Foreign Banking Organizations
The U.S. banking industry shows the impact of financial markets’ increasing globalization. Clearly, foreign banks are becoming more important to our country’s banking system. Total assets held by foreign banks have risen steadily from $46 billion in 1974 to over $1,497 billion in mid-2004, more than trebling the share of assets they held from 4.9% to 18.1%.
Suggested citation: "Foreign Banking Organizations," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-12, pp. 17, 12.01.2004.