Do you know which are the 16 biggest commercial banks in New York City? Let’s start with what is a commercial bank. A commercial bank is an institution which provides different financial services like accepting deposits and issuing loans. The customers of commercial banks can also take advantage of a range of investment products that banks offer. This means they can profit from their savings accounts and certificates of deposit.
Commercial banks have a big impact on a country’s economy. If the banking system is efficient it will bring a rapid growth in different sectors of the economy. Commercial banks have different roles, they promote the capital formation, invest in new enterprises, bring balance to the development of different regions, and implement monetary.
To promote their capital formation, commercial banks are accepting deposits from clients which later are available to businesses which are using them for a productive purpose of the country. For investing in new enterprises, commercial banks provide short and medium term loans to entrepreneurs to invest in new methods of production. In order to bring balance to the development of different regions, commercial banks are helping with transfer surplus from the most development regions to least development regions. For the implementation of Monetary policy, the commercial bank controls the volume of the credit through the cooperative banking system in the country. Commercial banks established export promotion calls which provide information about general trade and economic condition on the inside as well as outside the country to its customers.
There are a lot of rich people and large companies headquarted in New York which allow to work in full steam. New York is considered the financial capital of the world and when we talk about banks, New York City has more than 200 different banks. When we talk about New York’s biggest banks you should know that they are already calculating their assets in trillions. They also employ more than 400,000 people. Millions of clients are using their services in more than 100 countries.
In order to compile the list of 16 biggest commercial banks in New York City, we took banks that have at least one office in New York City and sorted them in terms of the size of their assets.