bank - Long queues at Vitality London 10k race after runners do not receive bib numbers

A bank is a financial institution that plays a crucial role in the economy of a country by acting as an intermediary between depositors and borrowers. Banks accept deposits from customers and provide loans or other financial products and services to those in need of funds. Banks also provide monetary services like debit and credit cards, internet banking, and mobile banking.


The first banks appeared in the early 14th century in Italy. These were merchant banks that provided credit to customers for a fee. In the late 16th century, the Bank of Venice was the first public bank to issue shares of its stock to the general public. The first modern banks emerged in the late 18th century in Europe, providing loans to businesses and individuals.

In 1863, the National Bank Act was passed in the United States, which established a banking system with a standardized currency. The Federal Reserve System was created in 1913 to provide the country with a more stable monetary system. The Great Depression of the 1930s led to the creation of the Federal Deposit Insurance Corporation (FDIC) in 1933 to protect depositors.


The primary function of a bank is to accept deposits from customers and provide loans to those in need. Banks play a crucial role in the economy by providing loans for businesses to expand and create jobs. Banks also provide mortgages to people looking to purchase homes.

Banks provide other financial products and services as well, such as savings accounts, checking accounts, debit and credit cards, treasury management services, and trust services. Banks also offer foreign currency exchange, insurance, investment services, and wealth management services.

Types of Banks

Banks are classified into different types based on their operations and services provided. Some of the common types of banks include:

  1. Commercial Banks - These are the most common type of bank that provides a wide range of financial products and services to the public.

  2. Investment Banks - These banks are involved in providing advisory and underwriting services for companies seeking to raise capital through the issuance of stocks or bonds.

  3. Central Banks - These banks are responsible for implementing monetary policies, issuing currency, and regulating the banking sector in a country.

  4. Savings Banks - These banks specialize in retail banking services like savings accounts and mortgages.

  5. Credit Unions - These are member-owned financial cooperatives that provide similar services as commercial banks.

  6. Online Banks - These banks offer financial services through online platforms.


Banks are heavily regulated by governments to ensure their stability and financial security. In the United States, banks are regulated by the Federal Reserve System, the FDIC, and the Office of the Comptroller of the Currency (OCC). Banks are required to maintain a certain amount of capital, undergo regular audits, and follow strict guidelines in their operations.


Banks are crucial to the modern economy, providing a wide range of financial products and services to individuals and businesses. The stability of banks is essential to ensure the financial security of the public. With the evolution of technology, banks are undergoing significant changes with the advent of online banking and mobile banking. As the economy continues to evolve, banks are likely to remain a central institution in the financial sector.

6do Encyclopedia represents the inaugural AI-driven knowledge repository, and we cordially invite all community users to collaborate and contribute to the enhancement of its accuracy and completeness.
Should you identify any inaccuracies or discrepancies, we respectfully request that you promptly bring these to our attention. Furthermore, you are encouraged to engage in dialogue with the 6do AI chatbot for clarifications.
Please be advised that when utilizing the resources provided by 6do Encyclopedia, users must exercise due care and diligence with respect to the information contained therein. We expressly disclaim any and all legal liabilities arising from the use of such content.

ECB to hike twice more and more could come as inflation stays hot: Reuters poll


23-05-16 02:11

The European Central Bank (ECB) will increase interest rates by 25 basis points at two consecutive meetings, according to a poll of economists by Reuters. In May, the ECB raised its deposit rate by 25 basis points. All of the 62 economists polled predicted an increase of a quarter percentage point to 3.50% next month. Just one forecast a cut of 25 basis points. The median predicted rate was 3.75% until at least next April, although five respondents expected a hike to 4.00% in September. Harper Petersen, a senior economist at Berenberg, warned there was a “risk of over-tightening” by the ECB.
China’s Economic Recovery Worries Mount as Data Disappoints


23-05-16 02:01

China's industrial output and consumer spending in April grew at a slower rate than expected, sparking concerns over the nation's economic recovery. China's industrial production grew 5.6% from the previous year, while retail sales climbed 18.4%, lower than expectations for a 21.9% surge. Economists are questioning whether the nation's central bank will pump more money into the economy in order to spur growth. Despite these latest figures, there are questions over accuracy due to the comparison being made to April 2020, when lockdown measures were on strict.
New Zealand set to reveal bigger deficit in 'no frills' 2023-24 budget


23-05-16 01:55

New Zealand's Labour government will unveil a pared-down 2023-24 budget on Thursday, without "frills", as it eyes the impact of two devastating weather events and higher than expected public debt. The cyclones at the start of 2018 are set to add an estimated NZD9bn ($6.15bn) and NZD14.5bn to New Zealand's repair bill, with treasury data from March indicating the economy is already weaker than economists had predicted. The government is trying to avoid adding to inflation through too much government spending as interest rates rise, with Prime Minister Chris Hipkins cutting costs from non-essential items.
Australia's hiked in May due to inflation risks, more raises may be required


23-05-16 01:41

The Reserve Bank of Australia (RBA) is considering further rate hikes due to inflation risks caused by weak productivity growth and greater-than-expected rental increases. The RBA still plans to hike rates despite the risks, according to minutes from the board's May meeting. Governor Philip Lowe warned that the central bank could not afford to wait too long to tackle inflation.
Australian consumer mood bleak in May after surprise rate hike, budget


23-05-16 00:33

Australian consumer sentiment fell in May due to a surprise interest rate increase from the Reserve Bank of Australia and a "mildly disappointing" federal budget. The Westpac-Melbourne Institute index of consumer sentiment decreased by 7.9% to record pessimism amongst respondents. The RBA increased interest rates because of near 30-year high inflation rates, but Westpac chief economist Bill Evans believes the RBA will sustain ratings because of economic weaknesses, though the risks are evenly balanced.
Live Markets Public sector pay grows at fastest rate in 20 years - latest updates


23-05-16 07:14

Public sector pay grew by 5.6% in Q1 2023, according to the Office for National Statistics, reaching its highest level since 2003, as more public sector workers demanded pay rises consistent with the 10.1% rate of inflation. The Bank of England fears that wages rising is fuelling inflation. Private sector pay grew by 7% over the same period, with average pay including bonuses falling 3% after taking inflation into account in the year to January-March, or 2% excluding bonuses. According to the Office for National Statistics, 556,000 working days were lost due to strikes in March, up from 332,000 in February. Policymakers are encouraging the public to accept that they are "worse off" due to inflation that has significantly outpaced wage growth.
UK jobless rate rises, potentially easing BoE inflation worries


23-05-16 06:43

The UK unemployment rate unexpectedly rose from 3.8% to 3.9% despite strong wage figures, increasing the pressure on the Bank Of England to leave interest rates unchanged. Sterling fell against the euro and the US dollar as investors revised their views on the probability of a rate hike. Rate futures indicate a 30% chance of a pause at the next monetary meeting in June. Vacancies fell for the tenth consecutive month, reaching their lowest since mid-2017, while first-time claims for unemployment benefits were flat in April. However, average weekly earnings inched up by 2.9% YoY in March, surpassing inflation, as basic pay rose by 6.7% over the same period, driven by "faster growth in public-sector pay," said the Office for National Statistics.
Making the four-day week work for Britain


23-05-16 06:19

British skincare brand Five Squirrels has been operating on a four-day work week since June 2021. After 56 of the companies who participated in a four-day week trial reported that the policy maintained overall productivity and performance, more businesses are looking into the logistics of how this could work in practice, without disrupting production schedules. One of the larger companies that has attempted it to date is Unilever. During an 18-month pilot in New Zealand for its 80 staff, the company claims that careless meetings were scrapped and sales were boosted while employees were less stressed and had more energy. Meanwhile, Spain is spending €10m in subsidies to small manufacturers so they can participate in an upcoming two-year trial that will see a 10% reduction in working hours while maintaining pay. Experts suggest that there is a moral case to be made for a shorter working week given the high number of workers currently reporting poor mental health. However, companies need to be aware that not all industries can adopt it, and it’s important to understand the logistics of how such a policy will work.
The consumer wobbles, a bit

Financial Times

23-05-16 06:19

US consumer spending fell by 1.2% YoY in April, according to data released by Bank of America. The decline, the first since February of this year, could suggest the “final, stubborn economic shoe” is dropping, said Unhedged, but analysts said it was important to distinguish a slowdown from wider stress. "Lower-income households continue to outperform higher-income households in terms of YoY spending growth" a BofA note said. Home Depot, Target and Walmart are among the retailers reporting this week. Inflation-beset consumers had thus far refused to cut back spending, but some analysts argued that a change could be on the way.

Anaemic gains in private-label groceries also suggested consumers were not pushing back hard against higher prices from suppliers, said retail analyst Rahul Sharma. Sharma said previous patterns of lower spending around discretionary goods during times of economic downturn were not currently in evidence in the US, but dramatic fluctuations in supply chains and pricing were still possible. Meanwhile, Walmart reported a reduction in price increase requests from suppliers in recent weeks but a continuing shift in sales from discretionary goods to groceries.

Although Uber confirmed that insurance claims made up the largest component of its cost of revenues in most markets, Unhedged readers argued the deeper question was not the costs themselves but the supply and demand dynamics that set the returns, after costs, of Uber versus Airbnb. They made the point that a car ride was a commodity product whose main feature in the eyes of customers was price, whereas houses and apartments had crucial variable features. Airbnb set prices, while Uber customers would pay more for special occasions or geographies where elasticities of preference for price were low.

China’s economic recovery in doubt as industrial output falls short

Financial Times

23-05-16 06:19

Chinese industrial output and consumer spending registered below expectations, leading to concerns of their economic rebound strength after they dismantled their zero-Covid policy. The main measure of investment and youth unemployment have also missed the expectations of experts, casting a shadow on the outlook for the world's second-largest economy. These figures show that the economy has failed to fully recover following the removal of strict anti-Covid curbs last year, with lingering property crises coupled with worry over trade activity adding negative factors.
Boost for Isa savers as NS&I raises rates


23-05-16 11:22

National Savings & Investments (NS&I) in the UK has raised interest rates for its easy access Isa accounts to the highest levels seen for around 15 years. The rate on the institution’s Direct Isa account has been increased from 2.15% to 2.4%. NS&I’s Direct Saver and Income Bonds accounts have also seen their rates rise, to 2.85% from 2.6%. The increases mark the first uplift in the rates since January and follow on from rate hikes for other NS&I accounts earlier this year.
Goldman’s SVB client-or-counterparty conundrum

Financial Times

23-05-16 11:19

Former CEO of collapsed Silicon Valley Bank, Greg Becker, recently spoke to the Senate Banking Committee, saying they received external advice from Goldman Sachs to sell their available-for-sale portfolio before raising additional capital. Based on that advice, SVB sold their AFS first before attempting to sell stock on the equity offering. Goldman has been embroiled in the affair and court cases are pending to determine whether the bank acted with advisory responsibilities or simply undertook its role as a market counterparty. Goldman Sachs bought the bonds from SVB and reportedly later, while acting as a client for the stock offering, panicked depositors, precipitating the bank's collapse.
Capital One shares up after billionaire investor Buffett's near $1 bln bet on bank


23-05-16 10:45

Shares in Capital One rose by 7% in pre-market trading after Warren Buffett's Berkshire Hathaway revealed it had taken a stake in the credit provider. Berkshire Hathaway said that it bought 96 million shares at $26 per share, a deal worth roughly $2.5 billion in total.
US economy 'hangs in the balance' as debt limit impasse drag on, Yellen says


23-05-16 10:27

US Treasury Secretary Janet Yellen is warning that the stand-off over the federal debt limit is adversely affecting the country's economy. She has called on Congress to take action "as soon as possible" to avoid economic costs, slowdowns and a potential negative impact on the livelihoods of millions of Americans. Yellen is delivering her message to community bankers in Washington, reminding them of the consequences of the 2011 debate surrounding the debt ceiling that led to the US's first-ever credit rating downgrade. Yellen is set to inform Congress that the Treasury can pay the government's bills only until 1 June 2021 if the debt limit is not increased. President Biden is due to meet with Republican House of Representatives Speaker Kevin McCarthy and other congressional leaders later today.
Central banks have lost a degree of trust, ECB's Makhlouf says


23-05-16 10:25

Ireland's central bank governor and European Central Bank (ECB) governing council member Gabriel Makhlouf has said that central banks need to rebuild trust and explain their decision making to a wider audience than just financial markets. With inflation remaining persistent, Makhlouf suggests that consumers have lost confidence in the ECB's ability to rein in prices, potentially leading them to expect longer-term price growth above 2%, thereby initiating a wage-price spiral. Major central banks' actions demonstrate that the general trend has been to aggressively hike interest rates to combat inflation.
Property magnate sues ‘gang’ of 'menacing' retirees for £1.3m for vendetta over planning


23-05-16 15:11

Three village pensioners and a local GP are being sued for £1.3m in a campaign of harassment against their millionaire neighbours. The residents group, including Charitable Trustee Patricia Webb, GP Dr Andrew Cross, and retired bank executive David Small, is accused of ganging up to harass Mark Randolph Dyer and his wife, Clare, looking at them in a “spooky” way, using telephoto lenses to intrude on their privacy, and trespassing on their land amid a long-running row over the Dyers' building plans. However, the four deny doing anything wrong, branding the case “vexatious” and a “misconceived attempt to litigate village politics and perceived insults”. The case reached court last week as the Dyers applied for an injunction against their neighbours, pending their full claim at a later date.
Live: Senate questions Silicon Valley Bank and Signature Bank bosses

The Independent

23-05-16 14:05

Former executives of Silicon Valley Bank and Signature Bank are to testify before the US Senate on Tuesday 16 May regarding "Examining the Failures of Silicon Valley Bank and Signature Bank”. The hearing is being conducted by the committee on banking, housing and urban affairs. Previous customers staged a run on SVB, leading US regulators to take control of the bank, just before the collapse of Signature Bank. Witnesses to the hearing include Gregory Becker, the former CEO of SVB, Eric Howell, the former president of Signature Bank and Scott Shay, former co-founder and chairman of Signature Bank.
Thirty-somethings feeling cost-of-living crunch more than older Australians

The Sydney Morning Herald

23-05-16 14:01

Australian consumers under the age of 35 are being most impacted by rising living costs and are being forced to cut back on discretionary spending to stay afloat, says a report by the Commonwealth Bank. The research reveals that year-on-year spending for people aged under 35 increased by just 3.4% between the first quarter of 2022 and the first quarter of 2023, below the inflation figure of 7%. Meanwhile, those over the age of 35 have continued to shop despite the impact of inflation, with spending on apparel increasing by 3.5% and retail services jumping by 9.7%. The data also suggests that overall, Australian consumers are prioritising experiences and discretionary spending, meaning spending on so-called essential goods is barely keeping up with inflation.
Glencore signals interest in buying Teck’s coal business even as it pursues the whole Canadian mining company

The Globe and Mail

23-05-16 13:51

Swiss mining giant Glencore has said it is still considering buying Canada's Teck Resources’ prized metallurgical coal business, even as Teck plans to separate its coal operations from its base metals division. Glencore CEO Gary Nagle, speaking at the Bank of America Global Metals, Mining and Steel Conference in Barcelona, claimed Teck would struggle to fund its copper expansion strategy. In response, Teck CEO Jonathan Price pointed to the company's robust finances and dismissed Glencore’s value. Glencore made a $22.5bn all-share purchase offer to Teck in March, which was rejected, and is now hoping for a merger of their base metals assets and coal operations.