (http://cli.gs/HNURV)
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