Is major banks a good career path? This is the question that many aspirants are wondering about right now. Well, the banking industry is currently evolving day by day and major banks do offer some of the best career options for people.
Millions of people are working in the banking industry around the world. So, if you are thinking to get a job in major banks in the United States, you are going just right. However, you need to consider so many factors before you make a final decision. After all, it is about your career, isn’t it?
First, you need to what a major bank is. So, the retail and consumer banks, investment banks, and commercial banks are together called Major Banks in the United States. Now, investment banks include governments and companies in financial transactions. It also manages bonds, acquisitions and mergers, venture capitalism, stocks, and public offerings.
Now, are major banks a good career path for you? Let’s find out.
The Major Banks In The United States
You will be amazed to know that the major banks in the United States hold a very strong financial background. In the United States, almost the 15 biggest banks combine the major banks. Also, they together combine $13.44 trillion in assets.
There is a term ‘big four’ in the banking industry. This term particularly indicates the four largest banks in the United States: Bank of America, JPMorgan Chase & Co., Citibank, and Wells Fargo. In customer deposits, these four banks together hold $4.6 trillion. Research shows that it is almost 45% of total deposits in the United States.
However, there are other largest banks as well. They are referred to as ‘big banks in the United States. Another thing is that many people consider these banks too big to fail.
Here are the names of the major banks in the United States.
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Bank Of America Corp.
Headquarters: New York, NY
Total Assets: $2.43 trillion
Total Customer Deposits: $ 1.43 trillion
JPMorgan Chase & Co.
Headquarters: New York, NY
Total Assets: $2.63 trillion
Total Customer Deposits: $1.56 trillion
Citigroup Inc. (Citibank)
Headquarters: New York, NY
Total Assets: $1.95 trillion
Total Customer Deposits: $1.07 trillion
Wells Fargo & Co.
Headquarters: San Francisco, CA
Total Assets: $1.92 trillion
Total Customer Deposits: $1.32 trillion
Goldman Sachs Groups Inc.
Headquarters: New York, NY
Total Assets: $992 billion
Total Customer Deposit: $190 billion
Morgan Stanley
Headquarters: New York, NY
Total Assets: $895 billion
Total Customer Deposits: $190 billion
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U.S. Bancorp
Headquarters: Minneapolis, MN
Total Assets: $475 billion
Total Customer Deposits: $346 billion
TD Group US Holdings LLC
Headquarters: Cherry Hill, NJ
Total Assets: $1.41 trillion
Total Customer Deposits: $886 billion
PNC Financial Services Group Inc.
Headquarters: Pittsburgh, PA
Total Assets: $410 billion
Total Customer Deposits: $288 billion
Bank Of New York Mellon Corp.
Headquarters: New York, NY
Total Assets: $381 billion
Total Customer Deposits: $259 billion
Capital One Financial Corp.
Headquarters: McLean, VA
Total Assets: $390 billion
Total Customer Deposits: $262 billion
State Street Corp.
Headquarters: Boston, MA
Total Assets: $245 billion
Total Customer Deposits: $181 billion
Branch Banking & Trust Corp.
Headquarters: Winston-Salem, NC
Total Assets: $221.64 billion
Total Customer Deposits: $ 167 billion
SunTrust Bank Inc.
Headquarters: Atlanta, GA
Total Assets: $ 205.96 billion
Total Customer Deposits: $165 million
HSBC USA Inc.
Headquarters: New York, NY
Total Assets: $175 billion
Total Customer Deposits: $119 billion.
Note: There are other multiple local banks in the United States. Those organizations or banks are more community-minded. If you have decided to work in major banks in the United States, you should focus on the 15 largest banks that are mentioned above.
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Highest-Paid Jobs Available In The Major Bank Sector
If you are thinking of high finance in the major bank sector, you have just arrived on the right track. A career in the major bank sector in the United States offers multiple options with a high range of salaries.
Now, if you are wondering about how many jobs are available in the major banking sector, let me inform you that you can have at least 10 highest-paid jobs in it.
Here are some of them.
Wealth Management Advisor
They provide the customers with proper guidance and financial advice. A wealth Management Advisor can work with businesses, individuals, and families and assess their financial goals. You need to have enough knowledge of banking products, tax law, estate planning, and investment strategies to become a Wealth Management Advisor. They also handle investment portfolios, give service and ongoing support, and monitor account activities for their customers.
Portfolio Manager
A portfolio manager is a person who provides services in the total performance of a client’s portfolio and investment decisions. They can work for financial institutions, banks, and insurance companies.
Mortgage Loan Officer
They help customers in purchasing properties and obtain loans. You need to have to bachelor’s degree in finance if you want to be a mortgage loan officer. Also, you need to pass the National Mortgage Licensing System exam.
Commercial Loan Officer
Commercial loan officers can work with all businesses. They are responsible for the approval of commercial loans. They need to have enough knowledge of the financial market and the risks involved in it. They generally are the highest-paid in the major bank sectors.
Research Analyst
They are highly skilled professionals in the major bank sectors. They have to assess the market and the risks involved in any investment. They also have a high salary in the banking sector.
Compliance Officer
If you want to be a compliance officer, you need to have good negotiation and communication skills. They are responsible to monitor all the banks. They have to check if the banks are following all the rules and regulations that are set by the government.
Hedge Fund Analyst
A hedge fund analyst has to provide the customers with investment analytics and research. Being a hedge fund analyst, you require enough understanding of markets. This is one of the highest-paid jobs in the major bank sector.
Private Banker
They have to work with the banks. They provide banking services to customers who own high net worth. They must have a deep understanding of the financial market and multiple investment policies.
Trading Desk Manager
A trading desk manager has to monitor the operations of the trading desk that are going on every day. Also, they have to make decisions about how and when to buy and sell the financial policies.
Risk Manager
A risk manager in the major banking sector has to look after multiple risks including operational risks, marketing risks, and credit risks. They also have to verify, measure, and handle the risks.
What Do Major Banks Jobs Pay?
You can have multiple levels of salaries in the banking sector jobs. A bank teller earns up to $34.900 as his annual salary. For an assistant manager, the annual salary is $44.000. now, when it comes to security guards, can earn up to $30.000 per year.
You can also have some hight-paid jobs in the major bank sector. An accountant can earn up to $83.900 per year. As for research analysts, loan managers, private bankers, and wealth management advisors, their salary is more or less the same. Remember that these are the highest-paid jobs in the major banking sector.
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Reasons To Choose Your Career In The Banking Sector
You might be wondering: Is major banks a good career path? Let me give you four reasons why you should choose your career in the banking sector.
Stable Industry
Despite the recent crisis of covid 19 pandemic, the banking sector remains almost stable and thriving day by day. Even, the banking industry has become more essential than ever.
Multiple Opportunities
You can have multiple opportunities in the banking sector. Major banks offer from mid-range to the highest-paid jobs. This lets the employees discover different roles that suit their interests and skills.
Well-Paid Industry
If you are looking for a job with a good salary, banking is indeed a great choice for you. There are multiple highest-paid jobs available in the banking sector.
Evolving Continuously
Banks are now evolving continuously. You can have an exciting career in banking.
What Are Some Examples Of A Career In Major Banks?
Being one of the largest industries around the world, there are several career options in the major banking sector. You can have a wide range of career choices that suit your skills and interest.
Here are some of them.
Commercial Banking
This type of banking deals with financial products and loans to businesses and individuals.
Investment Banking
This type of banking deals with debt and equity. Also, they manage acquisitions and mergers.
Asset Management
They guide customers on their wealth. Also, they will provide institutions and individuals with investments in bonds, stocks, and securities.
Retail Banking
They help customers with savings accounts and mortgages.
Compliance
They regularly check if banks are going along with the rule and regulations set by the government.
Private Banker
A private banker provides guidance on finance and investments to clients who own high net worth.
Skills Required In The Major Banking Industry
Banking is an industry that is changing more often. Therefore, you need to have some basic and soft skills to work here.
As for hard skills, you need to have deep knowledge of the financial market, rules, and regulations. Also, you must know the use of banking software.
You need to build good relationships with your clients and provide them with the best service. Additionally, you must know to manage different situations and resolve problems calmly.
You need to be very flexible if you want to get a job in the banking sector. This industry is changing nowadays. So, you have to learn new things and adapt to new skills.
If you have all those above-mentioned skills and interests, you are just perfect for a job in the major banking industry in the United States.
What are The Pros and Cons of Working in the Major Banking Industry?
Now, the banking industry does have some advantages and disadvantages, just like the other sectors. Let’s discuss them one by one.
First, we should talk about the pros or advantages of the banking industry.
- You can have a great experience and deep knowledge of the financial market, banking products, investments, and so many new things.
- There are fewer risks in the banking industry. It is a very stable industry.
- You can have a great pay scale in the major banking sectors.
- You can have multiple new opportunities to meet here.
Now, we should talk about the cons or disadvantages of the banking industry.
- You may have to work in the banking sector for long hours.
- Your work will be stressful.
- You will have to deal with a lot of pressure to fulfill your goals.
- You may have to deal with upset or angry customers.
Frequently Asked Questions
Q1. Do bank jobs pay well?
Yes of course. Banks generally pay their employees well. If you have decided to work in the banking sector, you can have a great pay scale here. There are multiple high-paid positions in the banking industry.
Q2. Which bank has the highest salary?
The major banks in the United States generally pay their employees the highest salary. There are other larger banks as well where you can get a good salary.
Q3. What bank position pays the most?
- Here are some bank positions that pay the most.
- Credit analyst
- Budget analyst
- Internal auditor
- Bank manager
- Relationship manager
- Asset manager
- Wealth manager
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