Are you looking for a commercial bank in the New York City? Then you need to know what are the biggest commercial banks in New York City. A commercial bank provides the facility of accepting deposits and issuing loans to its customers. The bank also offers a range of investment products from which the customers can benefit from.
A country’s economy is highly dependent on its commercial banks. An efficient banking system can cause a rapid growth in an economy. Many roles are played by commercial banks, for instance, they promote the capital formation, invest in new enterprises, bring balance to the development of different regions, and implement monetary.
The commercial bank provides monetary support to businesses that use them for a fruitful purpose which promotes capital formation. New entrepreneurs are provided with short and long term loans to invest in new methods of production. Surplus from the most developed regions to the least developed regions is transferred by commercial banks. A number of credits are controlled by commercial banks using the cooperative banking system. The economic condition and the general trade condition within the country as well as outside the country are explained to the customers by establishing export promotion calls. New York is the hub of a lot of elites and the main offices of many well-established companies because of which, work is done at the optimum speed. More than 200 banks are established in the New York City and that is why it is called the world’s financial capital. Most of the banks in New York count their assets in trillions and 400,000 people are employed by them. These banks have offices established in more than 100 countries. In the list provided below are the banks that have at least one office in New York and are organized regarding the magnitude of their assets.
One great such bank for you is the Charles Schwab Bank. The Bank has its headquarter in San Francisco, California and is owned by Charles Schwab Corp (NYSE: SCHW). It employs more than 14000 people and has assets more than $209 billion.
Another amazing bank is BB&T Bank. BB&T Corporation employs about 37000 people and has assets around $223 billion has its headquarter in North Carolina. The bank is owned by BB&T Corporation (NYSE: BBT)
You also need to look at State Street Bank if you are looking for a good commercial bank. The bank has more than 33,000 employees and $256 billion assets. The bank’s headquarters are in Boston, Massachusetts, United States. It is owned by State Street Corp (NYSE: STT)
If you need to find out about more commercial banks then check out the list of 16 biggest commercial banks in the new york city on Insider Monkey.