Financial Services at a Glance
- The assets of the financial services sector rose 1.2 percent to $58.6 trillion in 2011, following a 0.4 percent increase the previous year, according to the Board of Governors of the Federal Reserve (Fed).
- The financial services industry’s gross domestic product (GDP), excluding the real estate sector, reached $1.24 trillion in 2010, accounting for 8.5 percent of the national GDP, according to the U.S. Department of Commerce.
- Financial services employed 5.8 million workers in 2011, about the same as the 5.7 million workers in 2010. Financial services employment accounted for 5.3 percent of total U.S. employment in private industry in 2011, according to the U.S. Department of Labor.
- Financial assets of the personal sector grew 1.0 percent to $46.3 trillion in 2011, following a 6.9 percent increase the previous year, according to the Fed. The personal sector includes households, nonfarm noncorporate business and farm business.
- Financial services mergers were valued at $139.4 billion in 2011, up 31 percent from $106.4 billion in 2010, according to SNL Financial LC.
- Retirement assets rose by $100 billion to $17.9 trillion in 2011, after rising $1.6 trillion in 2010, according to the Investment Company Institute.
- According to the Fed, household debt fell 1.5 percent in 2011, following a 2.2 percent decline the previous year. Business debt rose 4.5 percent in 2011, after rising 0.8 percent in 2010.
- Insurance fee income reported by bank holding companies (BHCs) rose by $9.4 billion to $57.2 billion in 2011, following a $500 million increase in 2010, according to Michael White Associates. BHC investment fee income fell by $780 million to $91.18 billion in 2011, after rising by $2.21 billion the previous year.