First Bank of the United States, the country's first central bank under the United States Constitution
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Banking in the United States
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In the United States, banking had begun by the 1780s, along with the country's founding. It has developed into a highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street, it is centered on various financial services, such as private banking, asset management, and deposit security.
The beginnings of the banking industry can be traced to 1780 when the Bank of Pennsylvania was founded to fund the American Revolutionary War. After merchants in the Thirteen Colonies needed a currency as a medium of exchange, the Bank of North America was opened to facilitate more advanced financial transactions.
As of 2018, the largest banks in the United States were JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs. It is estimated that banking assets were equal to 56 percent of the U.S. economy.[clarification needed][What particular statistic of the US economy?] As of September 8, 2021, there were 4,951 FDIC insured commercial banks and savings institutions in the U.S.[1]
^"FDIC-Insured Institutions Reported Net Income of $70.4 Billion in Second Quarter 2021". www.fdic.gov. September 8, 2021. Retrieved October 4, 2021.
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