Published: October 07, 2013
Washington – A Business Roundtable report released today reveals how critical globally engaged U.S. banks are to the success of large American companies. According to the findings included in “Business on Banking: How Large Financial Institutions Help Companies Create Growth & Opportunity for America,” 98 percent of Business Roundtable CEOs, representing every sector of the economy, report that they rely on the unique and valuable services that large financial institutions provide in order to run their businesses.
“We always knew that Business Roundtable companies depended on large, globally engaged U.S. banks for financial services to help make them competitive abroad, but this study reveals the full extent – and it’s significant,” said Business Roundtable President John Engler. “As Washington considers imposing additional regulations on large banks, policymakers should take into account how integral these banks’ products and services are to U.S. businesses and U.S. growth.”
To better understand the degree to which its members rely on the services of these financial institutions, Business Roundtable conducted a survey of its 211 CEOs in July and August, with nearly 70 percent (148) completing the survey. Among the key findings:
The CEOs, several of whom provided specific anecdotes included in their responses, noted that other important benefits flow from the intangibles that large banks provide – including advisory services, links to local business networks and a ubiquitous financial infrastructure.
Find the complete report and an executive summary here.
Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies with $7.4 trillion in annual revenues and more than 16 million employees. BRT member companies comprise more than a third of the total value of the U.S. stock market and invest $158 billion annually in research and development – equal to 62 percent of U.S. private R&D spending. Our companies pay more than $200 billion in dividends to shareholders and generate more than $540 billion in sales for small and medium-sized businesses annually.
BRT companies give more than $9 billion a year in combined charitable contributions.