Companies In The Financial Field

The Top 7 Companies In The Financial Field 

Khyati Hooda
By Khyati Hooda 9 Min Read

Financial services stand out as one of the most vital and influential parts of any economy. The financial sector is usually responsible for rendering many kinds of financial services people and corporations need, like mortgages or loans. Today we are looking at the top 7 companies in the financial field.

The financial services sector goes beyond just banks. It also involves insurance companies, NBFIs, co-operatives, pension funds, and mutual funds. These are the driving force of a nation’s economy. Here is a list of top companies. 

1. JP Morgan Chase & Co.

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The first name in the list of top companies in the financial field is JP Morgan. It is one of the oldest and most prominent financial institutions in the United States. It has a history dating back over 200 years, including providing solutions to corporations, governments, and other significant companies in over 100 nations.

JPMorgan Chase & Co. is a multinational company that belongs to the financial sector and has headquarters in New York City, with its operations carried on worldwide. 

This banking giant has an estimation of US$2.687 trillion in total assets and ranks sixth among the world’s largest banks by this standard, according to S&P Global Rankings (2018). They are also one of their most esteemed competitors in the case of market capitalization because JPMorgan is ranked 20th based on this metric output measure (S&P Global rankings 2018).

2. VISA Inc.

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Visa Inc. is second on the list of top companies in the financial field. It has headquarters in Foster City, California, and it’s an American multinational finance company that offers services like payments systems, credit cards, and other products globally.

Visa is a global payments technology company running to facilitate consumers, businesses, banks, and governments with their electronic fund transfers. Visa helps you transfer money from place to place as efficiently as possible to be available worldwide. It does this by providing financial institutions with Visa-branded payment products that can be used by these institutions for credit and debit cards, among other things like prepaid cards or cash access programs.

It is established in more than 200 countries and territories worldwide. The company connects consumers, businesses, banks, and governments.

3. Bank of America Corporation 

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Bank of America (BofA) is a multinational investment bank and financial services company headquartered in Charlotte, NC. They have various central hubs worldwide, such as New York City, London, Hong Kong, Dallas, and Toronto. This company is third on the list of top companies in the financial field.

Bank of America was established in San Francisco, California. It was created due to the merger between BankAmerica and NationsBank in 1998. Today it is the second-largest banking institution in the United States, following JPMorgan Chase, and the ninth-largest financial services company worldwide (in terms of revenue). 

With nearly 10.73% market share for American deposits behind only Citigroup, Wells Fargo, and JPMorgan Chase, respectively. It finds itself competing with its three peers to retain the top spot, ultimately leading to greater profitability partly from increased efficiency associated with the operating size.

It is a multinational financial services company with commercial banking, wealth management, and investment banking activities.

4. Mastercard Incorporated

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The fourth company on the list of top companies in the financial field is Mastercard. It is the world’s second-largest card payment organization and one of the two pioneers in credit card history. 

It was founded by John Piatt Andrew on September 14, 1966, as a division of BankAmerica Corporation with an investment from Citicorp. The company operates in Canada under MasterCard International Incorporated (Canada).

MasterCard’s business is to process payments between banks of merchants and the card-issuing banks or credit unions that use Mastercard debit, credit, and prepaid cards for purchases.

Mastercard has been around for a lot of years. It was initially known as Interbank, which became Master Charge from 1969 to 1979. It took on its present name in 1979. Mastercharge issued cards in response to BankAmericard. It’s an issuer that later became Visa Inc’s credit card – and was made up of many regional bank associations.

5. Wells Fargo & Co.

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Wells Fargo is fifth on the list of top companies in the financial field. It is a multinational financial services company headquartered in San Francisco, California. It offers diversified products and services for banking, insurance, investments, mortgage lending, and leasing.

With a market capitalization of $267.8 billion, Wells Fargo is the world’s fourth-largest bank and the fourth largest bank in the U.S., with total assets worth $1.9 trillion on 2018 estimates by Fortune 500 rankings- an annual list of America’s biggest corporations ranked by revenue.

In July 2015, Wells Fargo emerged as the world’s largest bank by market capitalization. It works globally through physical stores, online mode, and other distribution channels.

6. CITI Group Inc.

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Citigroup Inc. is an American multinational investment bank and financial services corporation headquartered in New York City, formed through the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998. Today, Citigroup owns Citicorp. 

Citigroup is ranked 3rd in size amongst the largest banks in the United States, besides JPMorgan Chase, Bank of America, and Wells Fargo. Interestingly it is 1/4th of what we call “Big-Four” banks. This company is sixth on the list of top companies in the financial field.

It is a global investment bank and the ninth-largest among nine listed in the Bulge Bracket. Citigroup ranks 30th on Fortune’s 500 for 2019, with over 200 million customer accounts totaling $2.5 trillion worth of assets. It does business in more than 160 countries and all 50 U.S states plus Washington, D.C., Puerto Rico, and Guam; it also maintains branches across North America, Latin America, and Europe.

7. PayPal Holdings Inc.

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The seventh company on the list of top companies in the financial field is PayPal Holdings. It was established in 1988 and had headquarters in San Jose, CA. It is an American company developing electronic alternative payment systems like checks and money orders. 

The main aim behind PayPal’s work is to bring people who don’t have any way to make transactions digital financial inclusion, which would remove the need for them to carry paper money or pay with cash.

More than 200 markets worldwide employ PayPal, which enables people to receive money in 100 different currencies, withdraw funds in 56 of them, and have balances specifically for 25. The company has also been awarded for its business model and recognized as one of the best employers. In addition, it is ranked among Forbes Top 100 Digital Companies and Forbes World’s most valuable brands.

Conclusion

Consequently, the financial sector’s robustness contributes to a country’s economic growth, which implies that entities or companies can better manage risk through this industry’s strength.

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Posted by Khyati Hooda
Khyati is an entrepreneur, marketing consultant and growth hacker. She helps sustainable revenue growth through marketing for SaaS and subscription companies. Her expertise lies in building scalable customer acquisition strategies and implementing effective digital marketing campaigns that drive high-quality, low-cost leads for startups. Khyati has managed over $50M in marketing budgets across various industries including technology, finance, education, retail, consumer goods and more - successfully delivering over 15x ROI for her clients.
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