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

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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 ]

Financial Services - Twitter Search

In the Financial Services or Insurance Industries or know someone who is? Send them to the Career 1 Source... http://bit.ly/2AsZ16
laceymills (Lacey Mills) Thu, 05 Nov 2009 19:20:16 -0000
In the Financial Services or Insurance Industries or know someone who is? Send them to the Career 1 Source... http://bit.ly/2AsZ16
Swiss bank UBS fined £8m: Swiss banking giant UBS has been fined £8 million by the Financial Services Author.. http://bit.ly/vKLMU
propertyvine (Property Sale Direct) Thu, 05 Nov 2009 19:19:47 -0000
Swiss bank UBS fined £8m: Swiss banking giant UBS has been fined £8 million by the Financial Services Author.. http://bit.ly/vKLMU
The House Financial Services Committee Approves Permanent Exemption from Sarbanes-Oxley Section 404(b) for Small Businesses.
gbhcpas (GBH CPAs) Thu, 05 Nov 2009 19:16:05 -0000
The House Financial Services Committee Approves Permanent Exemption from Sarbanes-Oxley Section 404(b) for Small Businesses.
Had lunch with Dean Salami from Vantage financial Services - great guy and Strategic Partner!
VABizCoach (james lawson) Thu, 05 Nov 2009 19:13:19 -0000
Had lunch with Dean Salami from Vantage financial Services - great guy and Strategic Partner!
Whitney to Present at Sandler O'Neill East Coast Financial Services Conference http://cli.gs/6H8Vy
Haldenqnteb (Halden Grant) Thu, 05 Nov 2009 19:12:50 -0000
Whitney to Present at Sandler O'Neill East Coast Financial Services Conference http://cli.gs/6H8Vy
Financial Services Alerter October 2009: Funds related developments: This is the "Funds related developments" s.. http://tinyurl.com/y9elq2b
elexica (elexica) Thu, 05 Nov 2009 19:12:04 -0000
Financial Services Alerter October 2009: Funds related developments: This is the "Funds related developments" s.. http://tinyurl.com/y9elq2b

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