FDIC Urges Banks to Increase Focus on Growing Population of Unbanked Americans
The Paragon Report Provides Stock Research on Bank of America and Citigroup
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 09/25/12 -- Banking stocks have been some of the strongest performers in the markets. Recent stimulus measures announced by the U.S. and Europe have helped ease concerns of a global economic slowdown. The SPDR S&P Bank ETF KRE has gained roughly 20 percent year-to-date. The Paragon Report examines investing opportunities in the Banking Industry and provides equity research on Bank of America Corp. (NYSE: BAC) and Citigroup Inc. (NYSE: C).
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The Federal Deposit Insurance Corp. has urged the banking industry to increase their focus on unbanked Americans. According to numbers from the FDIC's National Survey of Unbanked and Underbanked Households the number of U.S. households that do not use banking services increased by 821,000 from 2009 to 2011. Approximately 8.2 percent of the nation's population manages their finances without the use of bank accounts from financial institutions.
"Insured financial institutions have an important chance to grow their customer base by expanding opportunities that bring unbanked and underbanked individuals into mainstream banking," Martin J. Gruenberg, the acting chairman of the FDIC, said in an e-mailed statement.
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Bank of America is one of the world's largest financial institutions, serving approximately 56 million consumer and small business relationships. The Wall Street Journal recently reported that Bank of America is accelerating plans to slash 16,000 bank payrolls by a year. The new plan will bring the company's headcount to 260,000 from 2010's peak of 288,000.
Citigroup, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. On Aug. 21, Citi announced the issuance of its sole-branded credit card in China, making it the first global bank in China to do so. "Citi is pursuing growth across multiple businesses in China. With the Citi credit card, we are now in a better position to provide our customers in China a full suite of products and services to meet their spending needs and help with their financial planning," noted Andrew Au, Chairman and CEO of Citi China.
The Paragon Report has not been compensated by any of the above-mentioned publicly traded companies. Paragon Report is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at:
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Datum: 25.09.2012 - 06:20 Uhr
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