Commercial Banking Industry

Paper Summary:

This paper examines the commercial banking industry and presents the statistical facts of several financial services firms. The paper discusses Citigroup, Inc., Bank of America, J.P. Morgan Chase, Wachovia, and Wells Fargo. The paper describes how applications of new technology have radically transformed the financial services industry.

From the Paper:

"In 2003, Citigroup, Inc. was the world's largest financial services firm. It sold $94,713 million by December at annual growth rate of 2.3% (Caione 2004) and netted profits at $ 17,853 at an annual rate of 16.9%. With its numerous subsidiaries, Citigroup offers banking loans, asset management, insurance, investment bank and virtually every other retail and corporate financial service conceivable through its more than 3,000 bank branches and finance offices in the US and Canada and 1,500 other locations in close to 100 other countries worldwide (Caione)."

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