History of Bank in Timeline

A bank is a financial institution crucial to modern economies. It functions primarily by accepting deposits from the public, which in turn creates demand deposits. Simultaneously, banks engage in lending activities, providing loans to individuals, businesses, and other entities. These lending activities may be conducted directly by the bank itself or indirectly through involvement in capital markets. In essence, banks act as intermediaries, connecting savers and borrowers, and playing a vital role in facilitating economic growth and stability by managing money supply and providing access to capital.

1979: Establishment of the FFIEC

In 1979, the Federal Financial Institutions Examination Council (FFIEC) was established as a formal inter-agency body.

1985: Mergers and acquisitions in banks

Between 1985 and 2018, banks were involved in approximately 28,798 mergers or acquisitions, either as the acquirer or the target company.

1999: Major wave of mergers and acquisitions

In 1999, there was a major wave of mergers and acquisitions which peaked at around 460 bil. USD.

2004: Number of bank branches in Germany, France and Italy

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: Major wave of mergers and acquisitions

In 2007, there was a major wave of mergers and acquisitions which peaked at around 460 bil. USD.

2008: Growth in assets of largest 1,000 banks

During the 2008–2009 financial year, the 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.

2008: Contingent convertible bonds (CoCos) issued

Following the 2008 financial crisis, regulators mandated banks to issue Contingent convertible bonds (CoCos), hybrid capital securities designed to absorb losses when a bank's capital falls below a specific level.

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: US bank failures during financial crisis and brokered deposits

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

November 2009: Number of China's bank branches

As of November 2009, China's top four banks had in excess of 67,000 branches.

2009: Fee revenue generated by global investment

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

2015: Number of banks and branches in the United States

As of 2015, the United States had the most banks in the world, with 5,330 institutions and 81,607 branches.

2018: Mergers and acquisitions in banks

Between 1985 and 2018, banks were involved in approximately 28,798 mergers or acquisitions, either as the acquirer or the target company. In terms of value, there has been a steep decline from 2007 until 2018.

2021: Citigroup exits retail banking outside the US

In 2021, Citigroup initiated an exit from retail banking outside of its core U.S. market.

2022: HSBC exits US retail market

In 2022, HSBC initiated an exit from the U.S. retail market (except for its wealth management business).

March 2023: Global banking crisis

In March 2023, the global banking crisis involved liquidity shortages and bank insolvencies which resulted in three bank failures in the United States and several of the world's largest banks failing or being shut down by regulators within two weeks.