FINANCIAL SERVICES AT A GLANCE 
  • The assets of the financial services sector grew 9.0 percent to $60.4 trillion in 2007 from $55.4 trillion in 2006.

  • The financial services industry’s gross domestic product (GDP), excluding the real estate sector, reached $1.1 trillion in 2006, accounting for nearly 8.3 percent of the national GDP.

  • Financial services employed 6.1 million workers in 2007, accounting for 5.4 percent of total U.S. employment in private industry.

  • Financial assets of the personal sector grew 67.5 percent to $40.7 trillion in 2007 from $24.3 trillion in 1997. This sector includes households, nonfarm noncorporate business and farm business.

  • Financial services mergers were valued at $200 billion in 2006, up 27 percent from $158 billion in 2005.

  • Household debt rose 8.6 percent and business debt rose 8.2 percent from 2005 to 2006.

  • Insurance fee income reported by bank holding companies (BHCs) rose slightly from $43.5 billion in 2006 to $43.7 billion in 2007. BHC investment fee income rose 10.3 percent from $56.4 billion in 2006.