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10 things you didn’t know about banks

By Natalie Shimmin
July 26, 2022
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1. Banks are some of the most heavily regulated institutions in the world.

2. Banks play a crucial role in the economy, providing essential services to businesses and individuals.

3. Banks are huge – the largest, JPMorgan Chase, has assets of over $2 trillion.

4. Despite their size and importance, banks are surprisingly fragile. They were at the center of the financial crisis of 2008 and have been bailed out by taxpayers several times.

5. Banks make most of their money from lending, but they also earn revenue from fees and investments.

6. The interest rates charged on loans and paid on deposits are set by the market, not by the banks.

7. Banks use complex financial instruments to minimize their risk, but these can backfire – as happened during the financial crisis.

8. Banks are facing new challenges from technology companies like Amazon and Facebook, which are encroaching on their turf with new payment systems and financial products.

9. Banks are under constant attack from cyber criminals, who are attracted by the large amounts of money they hold.

10. Despite all their problems, banks are still immensely powerful and influential institutions.

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Natalie Shimmin

Natalie Shimmin is a banking expert with over 10 years of experience in the industry. She has worked in various roles, including retail banking, business banking, and lending. In her current role as a product manager at a large bank, she is responsible for developing and launching new products to the market. Natalie is passionate about helping people achieve their financial goals. She enjoys educating others on personal finance topics and providing advice on how to save money and grow wealth. In her spare time, she enjoys spending time with her family and friends, travelling, and playing sports.

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