Do you know what are the biggest commercial banks in New York City? Commercial banks have a significant impact on a country’s economy. If the banking system is efficient, it will bring a rapid growth in different sectors of the economy.
Today banks provide a variety of services, but they have two main tasks. The first task is to receive roles from people and save their money until they need them again; and others, to give money in a loan to people who are willing to pay interest for it. That is why banking is as old as history. In ancient Babylon, Egypt, and Greece, people were dealing with banking. Temples were usually places where money was invested. In Rome, in the year 210 BC, a decree was published announcing a place for money changers at the Forum. However, in the Middle Ages, taking an interest was considered a sin, so some countries forbade their citizens to establish banks. Of course, some people continued to deal with it. Thus, in the Middle Ages, money changers in Italy performed their work on the street, on the bench. The bench in the Italian language says the bank, and hence the name “bank” came from. Modern banking first appeared in Venice in 1587, when Banco di Rialto was founded. This bank received roles and allowed the investors to write checks on the money they had in the bank. In 1619, Banco del Giro took over the Banco di Rialto and gave receipts for silver and gold, and these revenues are used as money. The Amsterdam Bank, founded in 1609, also issued certificates that were used as “bank money.” In England, goldsmiths at the same time were bankers until 1694, when an English bank was established, which held a monopoly on public banking in England until 1825. Banking is a business system on which the interest is based. The most important job of the bank as the main subject in the banking system is interest on the loan – which means that the bank gives money for investment for a period and after the expiration of that period, it gets money back with an increased value-interest or interest. There are many variations, but this is the essence of banking. One of the biggest commercial banks in New York City is SunTrust Bank. SunTrust has $206 billion in assets and more than 24,000 employees. Another one is Charles Schwab Bank. Owned by the Charles Schwab Corp (NYSE: SCHW), this bank is headquartered in San Francisco, California. Also on this list is has to be BB&T Bank. Its assets are worth around $223 billion, and it employs more than 37,000 people.
Check Insider’s Monkey list of 16 Biggest Commercial Banks In New York City and read the rest of the article to find out about this interesting topic.