The banking industry refers to the sector of the economy that deals with financial institutions and the services they provide. This includes a variety of entities such as commercial banks, investment banks, credit unions, and savings institutions. The primary functions of the banking industry include accepting deposits, making loans, facilitating transactions, and offering financial services like wealth management, currency exchange, and payment systems.
The banking industry plays a crucial role in the financial system by enabling the flow of money through the economy, providing liquidity, and supporting economic growth. It operates under a regulatory framework set by government authorities to ensure stability, protect consumers, and maintain public confidence in the financial system. The sector is also characterized by a range of products, including checking and savings accounts, mortgages, personal loans, and credit services. The banking industry’s performance is often a key indicator of the overall economic health of a country.
Société Générale appoints Lubomira Rochet as Deputy CEO, effective April 2025, highlighting its commitment to innovation. Rochet will oversee the retail, private banking, and insurance divisions, and lead the Chief…