Editing Economy of the United States (section)

==Finance==
{{Main|Banking in the United States|Insurance in the United States}}
{{Further|List of largest banks}}
[[File:NYC NYSE.jpg|thumb|The [[New York Stock Exchange]] is the largest stock exchange in the world.]]
Measured by [[market capitalization|value]] of its listed companies' [[Security (finance)|securities]], the [[New York Stock Exchange]] is more than three times larger than any other stock exchange in the world.<ref name="world-exchanges.org">{{cite web|url=http://www.world-exchanges.org/statistics/ytd-monthly|archive-url=https://web.archive.org/web/20111106005313/http://www.world-exchanges.org/statistics/ytd-monthly|archive-date=November 6, 2011 |title=WFE – YTD Monthly |date=November 6, 2011 |access-date=June 8, 2014}}</ref> As of October 2008, the combined [[Market capitalization|capitalization]] of all domestic NYSE listed companies was US$10.1{{spaces}}trillion.<ref>{{cite web |url=http://www.nyxdata.com/nysedata/default.aspx?tabid=115 |title=> Data Products > NYSE > Facts & Figures |publisher=NYXdata |access-date=April 21, 2012 |archive-date=February 28, 2009 |archive-url=https://web.archive.org/web/20090228111716/http://www.nyxdata.com/nysedata/Default.aspx?tabid=115 |url-status=dead }}</ref> [[NASDAQ]] is another American [[stock exchange]] and the world's third-largest exchange after the [[New York Stock Exchange]] and Japan's [[Tokyo Stock Exchange]]. However, NASDAQ's [[Market value|trade value]] is larger than Japan's TSE.<ref name="world-exchanges.org" /> NASDAQ is the largest [[Electronic visual display|electronic screen-based]] [[Share capital|equity securities]] trading market in the U.S. With approximately 3,800 companies and corporations, it has more trading volume per hour than any other stock exchange.<ref>{{cite web |url=http://www.nasdaq.com/newsroom/stats/Performance_Report.stm#item_2 |title=NASDAQ Performance Report|access-date=February 15, 2007 |date=January 12, 2007 |work=NASDAQ Newsroom |publisher=The Nasdaq Stock Market|archive-url=https://web.archive.org/web/20070210233035/http://www.nasdaq.com/newsroom/stats/Performance_Report.stm|archive-date=February 10, 2007}}</ref>

Because of the influential role that the U.S. stock market plays in [[international finance]], a [[New York University]] study in late 2014 interprets that in the short run, stocks that affect the willingness to bear risk independently of macroeconomic fundamentals explain most of the variation in the U.S. stock market. In the long run, the U.S. stock market is profoundly affected by shocks that reallocate the rewards of a given level of production between workers and shareholders. Productivity shocks, however, play a small role in historical stock market fluctuations at all horizons in the U.S. stock market.<ref>[http://www.econ.nyu.edu/user/ludvigsons/osf.pdf Origins of Stock Market Fluctuations] {{Webarchive|url=https://web.archive.org/web/20150923233200/http://www.econ.nyu.edu/user/ludvigsons/osf.pdf |date=September 23, 2015 }}. [[New York University]], December 16, 2014.</ref>

The U.S. [[finance industry]] comprised only 10% of total non-farm business profits in 1947, but it grew to 50% by 2010. Over the same period, finance industry income as a proportion of GDP rose from 2.5% to 7.5%, and the finance industry's proportion of all corporate income rose from 10% to 20%. The mean earnings per employee hour in finance relative to all other sectors has closely mirrored the share of total U.S. income earned by the top 1% income earners since 1930. The mean salary in New York City's finance industry rose from $80,000 in 1981 to $360,000 in 2011, while average New York City salaries rose from $40,000 to $70,000. In 1988, there were about 12,500 U.S. banks with less than $300{{spaces}}million in deposits, and about 900 with more deposits, but by 2012, there were only 4,200 banks with less than $300{{spaces}}million in deposits in the U.S., and over 1,800 with more.

Top ten U.S. banks by assets<ref name="money.msn.com">[http://money.msn.com/ Stock quotes, investing & personal finance, news – MSN Money] {{Webarchive|url=https://web.archive.org/web/20130506025118/http://money.msn.com/ |date=May 6, 2013}}. Money.msn.com (December 31, 1999).</ref><ref name="secdatabase.com">secdatabase.com</ref><ref>[http://www.goldmansachs.com/investor-relations/index.html Investor Relations]. Goldman Sachs.</ref><ref>{{cite web|url=https://www.usbank.com/cgi_w/cfm/about/investor/index.cfm|title=Financial and investor information from U.S. Bank|website=usbank.com|access-date=May 6, 2013|archive-date=October 12, 2018|archive-url=https://web.archive.org/web/20181012182518/https://www.usbank.com/cgi_w/cfm/about/investor/index.cfm|url-status=dead}}</ref>
{| class="wikitable"
|1|| JP Morgan Chase
|-
|2||Bank of America
|-
|3||Citigroup
|-
|4||Wells Fargo
|-
|5||Goldman Sachs
|-
|6||Morgan Stanley
|-
|7||U.S. Bancorp
|-
|8||Bank of NY Mellon
|-
|9||HSBC North American Holdings
|-
|10||Capital One Financial
|}
A 2012 [[International Monetary Fund]] study concluded that the U.S. financial sector has grown so large that it is slowing [[economic growth]]. New York University economist [[Thomas Philippon]] supported those findings, estimating that the U.S. spends $300{{spaces}}billion too much on financial services per year, and that the sector needs to shrink by 20%. Harvard University and University of Chicago economists agreed, calculating in 2014 that workers in research and development add $5 to the GDP for each dollar they earn, but finance industry workers cause the GDP to shrink by $0.60 for every dollar they are paid.<ref>{{cite news|last1=Tankersley|first1=Jim|title=A black hole for our best and brightest|url=https://www.washingtonpost.com/sf/business/2014/12/16/a-black-hole-for-our-best-and-brightest/|access-date=December 23, 2014|newspaper=The Washington Post|date=December 16, 2014}}</ref> A study by the [[Bank for International Settlements]] reached similar conclusions, saying the finance industry impedes economic growth and research and development based industries.<ref>{{cite web|last1=Cecchetti|first1=Stephen G|last2=Kharroubi|first2=Enisse|title=Why does financial sector growth crowd out real economic growth?|url=http://www.bis.org/publ/work490.pdf|website=BIS Working Papers No 490|publisher=Bank for International Settlements|access-date=September 20, 2015}}</ref>