Essay about banking career

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If you don't know how to review your essays , our Winning MBA Essay Guide will demonstrate how to improve readability with the power of iteration, and maintain your original voice by removing review biases. By the late s, many banks demanded a position on the boards of the companies seeking capital, and if the management proved lacking, they ran the companies themselves. Morgan and Company emerged at the head of the merchant banks during the late s. It was connected directly to London, then the financial center of the world, and had considerable political clout in the United States.

Morgan and Co. Although the dawn of the s had well-established merchant banks, it was difficult for the average American to get loans from them. These banks didn't advertise and they rarely extended credit to the "common" people. Racism was also widespread and, even though the Jewish and Anglo-American bankers had to work together on large issues, their customers were split along clear class and race lines.

These banks left consumer loans to the lesser banks that were still failing at an alarming rate.


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The collapse in shares of a copper trust set off a panic that had people rushing to pull their money out of banks and investments, which caused shares to plummet. Without the Federal Reserve Bank to take action to calm people down, the task fell to J. Morgan to stop the panic, by using his considerable clout to gather all the major players on Wall Street to maneuver the credit and capital they controlled, just as the Fed would do today.

Sample Why Stanford MBA Essay: Career Switching (Private Equity to Operations)

Ironically, this show of supreme power in saving the U. The fact that it took J. Morgan, a banker who was disliked by much of America for being one of the robber barons with Carnegie and Rockefeller, to do the job, prompted the government to form the Federal Reserve Bank, commonly referred to today as the Fed, in Although the merchant banks influenced the structure of the Fed, they were also pushed into the background by it. Even with the establishment of the Federal Reserve, financial power and residual political power was concentrated in Wall Street.

When World War I broke out, America became a global lender and replaced London as the center of the financial world by the end of the war. Unfortunately, a Republican administration put some unconventional handcuffs on the banking sector.

The Evolution of Banking Over Time

The government insisted that all debtor nations must pay back their war loans, which traditionally were forgiven, especially in the case of allies, before any American institution would extend them further credit. This slowed down world trade and caused many countries to become hostile toward American goods. When the stock market crashed on Black Tuesday in , the already sluggish world economy was knocked out. The Federal Reserve couldn't contain the crash and refused to stop the depression ; the aftermath had immediate consequences for all banks.

How to choose credible sources for your banking essay

A clear line was drawn between being a bank and being an investor. In , banks were no longer allowed to speculate with deposits and the FDIC regulations were enacted, to convince the public it was safe to come back. No one was fooled and the depression continued. World War II may have saved the banking industry from complete destruction. WWII and the industriousness it generated lifted the U.

For the banks and the Federal Reserve, the war required financial maneuvers using billions of dollars. This massive financing operation created companies with huge credit needs that, in turn, spurred banks into mergers to meet the new needs. These huge banks spanned global markets. More importantly, domestic banking in the U. With the exception of the extremely wealthy, very few people buy their homes in all-cash transactions. Most of us need a mortgage , or some form of credit, to make such a large purchase. In fact, many people use credit in the form of credit cards to pay for everyday items.

The world as we know it would not run quite so smoothly without credit—or without banks to issue credit.

Banking and Finance Essays - Words | Cram

Banks have come a long way from the temples of the ancient world, but their basic business practices have not changed. Banks issue credit or loans to people who need it, but they demand interest on top of the repayment of the loan. Although history has altered the fine points of the business model , a bank's purpose is to make loans and protect depositors' money. Even if the future takes banks completely off your street corner and onto the internet—or have you shopping for loans across the globe—banks will still exist to perform this primary function. Business Leaders. Federal Reserve.

Financial Fraud.