History of Bank in Timeline

A bank is a financial institution that accepts deposits from the public, creating demand deposits, and makes loans. These lending activities can be conducted directly or indirectly through capital markets. Banks play a crucial role in the economy by providing a safe place for individuals and businesses to store money and by channeling funds into investments and other ventures.

1979: Establishment of the Federal Financial Institutions Examination Council (FFIEC)

In 1979, the Federal Financial Institutions Examination Council (FFIEC) was established as a formal inter-agency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions.

1985: Bank Mergers and Acquisitions

Between 1985 and 2018 banks engaged in around 28,798 mergers or acquisitions, either as the acquirer or the target company. The overall known value of these deals accumulates to around 5,169 bil. USD.

1999: Bank Mergers and Acquisitions Peak

In 1999, there was a major wave in Bank Mergers and Acquisitions which peaked at around 460 bil. USD.

2004: Number of Bank Branches in Europe

In 2004, Germany, France, and Italy each had more than 30,000 bank branches – more than double the 15,000 branches in the United Kingdom.

2007: Bank Mergers and Acquisitions Peak

In 2007, there was a major wave in Bank Mergers and Acquisitions which peaked at around 460 bil. USD.

2008: Regulators force banks to issue Contingent convertible bonds (CoCos)

Following the 2008 financial crisis, regulators mandated that banks issue Contingent convertible bonds (CoCos). These bonds are hybrid capital securities that absorb losses when the issuing bank's capital falls below a certain level, thereby reducing debt and boosting bank capitalization.

2008: Banks that failed in the United States during the 2008 financial crisis

In 2008, banks that failed in the United States during the financial crisis had, on average, four times more brokered deposits as a percent of their deposits than the average bank.

2008: 2008 Financial Crisis

In 2008, the financial crisis led to bank failures, including some of the world's largest banks, and provoked debate about bank regulation.

2008: Growth in assets despite market conditions

In 2008-2009, assets of the largest 1,000 banks in the world grew by 6.8% to a record US$96.4 trillion while profits declined by 85% to US$115 billion. This growth in assets in adverse market conditions was largely a result of recapitalization.

November 2009: Number of Branches of Chinese Banks

As of November 2009, China's top four banks have in excess of 67,000 branches (ICBC:18000+, BOC:12000+, CCB:13000+, ABC:24000+) with an additional 140 smaller banks with an undetermined number of branches.

2009: Global investment in banking

In 2009, fee revenue generated by global investment in banking totaled US$66.3 billion, up 12% on the previous year.

2015: Banks in the United States

As of 2015, The United States has the most banks in the world in terms of institutions (5,330 as of 2015) and possibly branches (81,607).

2018: Bank Mergers and Acquisitions Decline

Between 1985 and 2018 banks engaged in around 28,798 mergers or acquisitions. Until 2018, the deal amount declined by -82% since 2007.

2021: Citigroup initiates exit from retail banking outside of its core U.S. market

In 2021, Citigroup initiated an exit from retail banking outside of its core U.S. market, reversing its earlier strategy to develop a large network of retail bank branches in numerous countries around the world, in order to become global consumer banking brands.

2022: HSBC initiates exit from the U.S. retail market

In 2022, HSBC initiated an exit from the U.S. retail market (except for its wealth management business), reversing its earlier strategy to develop a large network of retail bank branches in numerous countries around the world, in order to become global consumer banking brands.

March 2023: Global Banking Crisis

In March 2023, a global banking crisis emerged, characterized by liquidity shortages and bank insolvencies, leading to the failure of three banks in the United States and the shutdown or failure of several of the world's largest banks within two weeks.

2023: HSBC reviews retail operations

In 2023, HSBC initiated an exit from the U.S. retail market and put its retail operations in a dozen other countries under review for sale or closure, due to the assumption that a global consumer customer would regularly travel across borders for both work and play, but that "global consumer customer never materialized".