New York CityNew York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is the most densely populated major city in the United States. The city is more than twice as populous as Los Angeles, the nation's second-largest city. New York City is situated at the southern tip of New York State. Situated on one of the world's largest natural harbors, New York City comprises five boroughs, each of which is coextensive with a respective county.
2007–2008 financial crisisThe 2007–2008 financial crisis, or Global Financial Crisis (GFC), was a severe worldwide economic crisis that occurred in the early 21st century. It was the most serious financial crisis since the Great Depression (1929). Predatory lending targeting low-income homebuyers, excessive risk-taking by global financial institutions, and the bursting of the United States housing bubble culminated in a "perfect storm". Mortgage-backed securities (MBS) tied to American real estate, as well as a vast web of derivatives linked to those MBS, collapsed in value.
United StatesThe United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America and consisting of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations.
ManhattanManhattan (mænˈhætən,_mən-) is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is coextensive with New York County, one of the original counties of the U.S. state of New York. Located near the southern tip of the State of New York, Manhattan is based in the Eastern Time Zone and constitutes both the geographical and demographic center of the Northeast megalopolis and the urban core of the New York metropolitan area, the largest metropolitan area in the world by urban landmass.
New York (state)New York, often called New York State, is a state in the Northeastern United States. A Mid-Atlantic state, New York borders New England, and has an international border with Canada. With almost 19.7 million residents, it is the fourth-most populous state in the United States and seventh-most densely populated as of 2022. New York is the 27th-largest U.S. state by area, with a total area of . New York has a varied geography.
Standard OilStandard Oil Company, Inc., was an American oil production, transportation, refining, and marketing company that operated from 1870 to 1911. At its height, Standard Oil was the largest petroleum company in the world, and its success made its co-founder and chairman, John D. Rockefeller, among the wealthiest Americans of all time and among the richest people in modern history. Its history as one of the world's first and largest multinational corporations ended in 1911, when the U.S. Supreme Court ruled that it was an illegal monopoly.
JPMorgan ChaseJPMorgan Chase & Co. is an American multinational financial services firm headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States and the world's largest bank by market capitalization (as of 2023). As the largest of Big Four banks, the firm is considered systemically important by the Financial Stability Board. Its size and scale have often led to enhanced regulatory oversight as well as the maintenance of an internal "Fortress Balance Sheet" of capital reserves.
PhiladelphiaPhiladelphia, commonly referred to as Philly, is the most populous city in the Commonwealth of Pennsylvania and the second-most populous city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. It is one of the most historically significant cities in the United States and served as the nation's capital until 1800. Philadelphia is the nation's sixth-most populous city with a population of 1,603,797 as of the 2020 census.
Great DepressionThe Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagion began around September 1929 and led to the Wall Street stock market crash of October 24 (Black Thursday). It was the longest, deepest, and most widespread depression of the 20th century. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%.
Lehman BrothersLehman Brothers Inc. (ˈliːmən ) was an American global financial services firm founded in 1847. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merrill Lynch), with about 25,000 employees worldwide. It was doing business in investment banking, equity, fixed-income and derivatives sales and trading (especially U.S. Treasury securities), research, investment management, private equity, and private banking.
Goldman SachsThe Goldman Sachs Group, Inc. (sæks ) is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, Hong Kong, Tokyo, Dallas and Salt Lake City, and additional offices in other international financial centers. Goldman Sachs is the second largest investment bank in the world by revenue and is ranked 55th on the Fortune 500 list of the largest United States corporations by total revenue.
Financial centreA financial centre (financial center in American English) or financial hub is a location with a concentration of participants in banking, asset management, insurance or financial markets with venues and supporting services for these activities to take place. Participants can include financial intermediaries (such as banks and brokers), institutional investors (such as investment managers, pension funds, insurers, and hedge funds), and issuers (such as companies and governments).
Subprime mortgage crisisThe United States subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis. The crisis led to a severe economic recession, with millions of people losing their jobs and many businesses going bankrupt. The U.S. government intervened with a series of measures to stabilize the financial system, including the Troubled Asset Relief Program (TARP) and the American Recovery and Reinvestment Act (ARRA).
Bank of AmericaThe Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, with investment banking and auxiliary headquarters in Manhattan. The bank was founded in San Francisco, California. It is the second-largest banking institution in the United States, after JPMorgan Chase, and the second-largest bank in the world by market capitalization.
New York Stock ExchangeThe New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is the largest stock exchange in the world by market capitalization. The NYSE trading floor is located at the New York Stock Exchange Building on 11 Wall Street and 18 Broad Street and is a National Historic Landmark. A previous trading room, at 30 Broad Street, was closed in February 2007. The NYSE is owned by Intercontinental Exchange, an American holding company that it also lists ().
Insider tradingInsider trading is the trading of a public company's stock or other securities (such as bonds or stock options) based on material, nonpublic information about the company. In various countries, some kinds of trading based on insider information are illegal. This is because it is seen as unfair to other investors who do not have access to the information, as the investor with insider information could potentially make larger profits than a typical investor could make.
Hedge fundA hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as short selling, leverage, and derivatives. Financial regulators generally restrict hedge fund marketing to institutional investors, high net worth individuals, and accredited investors. Hedge funds are considered alternative investments.
Investment bankingInvestment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, 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 debt or equity securities.
