Financial Services
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L.A. County Financial Services
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Banking and financial services employ 53,700 people in the County in 2010 with big name institutions such as Bank of America, Wells Fargo, US Bancorp, and Union Bank, all of whom have major operations located here.
A number of sizable regional banks also are headquartered in L.A. County including City National, East West, and Cathay Bank. A strong community banking sector serves special market niches as well as the needs of small business and retailers. During the first half of 2011, total deposits made to commercial banks, savings institutions and U.S. branches of foreign banks located in Los Angeles County totaled $252.9 billion.
Several L.A.-based banks have a distinctly Pacific Rim focus. Among them are East West, Cathay, Hanmi, Nara, and Chinatrust. With strong ties to China, Korea and the rest of Asia, these financial institutions are frequented by international traders and import/export firms.
With $24.8 billion in total assets as of June 2012, City National Bank is the County’s largest independent bank, and specializes in serving growing businesses, professionals, and private banking clientele. Other major banks with headquarters in the County include California National, Farmers and Merchants, First Regional and Wilshire State banks.
Insurance companies, investment firms, leasing and finance companies, credit and collection services all contribute to the vitality of this sector.
Asset management is also a significant contributor to the field with an estimated $2 trillion in portfolio funds under management by local firms.
While mortgage and real estate markets are still in realignment nationally, these sub-segments constitute a significant portion of employment and economic activity within the sector, locally.