When you think of the finance industry, what companies come to mind? Probably names like Goldman Sachs, JPMorgan Chase, and Bank of America. But did you know that there are many other companies out there in this field?
In this blog post, we’ll take a look at some of the top companies in the field. So whether you’re starting out your career search or just want to know more about the industry, read on!
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1. Berkshire Hathaway
Berkshire Hathaway is one of the largest finance companies in the world. Headquartered in Omaha, Nebraska, it was founded in 1839 by Oliver Chace and Warren Buffet. The company provides various financial services, including insurance, investments, and banking. Berkshire Hathaway is one of the most successful financial companies in history, with a market capitalization of over $600 billion as of now.
Warren E. Buffett, one of the richest men in the world and the founder of Berkshire Hathaway, is also its current CEO and chairman. As of 2021, the company earned US$276.1 billion in revenue with a net income of US$89.8 billion and 372,000 employees. Berkshire Hathaway is one of the largest financial holding companies both in the USA and in the world.
The company’s success is due to its focus on long-term value creation and its commitment to delivering superior customer service. Berkshire Hathaway has a strong brand and is widely respected for its integrity and financial strength. The company is a great example of how companies in the finance field can be successful if they focus on their core strengths.
2. JPMorgan Chase & Co.
JPMorgan is one of the world’s leading finance companies. It offers a wide range of financial services to its clients, including investment banking, asset management, and private equity. Founded in 1799, it is one of the oldest finance companies in existence. JPMorgan Chase & Co. is headquartered in New York City and employs over 250,355 people worldwide as of 2022.
Although the company is named after John Pierpont Morgan, it was actually founded by a group of investors led by him. The company has been through many changes over the years, but it remains one of the most powerful and influential finance companies in the world. As of 2022, the company has a market capitalization of $317.61 billion, with a revenue of $121.65 billion in 2021.
JPMorgan has a long history of success in the finance industry, and it is widely respected for its expertise and experience. The company has a strong presence in the United States and Europe, and it is expanding its operations in Asia and other growth markets. JPMorgan is well-positioned to continue its success in the finance industry in the years to come.
3. Bank of America
Bank of America is one of the oldest and largest multinational investment banks and financial services holding companies in the United States. The company offers a full range of banking products, including savings accounts, checking accounts, and loans. Founded in 1784, the bank has a long history of serving individuals, families, and businesses.
The bank was founded as Massachusetts Bank and later changed its name to Bank of America by emerging BankAmerica & NationsBank in 1988. Its current headquarter is in Charlotte, North Carolina, and it has over 208,000 employees as of 2021. On the same year, the bank’s revenue was $89.11 billion, with a net income of $30.56 billion.
Bank of America is one of the largest banks in the United States, with a market cap of $260.18 billion as of October 2022. The bank has a strong brand and is well-respected for its financial strength and stability. Interestingly, Berkshire Hathaway is one of the major shareholders of Bank of America, with a stake of 12%.
4. Visa Inc.
Visa is a multinational fintech corporation that facilitates electronic funds transfers throughout the world. As a payments company, they offer a variety of products and services that allow people to make digital or physical purchases. Some of their products include credit cards, debit cards, prepaid cards, and merchant services. In recent years, they have been working on expanding their mobile payment options as well.
Visa was founded by Bank of America in 1958, and it is headquartered in Foster City, California. As one of the pioneer companies in the payments industry, it has a long history of innovation. Currently, they serve around 336 million people in the US alone and are accepted by 80 million merchants all over the world. Visa is accepted in most countries and offers convenient payment options for consumers and businesses.
The company processed over $164.7 billion in payments in the 2021 fiscal year. In 2021, Visa’s revenue was $24.11 billion, with a net income of $15.8 billion. As of September 2022, Visa has a market capitalization of $384.08 billion, making it one of the most valuable payment companies in the world.
5. Citigroup
Citigroup is a multinational financial services corporation operating in more than 160 countries. The company offers a wide range of products and services, including consumer banking, corporate banking, investment banking, private equity, and asset management. Citigroup has a long history dating back to 1812, and it is one of the largest financial companies in the United States.
Citigroup was founded as City Bank of New York and later changed its name to First National City Bank of New York by merging with First National Bank of New York in 1955. The bank has undergone several changes over the years, including a merger with Travelers Group in 1998. It is currently headquartered in New York City, and it has over 200,000 employees.
In 2021, Citigroup’s revenue was $71.88 billion, with a net income of $22 billion. As of October 2022, Citigroup has a market capitalization of $86.01 billion. The company has a total asset of 2.291 trillion USD, making it the 4th largest bank in the USA in terms of assets.
6. Mastercard Incorporated
Mastercard Incorporated is an American multinational financial services corporation headquartered in Purchase, New York. The company’s primary business is to process payments between the banks of merchants and the card-issuing banks or credit unions of the purchasers who use the “Mastercard” brand debit and credit cards to make purchases.
Mastercard was founded in 1966 as Interbank Card Association, and it later changed its name to MasterCard Incorporated in 1978. The company went public in 2006, and it has been growing rapidly since then. At the end of 2021, roughly 1.46 billion MasterCard debit cards are in circulation. Available in around 210 countries, it is one of the most accepted payment methods in the world.
In 2021, Mastercard’s revenue was $18.88 billion, with a net income of $8.69 billion and 24,000 employees. As of September 2022, Mastercard has a market capitalization of $293.97 billion. After Visa, it is the second largest payment processing network in the world.
7. Wells Fargo & Company
Wells Fargo & Company is a USA-based multinational financial services company headquartered in San Francisco, California. It is the fourth largest bank in the US by assets and one of the largest banks by market cap and bank deposits. The company offers various financial products and services, including retail banking, commercial banking, investment banking, asset management, and mortgage lending.
Wells Fargo was founded in 1929 as Northwest Bancorporation and later changed its name to Wells Fargo & Company in 1998. The company has been through a lot of changes over the years, including a merger with Norwest Corporation in 1998. Currently, it has more than 90 million customers and operates in 36 countries. It is one of the most valuable brands out there, with 8,050 branches and 13,000 ATMs.
In 2021, Wells Fargo’s revenue was $78.492 billion, with a net income of $21.548 billion. As of September 2022, Wells Fargo has a market capitalization of $164.28 billion. As of 2020, the company has 268,531 employees, making it one of the leading employer in the USA in the banking industry.
8. PayPal Holdings, Inc.
PayPal Holdings, Inc. is an American financial technology company operating a worldwide online payments system that supports online money transfers. It is an electronic alternative to traditional paper-based checks and money orders. The company also operates a point-of-sale (POS) system that helps merchants accept various types of payments, including credit cards, debit cards, and PayPal.
PayPal was founded in 1998 as Confinity and later changed its name to PayPal Holdings, Inc. in 2000. The company went public in 2002 and has been growing rapidly since then. As of Q2 of 2022, PayPal has over 429 million active users and is available in more than 200 countries.
In 2021, PayPal’s revenue was $25.37 billion, with a net income of $4.26 billion. As of September 2022, PayPal has a market capitalization of $108.51 billion. As of 2021, it employs around 30,900 people. Apart from being a popular payment method, PayPal is also known for employing some individuals who later founded companies like Youtube, Yelp, Tesla, SpaceX, and much more.
9. Morgan Stanley
Morgan Stanley is an American multinational investment bank and financial services company headquartered in New York City. The company operates in 42 countries and has over 75,000 employees (as of 2021). The company offers various financial products and services, including Investment banking, Investment management, Commodities, Wealth management, etc.
Morgan Stanley was founded in 1935 and has been through many transformations over the years, including several mergers and acquisitions. In 2009, the company acquired Smith Barney from Citigroup. They also have many subsidiaries, including Morgan Stanley Wealth Management, E-Trade, Eaton, and Vance Solium.
In 2021, Morgan Stanley’s revenue was $59.8 billion, with a net income of $19.7 billion. As of September 2022, Morgan Stanley has a market capitalization of $142.69 billion. The company is notably one of the few that survived the 2008 financial crisis.
10. American Express Company
American Express Company is an American multinational financial services corporation specializing in payment card services. Headquartered in New York City, the company was founded in 1850 as an express mail business. With the passage of time and technological revolution, the company later became a diversified global financial services brand.
As of 2021, American Express Company has 56.4 million active cards in force in the United States and 121.7 million cards worldwide. They accounted for 22.9% of the overall dollar volume of credit card transactions in the United States, according to 2016 data. They are the third largest credit card issuer after Visa and MasterCard.
In 2021, American Express Company’s revenue was $43.66 billion, with a net income of $8.06 billion. As of September 2022, American Express Company has a market capitalization of $108.24 billion. They also provide many non-card services such as small business loans, traveler’s cheques, corporate banking, financial advising, and other corporate services.
11. Charles Schwab Corporation
Charles Schwab Corporation is an American investment company and financial services provider headquartered in Texas, U.S. It was founded in 1971 and currently has over 33.6 million brokerage accounts. The company started as an investment newsletter called Investment Indicator and later became one of the leading financial services companies.
Charles Schwab Corporation offers many services, including brokerage, securities, banking, money management, financial advisory and much more. They also operate a number of subsidiaries, including Charles Schwab Bank, Charles Schwab Investment Management, Charles Schwab Futures, OptionsXpress, etc.
In 2021, the company’s revenue was $18.52 billion, with a net income of $5.36 billion. As of September 2022, Charles Schwab Corporation has a market capitalization of $144.05 billion. The company has more than 33,400 employees as of 2021. As of February 2022, they have $8.5 trillion in client assets, making them one of the largest banking institutions in the USA.
Conclusion
In this article, we have looked at some of the top financial companies in the USA in terms of market capitalization and popularity. These companies play a vital role in the US economy and provide various products and services to their customers. As we can see, they are all large and diversified companies with a long history. We hope you found this article informative and helpful. Thanks for reading!
