Navigating the world of finance can be intimidating, but with the right guidance and resources, you can make the right choices for your financial needs. In this article, we’ll discuss what finance companies are, what services they provide, and which are the largest finance companies in the United States. We’ll also provide tips on how to select the finance company that best fits your individual needs. With this information, you’ll be well-equipped to make the best decision for your financial future.
What Are Finance Companies?
Finance is a great career path for those who want to make a difference in people’s lives and in the economy. From mortgage companies to investment firms, finance companies provide a wide range of services and opportunities to make a difference. Whether you are looking to help people get loans to purchase homes or assist them in investing their money, there are numerous finance companies that offer these and other financial services. With these companies offering various jobs, you have the chance to use your skills and knowledge to help others achieve their financial goals. So, if you’re interested in making a difference in the world of finance, consider getting into this field.
Financial companies offer the following type of financial services to their clients
Lending money as a financial service is the lending of money to businesses or individuals by financial institutions, such as banks and credit unions, to be used for a variety of purposes. The loan is usually secured by collateral, such as property or other assets. Financial institutions usually charge interest on the money that is lent out, and the borrower must pay back the amount over a set period of time, along with any applicable fees and charges.
Investing money is a popular financial service that helps individuals and businesses grow their wealth. Through investing, individuals can put their money into various investments, such as stocks, bonds, mutual funds, real estate, and other options. Investing can help individuals and businesses reach their financial goals, such as saving for retirement, building an emergency fund, and growing wealth. Investing can also help individuals and businesses diversify their portfolios, which can help protect them from risks and provide potential returns.
Financial advisors provide advice on a range of topics such as retirement planning, investing, budgeting, estate planning, debt management, and insurance. They can also help you develop a financial plan and provide guidance on how to reach your financial goals. Financial advisors can provide you with sound advice on how to manage your money, invest your savings and plan for the future.
What Are the Types of Finance Companies?
There are various finance companies with different focuses. Examples of the more popular types of finance companies are:
Central banks are independent, government-controlled institutions that manage a country’s currency, money supply, and interest rates. They implement monetary policies, including setting interest rates, controlling the money supply, and issuing currency. Central banks also act as lenders of last resort and oversee the commercial banking system. Examples of central banks include the Federal Reserve in the United States, the European Central Bank, and the Bank of England.
A commercial bank is a type of financial institution that provides banking services to individuals and businesses. These services can include checking and savings accounts, mortgages, credit cards, loans, and money transfers. Commercial banks are also responsible for managing and safeguarding customer deposits, providing access to cash, and issuing credit. They also offer an array of other services, such as investment and wealth management services, foreign currency exchange, and merchant services.
Investment banks are financial institutions that provide services such as underwriting securities, facilitating mergers and acquisitions, providing financial advice to companies, and providing brokerage services to institutional and individual investors. Investment banks also provide capital to companies seeking to raise funds in the public markets.
Investment companies are companies that manage investments for their clients. They provide a range of services such as portfolio management, research, asset allocation, and other related services. Investment companies may invest in stocks, bonds, mutual funds, exchange-traded funds, and other financial products. These companies may also provide advice on taxes, retirement planning, estate planning, and other financial matters.
Mortgage companies are financial institutions that provide home loans and other services related to buying or refinancing a home. These companies allow borrowers to apply for loans, and then offer advice, help with paperwork, and process loan applications and related paperwork. They also work with lenders to ensure that the loan is suitable for the borrower’s needs.
Insurance companies are businesses that provide insurance coverage to individuals and businesses in exchange for premium payments. Insurance companies provide a wide range of coverage, including health, life, auto, property, and business insurance. Insurance companies assess the risk of the insured party, set the premium rate, and provide coverage if the event insured against happens.
Internet banks are banks that provide financial services over the internet rather than through physical branches. Internet banks use technology to offer services such as deposits, loans, investments, and more. Many internet banks offer competitive interest rates and low fees for their services.
A credit union is a not-for-profit financial cooperative owned by its members, who are the customers of the credit union. Credit unions serve their members by providing savings and loan services, such as savings accounts, checking accounts, and loans. Credit unions typically offer lower interest rates on loans and higher rates of return on savings accounts than other types of financial institutions. They are usually organized and governed by a board of directors elected by their members.
A brokerage firm, or simply brokerage, is a financial institution that facilitates the buying and selling of securities between a buyer and a seller. Brokerage firms serve as intermediaries, connecting buyers and sellers in exchange for a commission when the transaction is executed. Brokerage firms are regulated by the Securities and Exchange Commission (SEC).
Savings and Loan Associations
Savings and loan associations, also known as thrifts, are financial institutions that specialize in accepting deposits from customers and providing loans to individuals and businesses. Savings and loan associations offer a variety of products and services, including savings accounts, certificates of deposit, consumer loans, mortgage loans, and other financial services. They are regulated by the federal government and state government agencies.
Merchant banks are financial institutions that provide capital to businesses in exchange for a share in profits. Merchant banks also provide financial advice, manage investments, and facilitate mergers and acquisitions. Merchant banks are typically large and well-connected, with relationships with governments, central banks, and other financial institutions.
What Companies Are in the Finance Field in the US?
1. JPMorgan Chase & Co.
JPMorgan Chase & Co. is an American multinational investment bank and financial services company headquartered in New York City. The company was formed in 2000 when Chase Manhattan Corporation merged with J.P. Morgan & Co. It is the largest bank in the United States and the sixth-largest bank in the world by total assets. The company offers a wide variety of financial services, including investment banking, asset management, private banking, commercial banking, treasury services, and consumer banking. It also has a large presence in the investment management and securities trading industries.
2. Bank of America
Bank of America (BOA) is an American multinational investment bank and financial services company. It is the second-largest bank in the United States by total assets and the third-largest bank in the world. BOA provides a broad range of financial services, including consumer banking and credit, corporate and investment banking, securities brokerage, asset management, and wealth management. BOA is one of the largest companies in the United States, serving over 66 million customers globally and employing over 200,000 people. BOA has operations in over 35 countries and has a presence in all 50 U.S. states.
3. Wells Fargo & Company
Wells Fargo & Company is one of the largest financial services companies in the United States. It is a diversified financial services company, offering banking, investment, insurance, mortgage, and consumer finance products and services. It operates through four main business segments: Community Banking, Wholesale Banking, Wealth and Investment Management, and Corporate and Other. The company was founded in 1852 and is headquartered in San Francisco, California. It has more than 8,000 locations, and 13,000 ATMs and serves one in three households in the United States. Wells Fargo is the world’s second-largest bank by market capitalization and the fourth-largest bank in the United States by total assets.
Citigroup Inc. is an American multinational investment bank and financial services corporation headquartered in New York City. It is the world’s fourth-largest bank by total assets and the largest in the United States by total assets. Citigroup has over 200 million customer accounts and does business in more than 160 countries. It has approximately 243,000 employees and is the world’s largest bank by market capitalization.
Citigroup provides a wide range of services including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. It offers products and services to individual consumers, small businesses, corporations, governments, and institutions. It also provides various financial services such as asset management, insurance, and investment banking.
5. Goldman Sachs
Goldman Sachs is an American multinational investment bank and financial services company. It is headquartered in New York City and is one of the largest investment banks in the world. Goldman Sachs offers a wide range of services to clients including investment banking, private banking, asset management, and securities services.
Goldman Sachs specializes in investing and lending, corporate finance, mergers and acquisitions, private equity, structured finance, and wealth management. Goldman Sachs also has a significant presence in global markets and is a major player in the world’s financial markets. The firm has more than 40,000 employees in over 30 countries. Goldman Sachs is one of the most successful and powerful investment banks in the world and is often referred to as the “Vampire Squid” due to its strong financial influence.
6. Morgan Stanley
Morgan Stanley is an American multinational investment bank and financial services company. It is a global leader in investment banking, financial services, wealth management, and asset management. Its clients include corporations, governments, institutions, and individuals. Its services include mergers and acquisitions, capital raising, and risk management. Morgan Stanley also provides advisory services and research to its clients. The company has offices in over 42 countries and employs over 60,000 people.
7. U.S. Bancorp
U.S. Bancorp is an American financial services holding company headquartered in Minneapolis, Minnesota. It is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. U.S. Bancorp is the fourth largest commercial bank in the United States based on total assets, with total assets of $489 billion as of March 31, 2020.
The company offers a wide range of financial services, including retail, commercial, and corporate banking, asset management, investment banking, and capital markets services. U.S. Bancorp also provides trust services, securities brokerage, insurance, and other financial services. As of June 30, 2020, U.S. Bancorp had a market capitalization of $77.2 billion and a total of 4,769 branches and 5,133 ATMs in the United States. U.S. Bancorp is a member of the S&P 500 stock market index.
8. PNC Financial Services Group
PNC Financial Services Group, Inc. is an American financial services corporation based in Pittsburgh, Pennsylvania. It operates in 19 states and the District of Columbia, with 2,459 branches and 9,051 ATMs. The company offers a range of retail banking, corporate banking, asset management, wealth management, and investment services. It has assets of $361.2 billion and deposits of $243.3 billion. It is one of the largest diversified financial services companies in the United States. The company’s primary business is providing services to individuals, small businesses, and corporations. It is a member of the Federal Reserve System and is one of the largest banks in the United States, holding 8.3% of all U.S. deposits.
9. Capital One Financial Corporation
Capital One Financial Corporation is a financial services company headquartered in McLean, Virginia. The company specializes in credit cards, auto loans, banking and savings products, and retail banking services. Founded in 1988, Capital One is the eighth-largest commercial bank in the United States, with total assets of $307.3 billion as of April 2021. The company operates in the United States, Canada, and the United Kingdom. Capital One provides a wide range of services, including credit cards, loans, and other products and services. Capital One is primarily known for its credit cards, which offer rewards and benefits, as well as lucrative sign-up bonuses. The company also offers savings accounts, checking accounts, auto loans, mortgages, and business services.
10. TD Bank, N.A.
TD Bank, N.A. is a full-service banking institution that is headquartered in Wilmington, Delaware. It is a subsidiary of the Toronto-Dominion Bank, a Canadian multinational banking and financial services corporation. TD Bank offers a wide range of services to its customers, including retail and commercial banking, wealth management, and insurance. It has more than 1,150 branches in 15 states and Washington D.C., with more than 25,000 employees. The bank is committed to providing its customers with exceptional service and has been recognized as one of the best banks in the U.S. for customer service and satisfaction.
11. Charles Schwab Corporation
Charles Schwab Corporation is an American financial services company founded in 1971. It is headquartered in San Francisco, California, and is the largest discount brokerage firm in the United States. The company offers a range of services such as online trading, banking, investing, retirement planning, and financial advice. It also offers access to mutual funds, ETFs, fixed-income products, and other investments. Schwab is one of the largest financial institutions in the world, with over $3.8 trillion in client assets, 11.9 million active brokerage accounts, and 1.3 million corporate retirement plan participants. It also has more than 400 branches nationwide and serves over 24 million clients worldwide.
12. Ally Financial
Ally Financial Inc. is a leading digital financial services company and a top 25 U.S. financial holding company offering financial products for consumers, businesses, automotive dealers, and corporate clients. Ally’s legacy dates back to 1919, and the company has since grown to become a leading digital financial services company. The company’s banking subsidiary, Ally Bank, offers an array of banking products and services, including online and mobile banking, checking and savings accounts, CDs, money market accounts, and more. Ally also provides financing and leasing solutions for automotive dealers, as well as corporate finance products and services, such as equity capital markets, debt capital markets, and treasury services. The company is also a leader in digital car shopping, offering an online car-buying experience for consumers.
Ally is committed to creating an open and transparent financial services marketplace and providing customers with best-in-class offerings. The company is also focused on promoting financial wellness through financial literacy and education initiatives. Ally’s corporate headquarters are located in Detroit, Michigan.
13. Ameriprise Financial
Ameriprise Financial is a large financial services company that offers a wide range of products and services for individuals and businesses. These services include financial planning, retirement planning, estate planning, insurance, asset management, and banking services. The company has a network of more than 10,000 financial advisors who provide personalized advice and support to customers. The company also provides access to online tools and resources, including budgeting and retirement calculators, investment portfolios, and market research. Ameriprise Financial is headquartered in Minneapolis, Minnesota, and is a publicly-traded company on the New York Stock Exchange.
USAA is a financial services company that provides banking, insurance, and investment services to members of the United States military and their families. It was founded in 1922 by a group of 25 Army officers and has since grown to serve more than 13 million members. USAA offers a wide range of products and services, including insurance, banking, investments, retirement planning, and more. USAA is known for its commitment to providing exceptional service and products to its members. USAA also has a strong commitment to giving back to the military community, including offering scholarships and grants to military families. USAA is a Fortune 500 company and is one of the largest financial services companies in the United States.
15. Fidelity Investments
Fidelity Investments is a multinational financial services corporation based in Boston, Massachusetts. It is one of the largest asset managers in the world, offering services such as investment management, life insurance, retirement planning, and more. Fidelity has over $3 trillion in assets under management, servicing over 30 million customers. The company has a wide variety of products and services designed to meet the needs of individual investors, institutions, and businesses.
Fidelity provides access to a variety of investments, such as stocks, bonds, mutual funds, ETFs, and other securities. The company also offers various banking services, including checking, savings, and debit accounts. Furthermore, Fidelity provides investors with a range of investment research and advice, as well as tools to help them make better decisions.
16. Barclays US
Barclays US is the U.S. arm of the London-based banking giant Barclays. It provides a wide range of financial services to individuals, businesses, and corporations, including retail banking, investment banking, asset management, and wealth management. It is one of the largest banks in the United States, with more than 5,000 branches in the U.S. and abroad. Barclays US offers a variety of products and services that cater to different needs, including credit cards, loans, savings accounts, mortgages, and more. It also provides an extensive selection of international banking services, including foreign exchange, payments, and trade finance. It is also an active participant in the U.S. financial markets and is a member of the New York Stock Exchange.
17. Credit Suisse
Credit Suisse is an international financial services company based in Switzerland. It is one of the world’s leading banks, providing a range of banking, investment, and financial services to private, corporate, and institutional clients. Its services cover the entire spectrum of private banking and wealth management, asset management, investment banking, and securities services. Credit Suisse also offers a range of solutions for institutional clients and governments, including cash management, corporate finance, risk management, and capital markets. The company has offices in more than 50 countries and employs over 45,000 people.
18. State Street Corporation
State Street Corporation is a financial services holding company based in Boston, Massachusetts. It is one of the largest asset management companies in the world, with more than $3 trillion in assets under management as of December 2020. State Street provides a variety of services to institutional investors, including asset management, custody, fund administration, securities lending, foreign exchange, and capital markets services. It also offers banking services, such as loan origination and asset-based lending. State Street is a publicly traded company and is listed on the New York Stock Exchange.
19. Raymond James Financial
Raymond James Financial, Inc. is a financial services holding company headquartered in St. Petersburg, Florida. It is a full-service financial services firm providing private client groups, capital markets, asset management, banking, and other services. The firm has over 8,000 financial advisors and over 2,900 locations in the United States, Canada, and other international locations. It provides a variety of services including financial planning, investments, insurance, and retirement planning. The company has been in business since 1962 and is listed on the New York Stock Exchange.
20. First Republic Bank
First Republic Bank is a private bank in the United States, founded in 1985. It offers a range of banking services, such as consumer and commercial banking, private wealth management, trust services, and investment management. It has over 100 branches in the US, mainly in California, with additional locations in Massachusetts, New York, Oregon, and Washington. The bank offers a range of services, such as checking and savings accounts, credit cards, loans, mortgages, and investment management. It also offers a mobile banking app and online banking services. First Republic Bank is known for its exceptional customer service and commitment to the communities it serves.
Visa is a global payments technology company that connects consumers, businesses, financial institutions, and governments to fast, secure, and reliable electronic payments. It operates the world’s largest retail electronic payments network, enabling businesses to accept all major credit and debit cards, as well as digital wallets and other payment methods. Visa also offers a variety of payment services, including fraud protection, payment processing, and merchant services. Additionally, Visa provides a range of services to help businesses expand their customer base, increase sales, and reduce costs.
Mastercard is a global payments technology company that connects consumers, financial institutions, merchants, governments, and businesses worldwide. It enables businesses of all sizes to accept payments from around the world and make payments to other businesses and individuals. It offers a range of payment solutions, including debit and prepaid cards, credit cards, and digital wallets. It also provides services such as data analytics, fraud protection, and dispute resolution. Mastercard also offers rewards programs and loyalty programs for its customers.
23. American Express
American Express is a global financial services company that offers a range of products and services including charge and credit cards, travel services, business services, and more. Founded in 1850, American Express is one of the oldest and most recognized names in the financial services industry. The company is headquartered in New York City and operates in more than 130 countries around the world. In addition to its consumer-facing products and services, the company is also involved in corporate payments, merchant services, and digital banking. American Express has a long history of innovation and has been a leader in developing new technologies, such as contactless payments, to make payments faster and more secure.
24. E-Trade Financial Corporation
E-Trade Financial Corporation is a financial services company headquartered in New York City. It provides an electronic trading platform for the purchase and sale of financial securities including stocks, bonds, options, mutual funds, and exchange-traded funds (ETFs). The company also provides banking services, retirement planning services, and financial advice. E-Trade has been in business since 1982 and is a publicly traded company on the Nasdaq exchange. As of 2021, it has over five million customers and $383 billion in assets under management.
25. Berkshire Hathaway
Berkshire Hathaway Inc. is a publicly traded holding company based in Omaha, Nebraska. It is one of the largest and most successful conglomerates in the world, with subsidiaries spanning diverse industries such as insurance, finance, energy, retail, manufacturing, and real estate. The company is controlled by Warren Buffett, one of the world’s most successful investors and businessmen. Berkshire Hathaway’s subsidiaries include GEICO, Fruit of the Loom, Dairy Queen, BNSF Railway, Duracell, Helzberg Diamonds, and many more. Berkshire Hathaway has consistently outperformed the S&P 500 since its inception in 1965 and is one of the largest companies in the world by market capitalization.
Which Company Is Best to Work for in Finance?
The answer to this question will depend on the individual and their preferences. Some of the most highly-rated finance companies to work for include J.P. Morgan, Goldman Sachs, Citigroup, Morgan Stanley, and BlackRock. Each of these firms offers competitive pay and benefits, as well as a culture that supports career growth and development. It is important to research each company to determine which one is the best fit for you.
Based on employee reviews, these are some of the best financial services companies in the US to work for:
1. Defense Finance and Accounting Service (DFAS)
The Defense Finance and Accounting Service (DFAS) is a finance and accounting organization within the United States Department of Defense (DoD). It offers payment and financial management services to military departments, defense organizations, and certain civilian agencies. DFAS provides centralized accounting, disbursement, payroll, treasury management, working capital fund administration, and other finance and accounting services to the DoD. Employees of the company have reported feeling highly satisfied with the work environment, learning opportunities, and salary.
2. Discover Financial Services
Established in 1986, Discover is a leading financial services provider based in Riverwoods, Illinois. It boasts a workforce of 18,000 and generates a revenue of $10 billion. In addition to investing and banking products, Discover also offers robust financial tools and benefits to its employees. This includes comprehensive insurance plans, 401(k) retirement plans, paid time off, and tuition assistance. Top job positions at Discover include Lead Data Analyst, Senior Analyst, and Network Engineer, all of which offer attractive salaries.
3. Obsidian Financial Services
Obsidian Financial Services, based in New York City, is an excellent choice for those seeking a career in the financial services industry. The company offers a range of loan products, such as FHA loans, VA loans, USDA loans, jumbo loans, and reverse mortgages. Additionally, Obsidian is known as a great place to work and provides employees with flexible working hours and a daycare center on-site. Employees also gain access to the company’s Intranet Marketing Library, which includes a variety of training resources to help them gain new skills and progress in their careers.
4. Modern District Financial
Modern District Financial, established in 2006 and based in San Francisco, California, has established itself as a leader in the financial planning industry. Specializing in retirement preparation, the experts at Modern District Financial provide clients with tax planning, estate planning, and investment advice, as well as offering excellent benefits and perks, and a commitment to diversity and inclusion. As an innovative and modern company, Modern District Financial is always looking for ways to improve its products and services and provides continuous learning opportunities to its employees.
5. J.D. Mellberg Financial
At J.D. Mellberg Financial in Tucson, AZ, employees have the opportunity to utilize their skills and knowledge in retirement planning services, such as traditional IRA accounts, Roth IRA accounts, SEP IRA accounts, SIMPLE IRA accounts, and 401(k) accounts. Not only do they benefit from a great salary rate regardless of their position, but they also find rewards in the form of learning and development opportunities. Feedback from employees has been overwhelmingly positive, demonstrating that J.D. Mellberg Financial is one of the best financial companies to work for in the United States.
How to Choose a Finance Company That’s Right for You?
When searching for a finance firm to work for, it is essential to assess your objectives and what you want in an employer. Think about whether you prefer working for a large company or a smaller organization, as well as if you would like to work with investments or just handle the books. Take into account your abilities and interests when researching the top financial companies to make sure you find a suitable fit.
Once you have narrowed down your search, visit the company’s website and read its mission statement to gain insight into its rankings, values, and the qualities they are looking for in an employee. Additionally, investigate the company’s financial security to determine if they are a dependable employer.
To gain an insider’s view of the company, contact your connections to see if anyone knows someone who works there. With some research and due diligence, you can find the finance firm that is the perfect fit for you.
No matter what your financial needs may be, there is a finance company available to help you manage your money in an efficient and profitable way. There are many different types of finance companies, ranging from those that specialize in investment banking to those that focus on insurance or accounting, so don’t be afraid to do some research and ask around to find the perfect financial partner for you.
Pardeep is the founder and editor of Small Investment Ideas. He believes that everyone can change their life with the help of small investments and achieve financial freedom.