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Essay / Research Paper Abstract
This paper reviews current trends in the international finance and banking community that have been reported on during the past year. Such trends have included consolidation, more of a move toward "bricks and clicks" and some -- but not much -- cross marketing of products. Bibliography lists 2 sources.
Page Count:
5 pages (~225 words per page)
File: D0_MTintban.rtf
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Unformatted sample text from the term paper:
local businesses and institutions. Banks pretty much kept to their own territories, rarely moving out of their cities and, in the United States, forbidden from moving out of their states
because of the Glass-Steagall Act of 1933. However, in this day and age of globalization, the friendly neighborhood corner bank is more likely to be the multinational financial corporation. In
addition to dealing with an individuals savings and checking account, that bank could also have fingers in an Internet presence, global interests and promotion of other financial services. Even though
banks still serve their regions, theyre gearing up to become more globally competitive. The purpose of this paper is to examine trends that are taking place within the sector of
international banking and finance. Consolidations Because of provision repeals of the Glass-Steagall Act of 1933, as well as structural changes in banking
itself, more and more banks will be merging and consolidating both with one another and with non-bank financial firms (Soper, 2001). This has especially been prevalent within the U.S. banking
industry, which has seen mergers of Chase Manhattan with J.P. Morgan to form J.P. Morgan Chase; Firstar with U.S. Bancorp and Fleet Financial with BankBoston, leading to FleetBoston Financial (Soper,
2001). Consolidation, overall, has led to the decline of banks by more than 40 percent since 1984 (Soper, 2001). The three main reasons for the uptick in mergers and acquisitions
are 1) cost savings and/or operational efficiencies; 2) better ability to compete in the global marketplace and 3) provision for a controlled exit from financial services industry of inefficient and
ineffective competitors (Soper, 2001). Mergers and acquitions of banks and other financial institutions is not new; the first real activity in this
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