Money Center Banks Industry Overview

Companies that provide, on a nationwide and/or international scale, banking services such as deposits; loans, leases, mortgages, and credit cards; ATM networks; securities brokerage; investment banking; insurance sales; and mutual fund and pension fund management.

Full Money Center Banks Industry Description

Industry Consolidation

In the past 10 years, the number of commercial banks in the US dropped by almost 30 percent. Large economies of scale in banking operations have encouraged consolidation, which has produced several dozen very large banks with more than $50 billion in assets. Smaller banks are still able to thrive by providing personal attention smaller customers don't get from large institutions.

Full Money Center Banks Industry Trends

• Bank of America Corporation
• BNP Paribas
• Citigroup Inc.

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Hoover's has developed its own industry classifications to better serve its customers. These classifications are mapped to the North American Industry Classification System (NAICS) and the older U.S. Standard Industrial Classification (SIC) system. The Money Center Banks maps to a number of NAICS codes including:

Full Money Center Banks Industry Codes

• America's Community Bankers
  
• American Bankers Association
  
• ATM Industry Association
  

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