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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 ]
United States :: Tax Forms
Financial Services :: Business and Economy
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Bank of America Business Capital - Provides asset-based loans for working capital, acquisitions, turnarounds, and recapitalization.
Meta Description: [ Bank of America Business Capital specializes in asset-based loans for acquisitions, turnarounds, debtor-in-possession and working capital financing needs. Bank of America Business Capital offers cash management, foreign exchange and interest rate risk management plus a broad array of capital mark... ]
Countrywide Financial Corporation - Provides residential mortgages, insurance and banking services nationwide. Features company profile, services, stock information.
Meta Description: [ Nations largest independent loan lender. Real estate mortgages. Pre-qualify for maximum mortgage home equity loans. Current interest rates online. Countrywide. ]
David L. Babson and Company, Inc. - Investment management firm with offices in Massachusetts, New York and North Carolina. Includes information on investment products and services, news, and research.
Meta Description: [ Babson Capital Management LLC ]
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EDGAR File - Experienced in filing documents with the Securities and Exchange Commission (SEC) since 1993.
Meta Description: [ Financial printing, EDGAR filings & more from EDGAR filing agent, Tri-State Financial Press, a financial printing company. Specializes in typesetting, EDGAR filings, printing, mailing, distribution and fulfillment of regulatory and compliance documentation for companies both in the U.S. and abro... ]
Electronic Transfer Account (ETA) - A list of banks, credit unions, or savings and loans which Federal benefit, wage, salary or retirement payments can be deposited electronically.
Meta Description: [ ETA is a low-cost account at a Bank, Credit Union, or Savings and Loan to which a Federal benefit, wage, salary or retirement payment is deposited electronically. Visit this site to learn more about ETA and locate an ETA provider. ]
Financial Security, Inc. - Offers a full range of financial planning and wealth management services. Offices in Virginia, North Carolina, and Connecticut.
National Venture Capital Association - Aims to foster greater understanding of the importance of venture capital to the United States economy and to support entrepreneurial activity and innovation. Includes organization background, membership services, and industry information.
Meta Description: [ The venture capital community's leading source for information, networking, advocacy, professional development and industry statistics. ]
Newport Group - Independent investment consulting firm. Includes services, company profile, strategic alliances, career information. Corporate headquarters in Heathrow, FL.
Securities Compliance Management - Provides compliance support and risk management for brokers, dealers and investment advisors. Lists services, contact information, and has a CV of the founder.
Shay Financial Services, Inc. - Assists institutional investors in asset management and investment portfolio strategies. Services, market update, research articles, and locations.
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