The US banking system with over 4,700 diverse banks plays an essential role in the global economy. The US banking crisis in March 2023 with the collapse of Silicon Valley Bank, Signature Bank, and recently Republic First Bank has raised concerns in the community. The main concern lies in the resilience of the banking system at different levels of scale and importance to the economy.
In today's article, Viet Hustler will introduce readers to the banking system, classification, and characteristics of banking groups in the US.
FYI: The main reason the US banking system is fragmented stems from 19th-century regulations that limited the scope of bank operations to prevent banks from becoming too powerful.
