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1、Chapter13FinancialIndustryStructureLearningObjectivesUnderstand . . .LO1BankingindustrystructureLO2NondepositoryinstitutionsCanada,anationof35millionpeople,has24domesticbanks.IftheUnitedStateshadthesameratioofbankstopopulation,itwouldhavesomethinglike215banks.Infact,asofthefirstquar
2、terof2013,about6,000commercialbanksexistwithinU.S.borders,allvyingtoservesome315millionAmericans.WhiletheUnitedStatesandCanadaareextremes,mostcountries’bankingsystemsmorecloselyre-sembletheCanadianstructure.InJapan,forexample,127millionpeopledependon120banks;intheUnitedKingdom,63mil
3、lionpeopleareservedby155domes-ticallyincorporatedbanks;andinChina,therearefewerthan200banksfor1.35billionpeople!Amazingly,theUnitedStatesoncehadevenmorebanksthanitdoestoday.AsFigure13.1shows,thenumberofcommercialbankspeakedatnearly15,000in1984andhasbeenfallingeversince.Thefigurealso
4、showsanoddpatterninthestructureofbanks.Fordecades,mostU.S.bankswereunitbanks,orbankswithoutbranches.Throughoutthe1950sand1960s,morethantwo-thirdsofbankswereunitbanks.Overthelastquarterofthe20thcentury,however,thepatternchanged.Today,lessthanone-fourthofbanksintheUnitedStatesareunitb
5、anks.Whatexplainsthischangeinstructure?ThedeclineinthetotalnumberofbanksandtheincreaseinthenumberofbankswithbranchesarenottheonlychangestheU.S.bankingindustryhasseeninrecentyears.InApril1998,theTraveler’sInsuranceCompany,togetherwithitsinvestmentbankingandbrokeragesubsidiarySalomonS
6、mithBarney,mergedwithCitibank,thenthesecondlargestcommercialbankinthecountry,tobecomeCitigroup.Atthetimeofitscreation,Citigrouphad$700billioninassetsandmorethan100millioncustomersin100countries.Itwasalsoillegal.Butbytheendof1999,thelawthatforbadesuchcombinationshadbeenrepealed,andCi
7、tigroupbeganbuyingupevenmorefinancialfirms.Today,Citigroupandafewothermegabanksprovideabroadassortmentofproductsofferedbyalmostallotherfinancialinstitutions.Thesemayincludethefunctionsofaninsurancecompany,apensionfund,asecuritiesbroker,acollectionofmutualfunds,afinancecompanyand—ofc
8、ourse—acommercialba