Commercial Banks Went Through Various Term Paper

Pages: 3 (791 words)  ·  Bibliography Sources: 1+  ·  File: .docx  ·  Level: College Senior  ·  Topic: Economics

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[. . .] Affected companies, such as Enron and Kmart, have kept intense focus on cutting costs so much as neglecting other duties, such as new equipment purchases or building new facilities, because of this slump in commercial lending (Wet Feet). The largest number of bankruptcies occurred last year and seemed to have put an end to the mortgage lending boom, cutting lending to a half this year. Job seekers of bank posts must now be aware that opportunities are increasingly coming from the biggest commercial banks, like Citibank, Bank of America, Wells Fargo, Wachovia and JP Morgan Chase, which are determined to build national, as well as international, banking operations. These institutions, however, not only have extended their consumer banking operations but have also strengthened investment-banking and asset-management capabilities, among others (Wet Feet).

A few Wall Street firms have traditionally led in the fields of securities and investments, but the easing of recent federal regulations compelled the biggest commercial banks, such as BA, Citibank and JP Morgan Chase, to add investment banking and asset management into their portfolios. They now offer opportunities in corporate finance, securities underwriting and asset management (Wet Feet). Taking advantage of the development, non-bank entities have increasingly offered opportunities to people interested in financial services and these venture-takers included credit card companies, like American Express, MasterCard, and Visa, credit card issuers like Capital One and MBNA and credit reporting agencies, such as Experian (Wet Feet).

While there are fewer job opportunities for bank tellers and back-office clerks, positions for financial analysts, financial advisors and trust officers grow and enrich. Furthermore, these banks now sell a variety of financial products and services they could not before the repeal of the Glass Seagall Act. At present, they compete with traditional lending businesses, which means greater opportunity for financial services sale representatives but less opportunity for loan officers and the rest with limited knowledge of the full range of financial products these banks sell now (Wet Feet). Along with these, high tech positions are on the upward trend, as processes and operations become more and more automated and companies' networks correspondingly increase.

Bibliography

Hester, Donald. U.S. Banking in the Last Fifty Years - Growth and Adaptation, 2002. http://www.ssc.wisc.edu/econ/archive/wp2002-19.pdf

Wet Feet. Commercial Banking, an Industry Overview. Wetfeet.com, Inc., 2004. http://www.wetfeet.com/asp/industryprofiles_overview.asp?industrypr=7 [END OF PREVIEW]

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Commercial Banks Went Through Various.  (2004, July 4).  Retrieved December 13, 2019, from https://www.essaytown.com/subjects/paper/commercial-banks-went-various/4539152

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"Commercial Banks Went Through Various."  Essaytown.com.  July 4, 2004.  Accessed December 13, 2019.
https://www.essaytown.com/subjects/paper/commercial-banks-went-various/4539152.