Total Commercial Banks and Savings institutions in the US
People in the Financial Services workforce
About the US Financial Services Sector
The US has the largest and most liquid financial markets in the world, with finance and insurance accounting for 7.4% ($1.5 trillion) of US GDP in 2018. Leadership in the financial services sector corresponds to significant economic activity as well as direct and indirect job creation in the US. Financial services and products assist and finance the export of goods and agricultural products manufactured in the US. The US exported $114.5 billion in financial services and insurance in 2017, accumulating a $40.8 billion surplus in this trade category, with 6.3+ million employed in 2018.
Financial firms can gain marked advantages by investing in the US financial services industry. The fact that at least 28 financial services companies out of all companies in Fortune’s Global 500 listing have opted to have their headquarters in the US lends credence to this. This industry offers a wide range of financial instruments and products that enable consumers to manage risk, create wealth, and meet financial needs.