The average compensation for bankers stands at around $101,295 annually and the job prospects are predicted to grow by four percent in the coming years. So it’s fair to say that if you’re looking for a lucrative career, major banks can offer an abundance of high-paying opportunities.
To work in these specialized positions applicants must possess the right academic qualifications, and may need to undergo further training or acquire certifications.
What Are Major Banks?
Major banks are financial institutions that are large in terms of assets, deposits, and market capitalization. They typically offer a wide range of financial products and services, including checking and savings accounts, loans, credit cards, and investment products. Major banks are usually well-capitalized and known for providing reliable services.
In addition to being large financial institutions, many major banks are also publicly traded companies that are listed on major stock exchanges. This means that they are owned by shareholders who have a vested interest in the success of the bank. As such, these banks are subject to certain regulations and must adhere to certain guidelines set forth by regulatory bodies to protect their customers’ investments.
Major banks may also offer services beyond basic banking products. These can include wealth management, insurance, and other financial services that may not be available at smaller banks. They also tend to have more sophisticated technology than smaller banks, which allows them to provide a wider range of services.
Examples Of Major Banks In The United States
These banks have a presence in most states and major cities, making it easy for customers to access their services wherever they may be located. Some of the most well-known major banks in the United States include Bank of America, Citibank, JPMorgan Chase, Wells Fargo and U.S. Bancorp. Here are some of the biggest major banks in the US.
1. Bank of America
Bank of America is one of the largest banks in the United States, and offers services to nearly 68 million consumers and small business owners, including 3,900 retail financial centers and 16,000 ATMs. Additionally, its digital banking platform provides 56 million verified digital users with a comprehensive suite of offerings.
Despite having the least number of branches within the US among the Big Four banking institutions, Citibank has managed to amass over 200 million customers and expand its operations to an astonishing 160 countries. What truly sets this financial institution apart is that it maintains offices in only 13 states, yet still offers a global reach that stands unrivaled.
3. JPMorgan Chase
As the preeminent banking institution globally, JPMorgan Chase boasts an impressive network of over 16,000 ATMs and roughly 4,700 branches spread across 60 countries. Unrivaled in its possessions with more than $3 trillion in assets under its belt, this major international bank is a leader within the financial industry.
4. Wells Fargo
Wells Fargo is another major bank in the United States with over 4,700 branches across the country. It serves more than 70 million customers internationally with more than 8,700 locations and holds over $1.7 trillion in assets. It’s committed to providing a wide range of banking services, products, and advice to its customers.
5. Goldman Sachs
Goldman Sachs is one of the most prestigious institutions to work for in finance, and it’s well known that they only select 3-4% of applicants. It has $2.4 trillion in assets under its management and has over 3 million customers. Goldman operates out of 60 cities globally and is headquartered in New York City.
6. Morgan Stanley
Morgan Stanley is one of the Big Four investment firms and operates out of 41 countries. It can be found in most major cities across the United States, and boasts over 5 trillion in wealth management assets and continues to grow.
7. U.S. Bancorp
U.S. Bancorp has over 70,000 employees and serves an impressive 18.7 million customers across 25 states through its extensive network of more than 3,050 branches and 4,800 ATMs primarily located in the Midwest and West regions, with California being their biggest market.
8. PNC Financial Services
PNC Financial Services is a major regional bank with over 12 million customers and over 2,690 branches across the country. It manages over $550 billion in assets and provides a wide range of services including checking and savings accounts, credit cards, loans, investments, and other financial services.
9. TD Bank
TD Bank manages nearly $1.4 trillion in assets for 15 million customers and operates out of over 1,100 branches. Toronto-Dominion is a Canadian multinational banking and financial institution headquartered in Toronto, Ontario, and its US subsidiary is headquartered in Cherry Hill, New Jersey.
HSBC is one of the largest banks in the world with over 4,000 branches across 64 countries, serving nearly 40 million customers. It provides a wide range of services including banking, wealth management, investment, and other financial services. HSBC has over 200 branches across 10 states in US on the coasts and in Washington, D.C..
What to Consider When Looking Into Working at a Major Bank?
The career opportunities available at major banks can range from entry-level positions to executive roles. Working in a major commercial bank requires dedication, hard work, and a commitment to excellence. Employees must be able to work with customers in order to answer their questions, provide financial advice, and promote
In other countries, there may be different major banks. For example, in Canada, some major banks include the Bank of Montreal, the Royal Bank of Canada, and the Toronto-Dominion Bank. In the United Kingdom, major banks include Barclays, HSBC, and the Royal Bank of Scotland.
Banking jobs involve a lot of responsibility and require individuals to have excellent problem-solving skills as well as the ability to manage pressure. Whether you choose to work in retail banking, corporate finance, or at an investment bank or a hedge fund you’ll need great communication abilities and an understanding of relevant laws and regulations.
When it comes to growing a skill set and ongoing career advancement opportunities, banks offer a variety of promotions and bonuses that can help you move up the ranks. This can be especially beneficial for those who want to build long-term careers in banking.
Is Banking A Good Career Path?
Banking can be an excellent career path for those looking to work in the financial sector, and working at a major bank can offer stability, security, and great potential for growth and development. However, it is important to consider some of the pros and cons associated with working in such an institution before committing.
Working at a Major Bank Pros and Cons
The first pro is that working at a major bank provides you with job security. Banks are very profitable entities and as long as they remain so, your position is likely to remain safe.
This means that you will have less to worry about in terms of job stability and that you will have greater chances of advancing within the organization if you choose to do so.
Another pro is the potential for higher salaries than what one might find in other sectors. Major banks often offer generous pay scales depending on experience and level of responsibility within the company. They also provide employees with benefits such as bonuses, stock options, and other incentive programs.
On the downside, major banks can be highly competitive work environments where advancement requires more time and effort than at smaller institutions or organizations. It can also be difficult to get into these positions as there is usually significant competition for them from other applicants.
Major banks can offer great job security and the potential for high salaries but they require dedication, hard work, and resilience to succeed within them. Working at a major bank may require longer hours than some other professions due to tight deadlines or excessive demands from clients or superiors.
If this type of environment does not suit your lifestyle then there are plenty of alternative opportunities available elsewhere in the financial industry which may suit you better without compromising on salary expectations or professional standards. Ultimately, the choice is yours.
No matter what position you take on in a major bank, it’s important to remember that there are always risks and rewards associated with working any type of job.
How Much Do Jobs At Major Banks Pay?
|JOB TITLE||JOB SUMMARY||MEDIAN PAY||ENTRY-LEVEL EDUCATION|
|Accountants and Auditors||Accountants and auditors prepare and examine financial records, ensuring their accuracy and compliance with financial regulations. They play a crucial role in helping organizations make informed financial decisions.||$77,250||Bachelor’s degree|
|Budget Analysts||Budget analysts help public and private organizations plan and allocate their finances, analyzing budgets and identifying areas for cost savings. They are critical in ensuring that organizations operate within their means and meet their financial goals.||$79,940||Bachelor’s degree|
|Claims Adjusters, Appraisers, Examiners, and Investigators||Claims adjusters, appraisers, examiners, and investigators evaluate insurance claims, determining their validity and settling disputes between policyholders and insurance companies. They play an important role in ensuring that policyholders receive fair and prompt compensation for their losses.||$64,710||Varies by state|
|Compensation, Benefits, and Job Analysis Specialists||Compensation, benefits, and job analysis specialists oversee the wage and nonwage programs that an organization provides to its employees, ensuring that they are competitive and meet the needs of both the organization and its employees. They also evaluate position descriptions and make recommendations for classification and salary.||$64,120||Bachelor’s degree|
|Cost Estimators||Cost estimators collect and analyze data to determine the time, money, materials, and labor required to make a product or provide a service. They play a key role in helping organizations make informed decisions about the cost of their products and services.||$65,170||Bachelor’s degree|
|Financial Analysts||Financial analysts provide guidance to businesses and individuals on expenditures that can result in profit. They analyze financial data and make recommendations for investment strategies and portfolio management.||$95,570||Bachelor’s degree|
|Financial Examiners||Financial examiners ensure that institutions handling monetary transactions comply with financial regulations and laws. They play a crucial role in maintaining the stability and integrity of the financial system.||$81,410||Bachelor’s degree|
|Human Resources Specialists||Human resources specialists recruit, screen, and interview job applicants, and place newly hired workers in jobs. They also manage compensation and benefits, training, and employee relations, ensuring that the organization’s workforce is effective and satisfied.||$62,290||Bachelor’s degree|
|Insurance Underwriters||Insurance underwriters evaluate insurance applications, determining the risk involved and deciding whether to approve coverage. They play a crucial role in protecting insurance companies from financial loss and ensuring that policyholders receive the coverage they need.||$76,390||Bachelor’s degree|
|Labor Relations Specialists||Labor relations specialists interpret and administer labor contracts, resolving disputes and negotiating agreements between labor unions and management. They play an important role in maintaining harmonious relationships between labor and management.||$77,010||Bachelor’s degree|
|Loan Officers||Loan officers evaluate, authorize, or recommend approval of loan applications, determining the creditworthiness of applicants and the feasibility of loan requests. They play a critical role in helping individuals and businesses access the funding they need to achieve their financial goals.||$63,380||Bachelor’s degree|
|Logisticians||Logisticians analyze and coordinate an organization’s supply chain, ensuring that products and services are delivered to customers in a timely and cost-effective manner. They play a key role in helping organizations meet the demands of their customers and operate efficiently.||$77,030||Bachelor’s degree|
|Management Analysts||Management analysts recommend ways to improve an organization’s efficiency, identifying areas for cost savings and streamlining processes. They play a critical role in helping organizations remain competitive and achieve their goals.||$93,000||Bachelor’s degree|
|Market Research Analysts||Market research analysts study consumer preferences, business conditions, and other factors to assess the potential sales of a product or service. They play a crucial role in helping organizations make informed decisions about the development and marketing of their products and services.||$63,920||Bachelor’s degree|
|Personal Financial Advisors||Personal financial advisors provide advice to help individuals manage their money and plan for their financial future. They help individuals understand their financial options and make informed decisions about investments, retirement planning, and other financial matters.||$94,170||Bachelor’s degree|
|Project Management Specialists||Project management specialists coordinate the budget, schedule, staffing, and other details of a project, ensuring that it is completed on time, within budget, and to the satisfaction of stakeholders. They play a critical role in ensuring the success of projects.||$94,500||Bachelor’s degree|
|Training and Development Specialists||Training and development specialists plan and administer programs that improve the skills and knowledge of their employees, ensuring that they are equipped to perform their jobs effectively and efficiently. They play a critical role in helping organizations remain competitive and achieve their goals.||$61,570||Bachelor’s degree|