Financial information provider SNL Financial in a report said that the five largest lenders in US control 44.2% of the industry's assets. JPMorgan Chase & Co, Bank of America,Citigroup,Wells Fargo & Co, and US Bancorp have a total of $6.46 trillion in assets.
Industry
Older Americans shun retirement to establish startups- report
Instead of taking things easy on retirement, an increasing number of older Americans have become entrepreneurs and have taken the risk of forming their own companies, Bloomberg reported.
Borrowing costs for Eurozone's crisis-hit countries fall
Borrowing costs for the Eurozone countries that experienced the brunt of the crisis dropped after a high demand from investors for 10-year bonds offered by the Irish government, the Financial Times reported.
Global tech market forecast to decline in 2014 with no new growth driver - study
With no new gadgets seen to fuel growth, the global technology market is poised for a slight drop in 2014, according to estimates from the Consumer Electronics Association, the Financial Times reported.
Fall in cross border capital flows raises worries about strength of economic recovery- report
The flow of money across the worldwide financial system is still the same as that a decade ago, raising questions about the pace of economic recovery years after the financial crisis, the Financial Times reported.
Latest News
China said it would give more support to the domestic solar power industry as the government seeks to revamp a sector that is plagued with overcapacity and lower prices, Reuters reported.
The private equity industry worldwide was able to reach $431 billion in fundraising last year, an increase of 13% from the funds raised in 2012, a Preqin study revealed.
Chinese founders of technology firms that have become billion dollar firms have gone on to start other companies or act as benefactors of other startups or give guidance to young firms, the Financial Times reported.
The Financial Industry Regulatory Authority said it would be ramping up its efforts against brokers who sell high risk products like emerging market "frontier" funds to investors of lesser means, the Financial Times reported.
The Thomson Reuters/PayNet Small Business Lending Index showed that small businesses in the US increased their borrowings in November 2013 compared to that of the previous year, Reuters reported.
The top dealmaker for Canadian retail mergers and acquisitions for 2013 is the Royal Bank of Canada, data from Bloomberg revealed. RBC has held the top spot for the third straight year.
The African private equity industry in Africa may be young and subject to various shortcomings but political stability, infrastructure growth and increasing consumer activity has given it a more positive outlook for this year, the Financial Times reported.
Data from Cambridge Associates showed that 2013 was a good year for private equity as they returned $120 billion to their institutional backers, the San Francisco Business Times reported.
Indian companies were able to get private equity deals worth $10.68 billion in 2013, an increase of 12% in value terms compared to that of the previous year.
