History of Bank in Timeline

A bank is a financial intermediary that plays a crucial role in the economy. It accepts deposits from individuals and businesses, creating demand deposits. Concurrently, banks provide loans, effectively channeling funds from savers to borrowers who need capital. This lending activity can occur directly through the bank's own loan portfolio or indirectly via capital markets, facilitating the flow of funds between those with surplus capital and those with deficit spending needs. Banks are integral to financial stability and economic growth.

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 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.

1999: Major wave of bank mergers and acquisitions

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

2004: Bank branch numbers in Europe

In 2004, Germany, France, and Italy each had more than 30,000 bank branches.

2007: Financial crisis

In 2007, the financial crisis began, leading regulators to compel banks to issue Contingent Convertible Bonds (CoCos) to absorb losses when the bank's capital falls below a certain level.

2007: Major wave of bank mergers and acquisitions

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

2008: Bank failures during the global financial crisis

During the global financial crisis in 2008, banks which failed had, on average, four times more brokered deposits as a percent of their deposits than the average bank.

2008: Growth in assets of the largest 1,000 banks

In 2008, assets of the largest 1,000 banks in the world grew by 6.8% to a record US$96.4 trillion.

2008: Financial crisis

In 2008, the financial crisis continued and regulators forced banks to issue Contingent Convertible Bonds (CoCos) as hybrid capital securities to absorb losses when the bank's capital falls below a certain level.

November 2009: Bank branch numbers in China

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

2009: Bank failures during the global financial crisis

During the global financial crisis in 2009, banks which failed had, on average, four times more brokered deposits as a percent of their deposits than the average bank.

2009: Fee revenue generated by global investment in banking totaled

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

2015: United States Bank numbers

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

2018: Bank mergers and acquisitions

Between 1985 and 2018, banks engaged in around 28,798 mergers or acquisitions, the overall known value of these deals cumulates to around 5,169 bil. USD.

2021: Citigroup exit from retail banking

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

2022: HSBC 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).

March 2023: Global banking crisis

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