Non-banking Financial firms mark an integral part of the financial system of any country, despite the country’s financial status. It plays a major role in the economic growth, overall. Especially the micro, small and medium enterprises benefit a lot from these firms. These firms have a ground-level understanding of the requirement and provide the customer an edge and enough space to come up with innovation. Its ability to reach a diverse set of audience with these great plans is what makes them unique.
In the recent years, there has been a significant rise in the popularity and number of Non-banking financial companies in the world. Non-Banking Financial Companies do not provide loans, retirement planning, and many other services that are covered under traditional banking repertoire. Non-Banking Financial Companies include insurance firms, currency exchanges, check cashing, credit operations, brokerage, equity etc. The top 10 Non-Banking Financial Companies 2018 are as follows.
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10. Banco Santander
Banco Santander is not only one of the top financial companies in the world but also the top in Spain. It has its operations mainly in Europe, Latin America, North America and Asia partly through acquired companies. The company provides services in retail, corporate, investment, insurance, asset management, private equity, and currently boasts the total revenue of 42 billion Euros.
In spite of being a part of the old boys club, Blackstone is known for its progressive hiring process and diversity. The firm currently has 40% women employees, higher than any other corporate finance company. The company boasts a total revenue of $ 7.484 billion, and it’s products include private equity, investment management, and asset management. It is considered the largest company in alternative investment.
8. Goldman Sachs
Goldman Sachs is one of the top multinational financial companies. It has the current revenue of $37.81 billion. Its services are Asset management, commodities, mutual funds, and prime brokerage. It is also known for its global investment, investment management, and securities. Goldman Sachs gives prime importance in character building of its employees which has resulted in a lot of employees of Goldman Sachs to have gone on to become prominent political figures like Robert Rubin, Henry Paulson, Gary Cohn among others.
7. Credit Suisse
Credit Suisse is a Swiss Financial Service provider holding company with headquarters in Zurich, Switzerland and the current revenue of 23.38 billion Euros. It works in investment, private banking and asset management and is one of the most widely branched financial companies in the world. It also has significant roles in the development of the country’s currency system.
6. JP Morgan Chase and Co.
JP Morgan Chase and Co is a financial company with a rich legacy. It was originally the Bank of Manhattan Company founded in 1799. It later rebranded to JP Morgan Chase and Co in 2000. It has a wide range of services; asset allocation, asset management, bond trading, brokerage services etc. It’s 2016 revenue was $95.66 billion. JP Morgan Chase and Co is one of the biggest names in financial firms and holds a major position in its country’s economic decisions and development.
5. Wells Fargo
Wells Fargo is a multinational finance company based in New York. In spite of recent government and political conspiracies and lawsuits regarding its CEO, Wells Fargo continues to hold its place on the top list of financial companies. It has the current revenue of $14.16 billion. The company is primarily investment based providing services in asset management, brokerage, trading, equities, etc. It is the third largest bank in the United States by assets.
4. Citi Group
Citi Group is one of the most widely branched American multinational financial companies. It has operations in every continent. It is considered to be in the top three finance organisation ( banking included ) in America. With an annual revenue of $69.87 billion, the company provides services in credit operations, private banking and financial analysis. Citi Group also holds the title for one of the most trusted financial firms in the market.
3. The FNMA
The Federal National Mortgage Association or as it is commonly called Fannie Mae is one of the largest mortgage companies in America. It is one of the more resilient financial companies, with its founding roots during the great depression. Today, it not only provides services in mortgage but also does business in the debt markets. It has a current revenue of $108.31 billion. Fannie Mae’s mortgage is also unique because it gives the client a choice to invest in secondary market investors to replenish their fund. This makes FNMA’s home loans one of the most sought-after home loans.
2. ING Group
The orange dragon of the ING Group is one most recognisable logos even in non-financial spheres. Primarily based in Amsterdam, the company has a worldwide business module. It now boasts the annual revenue of ¢17.49 billion with multiple business ventures in investment banking, asset management, and insurance among others. The ING group with its recent partnership with the German company Scalable I’m online wealth management has increased the quality of its customer service while ensuring a hefty profit.
In spite of being a ¢98.53 annual revenue company, AXA has never failed to uphold it’s diverse and all-inclusive worldview. This can be seen from its very name “AXA” which is not an acronym but rather the nomenclature was selected so that people from all backgrounds can pronounce it easily. With its headquarters in Milan, the multinational company primarily deals with global insurance and investment management.
A Non-Banking Financial Company is a financial company that provides almost all of the traditional banking services, but it lacks a public banking licence. Non-Banking Financial Companies include insurance firms, currency exchanges, check cashing, credit operations, brokerage, equity etc. As Non-Banking Financial Companies do not have to adhere to traditional banking regulations, it is quicker and easier to obtain a loan from them. This is beneficial to people seeking investment banking opportunities.