Advertising is a marketing communication that employs an sponsored, non-personal message to promote or sell a product, service or idea. Sponsors of advertising are businesses wishing to promote their products or services. Advertising is differentiated from public relations in that an advertiser pays for and has control over the message, it differs from personal selling in that the message is non-personal, i.e. not directed to a particular individual. Advertising is communicated through various mass media, including traditional media such as newspapers, television, outdoor advertising or direct mail; the actual presentation of the message in a medium is referred to as an advertisement, or "ad" or advert for short. Commercial ads seek to generate increased consumption of their products or services through "branding", which associates a product name or image with certain qualities in the minds of consumers. On the other hand, ads that intend to elicit an immediate sale are known as direct-response advertising.
Non-commercial entities that advertise more than consumer products or services include political parties, interest groups, religious organizations and governmental agencies. Non-profit organizations may use free modes such as a public service announcement. Advertising may help to reassure employees or shareholders that a company is viable or successful. Modern advertising originated with the techniques introduced with tobacco advertising in the 1920s, most with the campaigns of Edward Bernays, considered the founder of modern, "Madison Avenue" advertising. Worldwide spending on advertising in 2015 amounted to an estimated US$529.43 billion. Advertising's projected distribution for 2017 was 40.4% on TV, 33.3% on digital, 9% on newspapers, 6.9% on magazines, 5.8% on outdoor and 4.3% on radio. Internationally, the largest advertising-agency groups are Dentsu, Omnicom, WPP. In Latin, advertere means "to turn towards". Egyptians used papyrus to make sales messages and wall posters. Commercial messages and political campaign displays have been found in the ruins of Pompeii and ancient Arabia.
Lost and found advertising on papyrus was common in ancient ancient Rome. Wall or rock painting for commercial advertising is another manifestation of an ancient advertising form, present to this day in many parts of Asia and South America; the tradition of wall painting can be traced back to Indian rock art paintings that date back to 4000 BC. In ancient China, the earliest advertising known was oral, as recorded in the Classic of Poetry of bamboo flutes played to sell confectionery. Advertisement takes in the form of calligraphic signboards and inked papers. A copper printing plate dated back to the Song dynasty used to print posters in the form of a square sheet of paper with a rabbit logo with "Jinan Liu's Fine Needle Shop" and "We buy high-quality steel rods and make fine-quality needles, to be ready for use at home in no time" written above and below is considered the world's earliest identified printed advertising medium. In Europe, as the towns and cities of the Middle Ages began to grow, the general population was unable to read, instead of signs that read "cobbler", "miller", "tailor", or "blacksmith", images associated with their trade would be used such as a boot, a suit, a hat, a clock, a diamond, a horseshoe, a candle or a bag of flour.
Fruits and vegetables were sold in the city square from the backs of carts and wagons and their proprietors used street callers to announce their whereabouts. The first compilation of such advertisements was gathered in "Les Crieries de Paris", a thirteenth-century poem by Guillaume de la Villeneuve. In the 18th century advertisements started to appear in weekly newspapers in England; these early print advertisements were used to promote books and newspapers, which became affordable with advances in the printing press. However, false advertising and so-called "quack" advertisements became a problem, which ushered in the regulation of advertising content. Thomas J. Barratt of London has been called "the father of modern advertising". Working for the Pears Soap company, Barratt created an effective advertising campaign for the company products, which involved the use of targeted slogans and phrases. One of his slogans, "Good morning. Have you used Pears' soap?" was famous in its day and into the 20th century.
Barratt introduced many of the crucial ideas that lie behind successful advertising and these were circulated in his day. He stressed the importance of a strong and exclusive brand image for Pears and of emphasizing the product's availability through saturation campaigns, he understood the importance of reevaluating the market for changing tastes and mores, stating in 1907 that "tastes change, fashions change, the advertiser has to change with them. An idea, effective a generation ago would fall flat and unprofitable if presented to the public today. Not that the idea of today is always better than the older idea, but it is different – it hits the present taste."As the economy expanded across the world during the 19th century, advertising grew alongside. In the United States, the success of this advertising format led to the growth of mail-order advertising. In June 1836, French newspaper La Presse was the first to include paid advertising in its pages, allowing it to lower its price, extend its readership and increase its profitability and the formula was soon copied by all titles.
Around 1840, Volney B. Palmer established the roo
California is a state in the Pacific Region of the United States. With 39.6 million residents, California is the most populous U. S. the third-largest by area. The state capital is Sacramento; the Greater Los Angeles Area and the San Francisco Bay Area are the nation's second and fifth most populous urban regions, with 18.7 million and 9.7 million residents respectively. Los Angeles is California's most populous city, the country's second most populous, after New York City. California has the nation's most populous county, Los Angeles County, its largest county by area, San Bernardino County; the City and County of San Francisco is both the country's second-most densely populated major city after New York City and the fifth-most densely populated county, behind only four of the five New York City boroughs. California's $3.0 trillion economy is larger than that of any other state, larger than those of Texas and Florida combined, the largest sub-national economy in the world. If it were a country, California would be the 5th largest economy in the world, the 36th most populous as of 2017.
The Greater Los Angeles Area and the San Francisco Bay Area are the nation's second- and third-largest urban economies, after the New York metropolitan area. The San Francisco Bay Area PSA had the nation's highest GDP per capita in 2017 among large PSAs, is home to three of the world's ten largest companies by market capitalization and four of the world's ten richest people. California is considered a global trendsetter in popular culture, innovation and politics, it is considered the origin of the American film industry, the hippie counterculture, fast food, the Internet, the personal computer, among others. The San Francisco Bay Area and the Greater Los Angeles Area are seen as global centers of the technology and entertainment industries, respectively. California has a diverse economy: 58% of the state's economy is centered on finance, real estate services and professional, scientific and technical business services. Although it accounts for only 1.5% of the state's economy, California's agriculture industry has the highest output of any U.
S. state. California is bordered by Oregon to the north and Arizona to the east, the Mexican state of Baja California to the south; the state's diverse geography ranges from the Pacific Coast in the west to the Sierra Nevada mountain range in the east, from the redwood–Douglas fir forests in the northwest to the Mojave Desert in the southeast. The Central Valley, a major agricultural area, dominates the state's center. Although California is well-known for its warm Mediterranean climate, the large size of the state results in climates that vary from moist temperate rainforest in the north to arid desert in the interior, as well as snowy alpine in the mountains. Over time and wildfires have become more pervasive features. What is now California was first settled by various Native Californian tribes before being explored by a number of European expeditions during the 16th and 17th centuries; the Spanish Empire claimed it as part of Alta California in their New Spain colony. The area became a part of Mexico in 1821 following its successful war for independence but was ceded to the United States in 1848 after the Mexican–American War.
The western portion of Alta California was organized and admitted as the 31st state on September 9, 1850. The California Gold Rush starting in 1848 led to dramatic social and demographic changes, with large-scale emigration from the east and abroad with an accompanying economic boom; the word California referred to the Baja California Peninsula of Mexico. The name derived from the mythical island California in the fictional story of Queen Calafia, as recorded in a 1510 work The Adventures of Esplandián by Garci Rodríguez de Montalvo; this work was the fifth in a popular Spanish chivalric romance series that began with Amadis de Gaula. Queen Calafia's kingdom was said to be a remote land rich in gold and pearls, inhabited by beautiful black women who wore gold armor and lived like Amazons, as well as griffins and other strange beasts. In the fictional paradise, the ruler Queen Calafia fought alongside Muslims and her name may have been chosen to echo the title of a Muslim leader, the Caliph. It's possible.
Know ye that at the right hand of the Indies there is an island called California close to that part of the Terrestrial Paradise, inhabited by black women without a single man among them, they lived in the manner of Amazons. They were robust of body with great virtue; the island itself is one of the wildest in the world on account of the craggy rocks. Shortened forms of the state's name include CA, Cal. Calif. and US-CA. Settled by successive waves of arrivals during the last 10,000 years, California was one of the most culturally and linguistically diverse areas in pre-Columbian North America. Various estimates of the native population range from 100,000 to 300,000; the Indigenous peoples of California included more than 70 distinct groups of Native Americans, ranging from large, settled populations living on the coast to groups in the interior. California groups were diverse in their political organization with bands, villages, on the resource-rich coasts, large chiefdoms, such as the Chumash and Salinan.
Trade, intermarriage a
Naming rights are a financial transaction and form of advertising whereby a corporation or other entity purchases the right to name a facility or event for a defined period of time. For properties like a multi-purpose arena, performing arts venue or an athletic field, the term ranges from three to 20 years. Longer terms are more common for higher profile venues such as a professional sports facility; the distinctive characteristic for this type of naming rights is that the buyer gets a marketing property to promote products and services, promote customer retention and/or increase market share. There are several forms of corporate sponsored names. A presenting sponsor attaches the name of the corporation or brand at the end of a generic traditional, name. A title sponsor replaces the original name of the property with a corporate-sponsored one, with no reference to the previous name. In a few cases, naming rights contracts have been terminated prematurely; such terminations may be the result of sponsor bankruptcy, or scandals.
Stadium naming may have shifted in recent years to promoting corporate trade names, but in earlier decades is traced to the family names of company founders. The record for the highest amount paid for naming rights belongs to Scotiabank Arena. On August 29, 2017, a 20-year/$800 Million sponsorship deal was reached between Maple Leaf Sports and Entertainment and Canada's Bank of Nova Scotia to rename Toronto's Air Canada Centre; the home of the NHL's Toronto Maple Leafs and NBA's Toronto Raptors became known as Scotiabank Arena on July 1, 2018. Prior to the Scotiabank Arena deal, the record belonged to Citi Field and Barclays Center, both located in New York City, US; each garnered deals of $20 million per year for at least 20 years. The New Meadowlands Stadium, shared home of the New York Giants and New York Jets in East Rutherford, New Jersey, US. was expected to eclipse both deals, with experts estimating it would value $25–30 million annually. It fell short of that benchmark, with MetLife Stadium earning $17 million annually from its naming rights deal with MetLife.
The purchaser of a stadium's naming rights may choose to donate those rights to an outside organization one to which it is related. The most notable example of this is Friends Arena, a major stadium in Stockholm; the facility was known as Swedbank Arena, but in 2012 that company donated those rights to the Friends Foundation, an organization seeking to combat school bullying, sponsored by Swedbank. More the Kentucky Farm Bureau, an organization promoting the interests of Kentucky farmers, best known to the non-farming public for its insurance business, acquired the naming rights to the University of Kentucky's new baseball park in 2018; the Farm Bureau in turn donated those naming rights to the Kentucky Department of Agriculture, naming the venue Kentucky Proud Park. The sponsored name is the brand used by said state agency in its marketing campaign for agricultural products produced in that state. Naming rights in United States may have been traced back to 1912 with the opening of Fenway Park in Boston.
The stadium's owner had owned a realty company called "Fenway Realty", so the promotional value of the naming has been considered. Despite this, it is more believed to have begun in 1926 when William Wrigley, the chewing gum magnate and owner of the Chicago Cubs, named his team's stadium "Wrigley Field." In 1953, Anheuser-Busch head and St. Louis Cardinals owner August Busch, Jr. proposed renaming Sportsman's Park, occupied by the Cardinals, "Budweiser Stadium". When this idea was rejected by Ford Frick, the Commissioner of Baseball at that time, Anheuser-Busch proposed the title "Busch Stadium" after one of the company's founders; the name was approved, Anheuser-Busch subsequently released a new product called "Busch Bavarian Beer". The name would be shifted to the Busch Memorial Stadium in 1966, shortened in the 1970s to "Busch Stadium" and remained the stadium's name until it closed in 2005. By that time, Major League Baseball's policy had changed – with Coors Field in Denver and Miller Park in Milwaukee going up in that span – and Anheuser-Busch was able to use the same name for the Cardinals' new stadium which opened on April 4, 2006.
Foxboro Stadium, the home of the New England Patriots between 1970 and 2001, was an early example of a team selling naming rights to a company that did not own it, naming the stadium Schaefer Stadium after the beer company from its building until 1983. The public reaction to this practice is mixed. Naming rights sold to new venues have been accepted if the buyer is well-established and has strong local connections to the area, such as the cases of Rich Stadium in the Buffalo suburb of Orchard Park, Heinz Field in Pittsburgh, Coors Field in Denver. Selling the naming rights to an already-existing venue has been notably less successful, as in the attempt to rename Candlestick Park in San Francisco to 3Com Park; the general public continued to call the facility what it had been known as for over three decades–i.e. Candlestick Park. After the agreement with 3Com expired, the rights were resold to Monster Cable, the stadium was renamed Monster Park. San Francisco voters responded by passing an initiative in the November 2004 elections that stipulated the name must revert to Candlestick Park once the contract with Monster expired in 2008.
Sponsoring something is the act of supporting an event, person, or organization financially or through the provision of products or services. The individual or group that provides the support, similar to a benefactor, is known as sponsor. Sponsorship is a cash and/or in-kind fee paid to a property in return for access to the exploitable commercial potential associated with that property. While the sponsoree may be nonprofit, unlike philanthropy, sponsorship is done with the expectation of a commercial return. While sponsorship can deliver increased awareness, brand building and propensity to purchase, it is different from advertising. Unlike advertising, sponsorship can not communicate specific product attributes. Nor can it stand alone, as sponsorship requires support elements. A range of psychological and communications theories have been used to explain how commercial sponsorship works to impact consumer audiences. Most use the notion that a brand and event become linked in memory through the sponsorship and as a result, thinking of the brand can trigger event-linked associations.
Cornwell and Roy have published an extensive review of the theories so far used to explain commercial sponsorship effects. One of the most pervasive findings in sponsorship is that the best effects are achieved where there is a logical match between the sponsor and sponsoree, such as a sports brand sponsoring a sports event. Work by Cornwell and colleagues however, has shown that brands that don't have a logical match can still benefit, at least in terms of memory effects, if the sponsor articulates some rationale for the sponsorship to the audience. Series sponsor is the highest status of sponsorship; the name and the logo of the sponsor is incorporated into the title of the series. This status allows companies to have a decisive voice on the issue of presence among sponsors other companies operating in the same business, the priority right to use teams, team members, players and the sanctioning body for conducting joint promotions, right of presence at all official events dedicated to a sports event, mandatory mentioning in all activities conducted on behalf of the team, highlighting the name of title sponsor in film credits, television programs which were created with its financial support, placement of logos and banners.
A patch or sticker is required to placed or worn on a visible item of every competitor if their personal sponsor is in direct competition with the series sponsor. Title sponsor characterizes the most significant contribution to a company in organizing and hosting an event; the name of such sponsor is placed next to the name of competition, individual athletes and is associated with it. In case of title sponsor's presence, the general sponsor position may remain free. General sponsor is a sponsor that makes one of the largest contributions and that receives for it the right to use the image of competition as well as extensive media coverage. If necessary, the status of the general sponsor may be supplemented by the general sponsors for certain categories, as well as the main sponsor. Team sponsor provides funds for individual teams; the more money provided, the larger area and more visible location are allocated. In some instances, the team sponsor may be rotated between the secondary sponsor roles.
This occurs with auto racing teams that travel over a vast area. A team sponsor may take the primary sponsorship role at a race in an area where they are present, such as a store chain; that sponsor may take a secondary sponsorship role, or not be on the car, in an area they have little or no presence, or are prohibited by law to sell, such as alcohol or tobacco products. Official sponsor is a sponsor; the given status may be granted by category. Technical sponsor is a sponsor which promotes organization of sporting events through the partial or full payment of goods and services. Participating sponsor is a company, the sponsorship fee size of which does not exceed 10% of total raised funds.. Informational sponsor is an organization that provides informational support through media coverage, conducting PR-actions, joint actions, etc. All sponsorship should be based on contractual obligations between the sponsor and the sponsored party. Sponsors and sponsored parties should set out clear terms and conditions with all other partners involved, to define their expectations regarding all aspects of the sponsorship deal.
Sponsorship should be recognisable as such. The terms and conduct of sponsorship should be based upon the principle of good faith between all parties to the sponsorship. There should be clarity regarding the specific rights being sold and confirmation that these are available for sponsorship from the rights holder. Sponsored parties should have the absolute right to decide on the value of the sponsorship rights that they are offering and the appropriateness of the sponsor with whom they contract; the sa
Citigroup Inc. or Citi is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998. Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries. Citigroup is ranked 3rd on the list of largest banks in the United States and, alongside JPMorgan Chase, Bank of America, Wells Fargo, it is one of the Big Four banks of the United States, it is a systemically important financial institution and is on the list of systemically important banks that are too big to fail. It is one of the nine global investment banks in the Bulge Bracket. Citigroup is ranked 32nd on the Fortune 500 as of 2018. Citigroup does business in more than 160 countries, it has 214,000 employees, although it had 357,000 employees before the financial crisis of 2007-2008, when it was rescued via a massive stimulus package by the U.
S. government. Citigroup is the holding company for the following divisions: Inc.. Citigroup Global Markets Limited, Citigroup Global Markets Japan - broker dealers, including one of 24 primary dealers in United States Treasury securities. Citi's Institutional Clients Group offers investment and corporate banking services and products for companies, governments and ultra high-net-worth investors. ICG consists of the following five main divisions:Capital Markets Origination is focused on the capital-raising needs such as public offerings, private placements, special purpose acquisition companies. Corporate & Investment Banking provides strategic and financing products and advisory services to multinational and local corporations, financial institutions and held businesses in more than 160 countries, it provides client services such as mergers & acquisitions advice and underwriting of initial public offerings. Markets & Securities Services includes investor services and direct custody and clearing, hedge fund and private equity servicing, issuer businesses.
It provides financial products through underwriting, sales & trading of a range of investment assets. Products offered include servicing of equities, credit, foreign exchange, emerging markets, G10 rates, prime finance/brokerage services, securitized markets, such as collateralized debt obligations and mortgage-backed securities, its Citi Research team provides equity and fixed income research, sector and geographic market analysis, product-specific analysis for Citi's individual and institutional clients. Its flagship research reports include the following: Portfolio Strategist, Bond Market Roundup, U. S. Economics Weekly, International Market Roundup, Global Economic Outlook & Strategy and the Global Equity Strategist. Citi Private Bank advises professional investors, ultra high-net-worth individuals and families, lawyers throughout the world, it uses an open architecture network of more than 800 private bankers and investment professionals across 46 countries and jurisdictions to provide clients access to global investment opportunities.
It has over $250 billion in assets under management. The minimum net worth requirement is $25 million in liquid assets and is waived for only law firm groups and other clients under special circumstances. Treasury and Trade Solutions provides cash management and securities services to companies and other institutions in the U. S. and more than 140 countries. TTS intermediates more than $3 trillion in global transactions daily, it has over $13 trillion assets under custody, about $377 billion in average liability balances, serves 99% of world's Fortune 100 companies and ~85% of the world's Fortune 500 companies, has 10 regional processing centers worldwide using global processes. Institutions use TTS to support their treasury operations with global solutions for payments, collections and investments by working in partnership with export credit agencies and development banks, it sells supply chain financing products as well as medium- and long-term global financing programs across multiple industries.
Clients doing business with Citi in 10 or more countries generate more than 60% of Transaction Services' total revenues. Grupo Financiero Banamex - the second largest bank in Mexico, it serves about 20 million clients. Citicorp - the holding company for Citibank as well as several international banks. Citicorp contains Global Consumer Banking and Institutional Clients Group. Citibank Retail banking encompasses Citi's global branch network, branded Citibank. Citibank holds more than $300 billion in deposits. Citibank is the 4th largest retail bank in the United States based on deposits, it has Citibank branded branches in countries throughout the world, with the exception of Mexico, under a separate subsidiary called Banamex. Citibank offers checking and savings accounts, small business and commercial banking and personal wealth management among its services. Citibank offers Citigold services worldwide to mass affluent clients with at least US$200,000 in liquid assets. In certain markets, Citigold Select is available for clients with at least US$500,000 in liquid assets.
Its highest level of service, Citigold Private Client, is for high-net-worth individuals with at least $1–$3 million in liquid assets and offers access to investments and ideas from Citi Private Bank. Citi Branded Cards is the world's largest credit card issuer. Citi Retail Services is one of the largest prov
Washington Mutual, Inc. abbreviated to WaMu, was a savings bank holding company and the former owner of Washington Mutual Bank, the United States' largest savings and loan association until its collapse in 2008. On Thursday, September 25, 2008, the United States Office of Thrift Supervision seized Washington Mutual Bank from Washington Mutual, Inc. and placed it into receivership with the Federal Deposit Insurance Corporation. The OTS took the action due to the withdrawal of $16.7 billion in deposits during a 9-day bank run. The FDIC sold the banking subsidiaries to JPMorgan Chase for $1.9 billion, which JPMorgan Chase had been planning to acquire as part of a confidential plan internally nicknamed Project West. All WaMu branches were rebranded as Chase branches by the end of 2009; the holding company, Washington Mutual, Inc. was left with $33 billion in assets, $8 billion debt, after being stripped of its banking subsidiary by the FDIC. The next day, Washington Mutual, Inc. filed for Chapter 11 voluntary bankruptcy in Delaware, where it was incorporated.
With respect to total assets under management, Washington Mutual Bank's closure and receivership is the largest bank failure in American financial history. Before the receivership action, it was the sixth-largest bank in the United States. According to Washington Mutual Inc.'s 2007 SEC filing, the holding company held assets valued at $327.9 billion. On March 20, 2009, Washington Mutual Inc. filed suit against the FDIC in the United States District Court for the District of Columbia, seeking damages of $13 billion for what it claims was an unjustified seizure and an low sale price to JPMorgan Chase. JPMorgan Chase promptly filed a counterclaim in the Federal Bankruptcy Court in Delaware, where the Washington Mutual bankruptcy proceedings had been continuing since the Office of Thrift Supervision's seizure of the holding company's bank subsidiaries. Despite its name, Washington Mutual ceased being a mutual company in 1983 when it demutualized and became a public company on March 11. On June 30, 2008, Washington Mutual Bank had total assets of US$307 billion, with 2,239 retail branch offices operating in 15 states, with 4,932 ATMs, 43,198 employees.
It held liabilities in the form of deposits of $188.3 billion, owed $82.9 billion to the Federal Home Loan Bank, had subordinated debt of $7.8 billion. It held as assets of $118.9 billion in single-family loans, of which $52.9 billion were "option adjustable rate mortgages", with $16 billion in subprime mortgage loans, $53.4 billion of Home Equity lines of Credit and credit cards receivables of $10.6 billion. It was servicing for itself and other banks loans totaling $689.7 billion, of which $442.7 were for other banks. It had non-performing assets of $11.6 billion, including $3.23 billion in payment option ARMs and $3.0 billion in subprime mortgage loans. On September 15, 2008, the holding company received a credit rating agency downgrade. From that date through September 24, 2008, WaMu experienced a bank run whereby customers withdrew $16.7 billion in deposits over those 9 days, in excess of $22 billion in cash outflow since July 2008, both conditions which led the Office of Thrift Supervision to close the bank.
The FDIC sold most of the bank's assets to JPMorgan Chase for $1.9 billion in cash plus assumption of all secured debt and some unsecured debt. Claims of the subsidiary bank's equity holders and subordinated debt were not assumed by JPMorgan Chase. Washington Mutual was incorporated as the Washington National Building Loan and Investment Association on September 25, 1889, after the Great Seattle Fire destroyed 120 acres of the central business district of Seattle; the newly formed company made its first home mortgage loan on the West Coast on February 10, 1890. It changed its name to Washington Savings and Loan Association on June 25, 1908. By September 12, 1917, it was operating under the name Washington Mutual Savings Bank; the company purchased its first company, the financially distressed Continental Mutual Savings Bank, on July 25, 1930. Its marketing slogan for much of its history was "The Friend of the Family". In April 1982, Washington Mutual purchased the brokerage firm Murphey Favre for undisclosed amount in cash and demutualized the following year, converting into a capital stock savings bank.
Stock in the capital stock savings bank was first offered for sale on March 11, 1983. By 1989, its assets had doubled. In November 1994, Washington Mutual formed a new holding called Washington Mutual, Inc. and separated its non-banking units from its primary banking unit, Washington Mutual Savings Bank, renamed Washington Mutual Bank. The company's stock continued to trade on Nasdaq under WAMU. In October 2005, Washington Mutual purchased the "subprime" credit card issuer Providian for $6.5 billion, although Providian's new management team's strategy of targeting Prime credit card consumers had been underway since 2001, therefore the credit card unit's nonperforming loan portfolio had improved prior to the company's sale to WaMu. In March 2006, Washington Mutual began the move into its new headquarters, WaMu Center, located in downtown Seattle; the company's previous headquarters, Washington Mutual Tower, stands about a block away from the new building on Second Avenue. In August 2006, Washington Mutual began using the official abbreviation of WaMu in all but legal situations.
After the acquisition of Murphey Favre, WaMu made numerous acquisitions with the aim of expanding the corporation. By acquiring companies including PNC Mortgage, Fleet Mortgage
An investment bank is a financial services company or corporate division that engages in advisory-based financial transactions on behalf of individuals and governments. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by underwriting or acting as the client's agent in the issuance of securities. An investment bank may assist companies involved in mergers and acquisitions and provide ancillary services such as market making, trading of derivatives and equity securities, FICC services. Most investment banks maintain prime brokerage and asset management departments in conjunction with their investment research businesses; as an industry, it is broken up into the Bulge Bracket, Middle Market, boutique market. Unlike commercial banks and retail banks, investment banks do not take deposits. From the passage of Glass–Steagall Act in 1933 until its repeal in 1999 by the Gramm–Leach–Bliley Act, the United States maintained a separation between investment banking and commercial banks.
Other industrialized countries, including G7 countries, have not maintained such a separation. As part of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, the Volcker Rule asserts some institutional separation of investment banking services from commercial banking. All investment banking activity is classed as either "sell side" or "buy side"; the "sell side" involves trading securities for cash or for other securities, or the promotion of securities. The "buy side" involves the provision of advice to institutions. Private equity funds, mutual funds, life insurance companies, unit trusts, hedge funds are the most common types of buy-side entities. An investment bank can be split into private and public functions with a Chinese wall separating the two to prevent information from crossing; the private areas of the bank deal with private insider information that may not be publicly disclosed, while the public areas, such as stock analysis, deal with public information. An advisor who provides investment banking services in the United States must be a licensed broker-dealer and subject to U.
S. Securities and Exchange Commission and Financial Industry Regulatory Authority regulation; the Dutch East India Company was the first company to issue bonds and shares of stock to the general public. It was the first publicly traded company, being the first company to be listed on an official stock exchange; the Dutch helped lay the foundations of the modern practice of investment banking. Investment banking has changed over the years, beginning as a partnership firm focused on underwriting security issuance, i.e. initial public offerings and secondary market offerings and mergers and acquisitions, evolving into a "full-service" range including securities research, proprietary trading, investment management. In the 21st century, the SEC filings of the major independent investment banks such as Goldman Sachs and Morgan Stanley reflect three product segments: investment banking, asset management, trading and principal investments. In the United States, commercial banking and investment banking were separated by the Glass–Steagall Act, repealed in 1999.
The repeal led to more "universal banks" offering an greater range of services. Many large commercial banks have therefore developed investment banking divisions through acquisitions and hiring. Notable large banks with significant investment banks include JPMorgan Chase, Bank of America, Credit Suisse, Deutsche Bank, UBS, Barclays. After the financial crisis of 2007–08 and the subsequent passage of the Dodd-Frank Act of 2010, regulations have limited certain investment banking operations, notably with the Volcker Rule's restrictions on proprietary trading; the traditional service of underwriting security issues has declined as a percentage of revenue. As far back as 1960, 70% of Merrill Lynch's revenue was derived from transaction commissions while "traditional investment banking" services accounted for 5%. However, Merrill Lynch was a "retail-focused" firm with a large brokerage network. Investment banking is split into front office, middle office, back office activities. While large service investment banks offer all lines of business, both "sell side" and "buy side", smaller sell-side investment firms such as boutique investment banks and small broker-dealers focus on investment banking and sales/trading/research, respectively.
Inns issuing securities and investors buying securities. For corporations, investment bankers offer information on when and how to place their securities on the open market, an activity important to an investment bank's reputation. Therefore, investment bankers play a important role in issuing new security offerings. Front office is described as a revenue-generating role. There are two main areas within front office: investment banking and markets Investment banking involves advising organizations on mergers and acquisitions, as well as a wide array of capital raising strategies. Markets is divided into "sales and trading", "research". Corporate finance is the aspect of investment banks, which involves helping customers raise funds in capital markets and giving advice on mergers and acquisitions