** COVID-19 Alert **

To help protect the health of our staff and customers, our physical store will remain closed for the forseeable future. Our online store is open! We offer priority shipping and curbside pickup. Our phones are open from noon to 4 PM. We appreciate your support as we try to navigate the unique demands of this time.

International Banking: America's Rising Role: How Four American Banks Assumed Worldwide Leadership (Paperback)

PLEASE READ BEFORE PLACING AN ORDER:

  • As COVID-19 cases continue to surge across the country, we have decided to temporarily close our doors for in-store browsing. 
  • During this time, we will offer priority shipping to anywhere in the U.S. as well as curbside pickup in the parking lot behind our store from 11 a.m. to 5 p.m. seven days a week.
  • Do NOT come to the store until you get a confirmation email that your order is complete and ready for pickup!
  • Women & Children First is not responsible for lost or stolen packages.
International Banking: America's Rising Role: How Four American Banks Assumed Worldwide Leadership Cover Image
Unavailable from our sources
Unavailable

Description


The story of international banking over the last twenty years began as an assembling of financial power in Europe, with London as the focal point, that would be totally reversed by the financial crisis of 2008. This was a crisis with its origins in the United States that caused such well-known institutions as Citigroup, Merrill Lynch, Wachovia, Lehman Brothers, Bear Stearns, AIG, Fannie Mae and Freddie Mac to be quasi-nationalized, forced to sell, or in the case of Lehman Brothers, fall into bankruptcy. Yet seven years later, America's four largest banks--JPMorgan, Bank of America, Wells Fargo and a recovered Citigroup--had left every other non-state bank in the world far behind except for HSBC, and had made New York, not London, the indisputable financial capital of the world.

This book has numerous tables that record the transformation of banking power from Europe to United States, but a number that makes this transformation particularly dramatic is market capital. I have tried to avoid stock valuations in this book and concentrate on earnings, assets and equity capital, but the difference in American and European market values are hard to ignore. In May 2016, the market value of Wells Fargo was $250 billion and that of JPMorgan was $225 billion. At that time, England's domestic banking leader, Barclay's, had a market value of $40 billion, and Germany's leader, Deutsche Bank, had a market value of just $23 billion. These market capitalizations were earnings justified.

An irony relative to the events of the last eight years has been watching the "too big to fail" concern work in favor of the big American banks as regulators in Washington, London and Basel made life more difficult for their competitors. In Washington, regulators chased away the largest of the big banks' non-bank rivals, GE Capital, and deterred others from going beyond $50 billion in assets. In London, regulators with "ring fencing" appear to have made the United Kingdom's last serious investment bank, Barclays, a second tier player. Meanwhile, continuing announcements from Basel of more capital required of large banks is forcing most of the larger European banks to shed assets.

Product Details
ISBN: 9780997722406
ISBN-10: 0997722401
Publisher: Sdp Publishing
Publication Date: August 11th, 2016
Pages: 86
Language: English