Given the unemployment situation in this country, a strong U.S. economy is more critical than ever. Large U.S. banks are an essential element of economic growth, stability and America’s continued global financial leadership. Banks are directly tied to job creation because businesses of all sizes rely on capital and credit to launch, survive, grow, and hire.
The U.S. financial services sector employs nearly 8 million Americans or 5.8 percent of the workforce. Moreover, according to the Bureau of Economic Analysis, every financial sector job creates and supports up to three additional non-financial sector jobs, depending on the state.
While the U.S. economy needs financial institutions of all sizes, large banks deliver significant and unique value – in the array of products and services they can provide, and their geographic reach – that smaller institutions simply cannot provide. Large institutions provide credit and other services to millions of small businesses, and are particularly important to large, globally active U.S. corporations, which employ tens of millions of Americans.
Large, globally active institutions also help make credit and other financial products and services more available in emerging market economies, expanding trade flows, opening foreign markets to U.S. goods and services, thereby bolstering economic growth and job creation.
The U.S. economy needs every tool available to get back on track and promote long-term growth – and one of the most critical of these tools are the large financial institutions that supply credit for businesses of all sizes to create jobs and boost economic growth.