The industry in the US pertaining to commercial banking has been reporting high levels of performance regardless of the decline in the rate of growth in the economy. “The United States commercial banking industry generated total revenues of $502.7 billion in 2006, this representing a compound annual growth rate (CAGR) of 5.5% for the five-year period spanning 2002-2006.” And “The interest sector proved the most lucrative for the US commercial banking industry in 2006, generating total revenues of $278.3 billion, equivalent to 57.1% of the industry’s overall value. In comparison, the non-interest sector generated revenues of $215.4 billion in 2006, equating to 42.9% of the industry’s aggregate revenues.” (‘Commercial banking in the united states’, 2007)
However due to the imminent depression/ recession in the US economy, the industry is also forecasted to report decline in the rate of growth as well.
The other large sector in the industry relevant to the Ban of America is the retail and investment sector. This has been facing reduced level of performance due to the recessionary economic indicators in the last year. “In 2007 the United States retail savings and investments market experienced significant deceleration when compared to its performance in previous years and experienced growth of just 3.5%.”(‘Retail Savings and Interests in the United States’, 2007)
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