When you hear the word financial field, the first thing that pops ups to your mind is the hustle or stock. However, there is more to the company than investment services and Author
When you hear the word financial field, the first thing that pops ups to your mind is the hustle or stock. However, there is more to the company than investment services and stock trading.
What companies are in the finance field? The financial sector includes different types of financial firms like banks, real estate companies, investment banking firms, lenders, credit card companies, insurance companies, brokerage houses, payment processing companies, and Fintech companies. These companies play a major role in the economy of any country globally.
There are two main trends that feature the financial industry. One is globalization which includes the expansion of business firms into developing countries. The other is specialization, where business firms offer services to specific customers worldwide.
Financial companies offer services to commercial and retail consumers like Amazon and Apple. According to a recent survey, the global financial market will hit $26.5 trillion by 2024.
Major names in the financial field
· Chief Executive Officer: Warren Buffett
· Market Capitalization (as of August 2022): $645.66 billion
· Founded: 1839 (as Valley Falls Company)
· Headquarters: Omaha, Nebraska
Berkshire Hathaway is owned by Buffett, one of the world’s billionaire individuals. The company trades on the New York Stock Exchange and its stock is one of the most costly in the globe. Berkshire Hathaway was launched in 1839 as the Valley Falls Company in Rhode Island.
The company has established a reputable financial record with other companies that it has acquired over the past decades. In addition, it owns insurance companies like Générale Re, GEICO, and National Indemnity. The assets of these 3 business empires combined make the Berkshire Hathaway one of the largest insurance companies in the United States.
The company has expanded its capacity to include firms such as several jewelry companies, real estate, the furniture industry, and transportation.
· Chief Executive Officer: Stephen Squeri
· Market Capitalization (as of August 2022): $118.97 billion
· Founded: 1850
· Headquarters: New York, New York
American Express is one of the oldest companies in the United States since 1850. The company began offering freight forwarding services and travel services. It's one of the first financial companies in the globe to provide charge cards.
Today, it's popularly known as the property of the Dow Jones Industrial Average and a Fortune 100 company. The company continues to record huge profits despite its Mastercard and Visa competitors.
American Express focuses on offering credit cards and several co-branded cards with a hotel. The company also offers other travel services like traveler checks and venture into the prepaid card business.
· Chief Executive Officer: Charles Scharf
· Market Capitalization (as of August 2022): $169.345 billion
· Founded: 1852
· Headquarters: San Francisco, California
Wells Fargo is a financial service company and global bank with commercial and retail bank branches across the country. The company has expanded its services to Tokyo, Hong Kong, Singapore, and London. It’s also among the biggest 100 corporations in the United States and one of the biggest banks by market capitalization in the United States.
Wells Fargo acquired Wachovia Bank in 2008 and holds the first bank charter in the United States.
· Chief Executive Officer: Walter Bettinger
· Market Capitalization (as of August 2022): $138.40 billion
· Founded: 1971
· Headquarters: Westlake, Texas
Charles Schwab established the revolution of discounted brokerage commissions in 1975. As a result, it launched 100 branches, extended customer service hours, and began researching how to take its online service a notch higher. And that's why it became the leading America Discount Broker.
In 1983, the Bank of America acquired Charles Schwab's primary shareholders. Chuck Schwab took back the company in 1987 and began providing financial services for independent financial advisors and financial products like the Schwab Mutual Fund OneSource service, the No-Fee IRA, and Schwab 1000 Fund.
Today, the company has 1.7 million banking accounts, $7.3 trillion in client assets, serves about 15000 independent advisors’ firms, and 33.9 million brokerage accounts.
· Chief Executive Officer: Dan Schulman
· Market Capitalization (as of August 2022): $108.99 billion
· Founded: 1998
· Headquarters: San Jose, California
PayPal is one leading Fintech firms. It came to light in 1998 and partners with vanguard digital payment transformation. The company allows business and people sends and receive money seamlessly.
PayPal has more than 429 million users and merchant accounts. It partners with reputable financial services companies including American Express, Visa, Citi, Bank of America, HSBS, Discover, FIS, Mastered card, and JPMorgan Chase to boost payment solutions.
In 2019, it become the first online payment company for payment solutions in China. It has also expanded its payment services across the globe.
Goldman Sachs Group, Inc is one of the leading financial services companies in the United States. Its goal is to support financial opportunity and sustainable economic growth, which makes it provides financial services like consumer banking, investment banking, investment management, and securities.
The company also offers services and advice that help organizations with acquisitions and mergers, financing, and other transactions.
The company's research professionals offer analysis and insights to clients in the equity, commodities markets, fixed income, and currency. It also partners with Apple to issue Apple cards.
Frequently Asked Questions
What is the largest financial services company?
Market capitalization is an unpredictable thing. But with a recent survey, Visa ranked as the world’s largest financial services company.
What are examples of financial services?
There is a wide array of financial services provided by firms in the financial field worldwide. These services include investment funds, real estate, banking, credit cards, accounting and taxes, mortgages, and brokerage.
s the hustle or stock. However, there is more to the company than investment services and stock trading.
What companies are in the finance field? The financial sector includes different types of financial