The Major Banks in the U.S. are the largest banking institutions, typically ranked by total assets or market capitalization (the bank’s number of publicly traded stocks multiplied by the current stock price).
The biggest and most well-known major banks in America include JPMorgan Chase, with total assets equaling $3.74 trillion in 2021, and Bank of America, with $3.17 trillion in assets in 2021.
A Major Bank is a financial institution, such as Bank of America or Citibank, which provides various services. Major Banks offer banking products and services, investment advice, and loan products. Some banks are publicly traded, while others are not.
The banking industry has three main sections: retail banking (direct to individual customers), commercial banking (for businesses), and corporate finance (investment banking). Most major banks handle all of these functions, sometimes under different names or subsidiaries.
By operating in all those sections of the banking industry, major banks offer their clients a wide variety of financial services. These products and services include credit cards and personal loans, savings accounts and ATMs, and facilitating mergers or acquisitions between large corporations.
Skills Needed to work on Major Banks
These are the basics skills to be needed to enable you work on major banks in US. These qualities are what should be found for you to be qualified to work on major banks.
- You must have a strong knowledge of finance and accounting.
- You need to have a problem solving ability.
- Software development.
- Automation.
- Project Management.
- You must be perfect in operating computers.
- You must have a good communication.
- You must have the willingness to learn new skills.
If you’re not interested in constantly learning new things and growing as a team member, banking probably isn’t the right career path for you.
Is Major Banks a Good Career Path?
Yes. Major Banks is a good career path. Due to the large volume of work and high demand, banks are constantly looking for entry-level employees and interns with solid computer skills; the major banks offer great opportunities and have a high qualification demand.
The big bonuses and career opportunities are a big factor that shed all the negatives of working in major banking. The knowledge, experience and new people you will get to know along the way is unlike any other career path.
Major Banks are responsible for much of the money in the United States and provide various services to their customers. They are also responsible for looking after the U.S. economy. They are responsible for providing loans and investments to manage customers’ deposits and personal information.
Different Types of Jobs in Major Banks
Investment Banker
Investment banking is a type of finance focusing on investment capital markets. This work involves working with companies to help raise capital through stock sales or debt offerings. However, investment banks can offer competitive pay and many entry-level positions that provide upward mobility opportunities with diverse skill sets.
Financial Advisor
A Financial Advisor is paid to offer financial advice to corporate clients. As a Financial Advisor you stay in contact with clients and you try to learn as much as possible about your clients work field and industry. A Financial Advisor can also be giving away his service to individual clients that just want to invest their savings.
Compliance Work
Compliance work is all about following regulations so that no legal liabilities arising from actions taken by a company or employee.
It can also include tracking down information to assess whether each employee or company has done what they should do according to law and regulation standards set out at an international level or within the country where your particular bank operates from.
Risk Management
Risk management is a broad term that includes risk assessment, mitigation, and communication.
Professionals that work in this area control risks by assessing them and mitigating them using processes like loss prevention, control systems, financial forecasting models, credit rating/underwriting systems
Financial Analyst
A Financial Analyst analyzes data and organizes financial data into accessible reports. Financial Analysts also look for investment opportunities and look for financial trends within the industry for clients
The Top Major Banks Operating in U.S.
·JPMorgan Chase
·Bank of America
·Citigroup
·Wells Fargo
·U.S Bancorp
·PNC Financial Services
·Truist Bank
·Goldman Sachs
·TD Group U.S Holdings
·Capital One Financial
Qualifications for Major Banks Career
- Chartered financial analyst (CFA) certification: Typically required for financial analysts
- Certified public accountant(CPA) license: Common license for accountants
- Mortgage loan originator (MLO) license: Licensing for mortgage loan officers
- Financial risk manager (FRM) certification: Accreditation for loan officers, financial managers, financial analysts, and compliance officers to show risk-assessment skills