Competition between banks has been around since the 1800s. The whole goal for banks is to get more consumers. Competition between banks is still happening this very day; it helps run our economy. There is also time in history that banks have caused problems for example The Great Depression.
Background
My topic, the competition between banks dates back all the way to the 1800s. Competition between banks is a thing to this day still banks have been around to help with the economy. New York City's Bank of Commerce established operations in 1839. The Guaranty Trust Company of New York combined with this organization in 1929, making it the J.P. Morgan family's first ancestor. Wells Fargo was founded by two people on March 18, 1852 those people were Henry Wells and William G. Fargo. There are also major factors
…show more content…
Those people were Henry Wells and William G. Fargo. Wells Fargo is a global financial aid corporation . Wachovia National Banks had Wells Fargo competition until they bought Wachovia and combined them together. The competition Wells Fargo dealt with helped expand their banks across the US, which helps more consumers go toward Wells Fargo. It was a new bank in the pre 1800s and not a lot of consumers were trustworthy to Wells Fargo such as customers and investors to Wells Fargo. Also they had lots of other big competitions which they had to focus on. They need to get consumers in order to have a proper company. Wells Fargo competition between other banks helps get them more consumers toward their banks. Also buying Wachovia National Banks helps impact their bank because they expanded. It also helped spread banks across the U.S. which helped make them a major bank in America. This implication made Wells Fargo a national brand. To this day Wells Fargo keeps growing and is becoming bigger in the banking industry. This was all affected by the competition between other banks and buying Wachovia National