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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 ]
Financial Services :: Business and Economy
[Blog] Behaviorally Informed Financial Services Regulation: Click Here To Read: Behaviorally Informed Financial Ser... http://ping.fm/uh2Ct
SimoleonSense (Miguel Barbosa ) Thu, 07 Jan 2010 03:00:30 -0000
[Blog] Behaviorally Informed Financial Services Regulation: Click Here To Read: Behaviorally Informed Financial Ser... http://ping.fm/uh2Ct
One advantage of Sen. Dodd's announcement of not seeking re-election: it may make financial services reform easier http://bit.ly/5oGa1h
markpoloncarz (Mark Poloncarz) Thu, 07 Jan 2010 02:58:59 -0000
One advantage of Sen. Dodd's announcement of not seeking re-election: it may make financial services reform easier http://bit.ly/5oGa1h
Nova Scotia Jobs: Administrative assistant - Cambridge Financial Services - Halifax, NS http://bit.ly/4Mrdrt
SpeedyBeaver (Rick Martin) Thu, 07 Jan 2010 02:49:19 -0000
Nova Scotia Jobs: Administrative assistant - Cambridge Financial Services - Halifax, NS http://bit.ly/4Mrdrt
what do i do my degree in...financial services or business management???
GlenDavidThomas (Glen Thomas) Thu, 07 Jan 2010 02:44:59 -0000
what do i do my degree in...financial services or business management???
Financial Advisor at PNC Financial Services Group - Chicago, IL #in #jobs http://bit.ly/6iUQGM
linkedin_jobs (LinkedIn Jobs) Thu, 07 Jan 2010 02:38:32 -0000
Financial Advisor at PNC Financial Services Group - Chicago, IL #in #jobs http://bit.ly/6iUQGM
Senator Doddâs retirement announcement has opened a window of opportunity for the financial services industry: http://bit.ly/4IUW59
Levick (Levick SC) Thu, 07 Jan 2010 02:37:37 -0000
Senator Dodd’s retirement announcement has opened a window of opportunity for the financial services industry: http://bit.ly/4IUW59
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