The financial services industry offers jobs in a wide range of industries. These can include insurance, investing, banking, and more. It also includes financial market utilities, such as commodity exchanges and stock exchanges.
Many companies in the financial services industry are nonprofit, whereas others are for-profit. In fact, the financial sector is a major contributor to the economy. By providing an array of economic services, it allows businesses to thrive.
Financial services are offered by commercial banks, investment banks, and trust funds. These institutions accept deposits and provide loans. They earn a profit by charging interest rates and fees.
Investment banks also help businesses raise money by underwriting debt and conducting mergers and acquisitions. Some of the largest US banks include Wells Fargo, Citigroup, and Bank of America.
There are other important sub-sectors of the financial services industry. Insurance is an important one. Insurance services include insurance products for life, health, property, liability, and death.
Insurance helps people cover large, unexpected expenses such as illness, injury, and death. They also help individuals manage their personal finances.
Other services in the financial services industry include payments and appraisals. Payment service providers charge a percentage of the transaction amount. American Express focuses on co-branded cards with hotels.
Investment management is another important segment of the financial services industry. These organizations help individuals manage their assets to meet their investment goals.
Banking and insurance are the two main sectors of the financial services industry. These are often consolidated in regional financial centers.