Contents
Financial Services at a Glance................................................................................. V
Chapter 1: the Financial Services Industry .............................................................. 1
Overview ........................................................................................................................... 1
Assets 2
Mergers ............................................................................................................................. 3
Employment ..................................................................................................................... 5
Gross Domestic Product ................................................................................................. 6
Leading Companies ......................................................................................................... 9
Chapter 2: Savings, Investment and debt ownership .............................................. 11
National Savings ............................................................................................................ 11
Investments .................................................................................................................... 12
Household Assets ........................................................................................................... 17
Educational Plans and Loans ....................................................................................... 21
Consumer and Business Debt ....................................................................................... 24
Consumer Debt .............................................................................................................. 25
Bankruptcy ..................................................................................................................... 30
Consumer Fraud and Identity Theft ............................................................................ 31
Chapter 3: asset Management/Retirement Funds .................................................. 33
Asset Management ......................................................................................................... 33
Retirement Assets .......................................................................................................... 34
Annuities ........................................................................................................................ 42
Mutual Funds ................................................................................................................. 44
Chapter 4: Convergence ....................................................................................... 45
Financial Holding Companies ...................................................................................... 45
Bank Holding Companies ............................................................................................. 46
Banks .............................................................................................................................. 49
Insurance Companies .................................................................................................... 58
Chapter 5: Insurance ........................................................................................... 61
Overview ......................................................................................................................... 61
All Sectors ...................................................................................................................... 62
Property/Casualty: Financial ......................................................................................... 69
Property/Casualty: Premiums by Line.......................................................................... 73
Property/Casualty: Specialty Lines ............................................................................... 76
Property/Casualty: Reinsurance.................................................................................... 81
Property/Casualty: Capital Markets .............................................................................. 82
Life/Health: Financial .................................................................................................... 85
Life/Health: Premiums by Line..................................................................................... 89
Health Insurance ........................................................................................................... 91
Chapter 6: Banking ............................................................................................. 95
Overview ......................................................................................................................... 95
All Sectors ...................................................................................................................... 96
Commercial Banks ...................................................................................................... 102
Thrift Institutions ........................................................................................................ 110
Remittances ................................................................................................................. 115
Credit Unions ............................................................................................................... 116
Industrial Banks .......................................................................................................... 120
Chapter 7: Securities ........................................................................................ 121
Overview ....................................................................................................................... 121
Capital Markets ............................................................................................................ 129
Asset-backed Securities ............................................................................................... 133
Derivatives .................................................................................................................... 135
Exchanges .................................................................................................................... 137
Mutual Funds ............................................................................................................... 139
Hedge Funds ................................................................................................................ 142
Separately Managed Accounts .................................................................................... 142
Chapter 8: Finance Companies ............................................................................ 143
Overview ....................................................................................................................... 143
Assets and Liabilities ................................................................................................... 145
Profitability .................................................................................................................. 146
Receivables ................................................................................................................... 147
Concentration .............................................................................................................. 150
Leading Companies ..................................................................................................... 151
Chapter 9: Mortgage Finance and housing .......................................................... 153
Mortgages ..................................................................................................................... 153
Home Ownership ......................................................................................................... 161
Home Equity Loans ..................................................................................................... 165
Leading Companies ..................................................................................................... 166
Chapter 10: technology ..................................................................................... 167
IT Spending .................................................................................................................. 167
Electronic Commerce .................................................................................................. 169
Electronic Payments .................................................................................................... 171
ATMs ............................................................................................................................ 175
Chapter 11: World Rankings .............................................................................. 177
Chapter 12: demographics ................................................................................. 183
Geographic Mobility .................................................................................................... 183
Income .......................................................................................................................... 187
appendices ....................................................................................................... 189
Summaries: Gramm-Leach-Bliley, Pension Plans, Insurance Accounting .............. 189
Brief History ................................................................................................................ 191
Financial Services Organizations ............................................................................... 195
Company Index ............................................................................................................ 202
Subject Index ............................................................................................................... 205