Reading the mere term alone and we have been ingrained to set the scene for the proceeding article. We have taught ourselves to correlate it with Stockbrokers, banks and finances. We believe those that now work on Wall Street have the most sophisticated brains and are the catalyst for the American Economy. While we all have this image of Wall Street deep-rooted into our perception of America, it is far from reality.
Wall Street besides having the New York Stock Exchange, no other major financial institution or investment banks are headquartered on Wall Street. Of course, you can find the middle tier institutions but when thinking Wall Street, we’re looking for banks that have the influence to affect the American economy. The larger mergers and acquisitions, the analyst trying to predict the markets, the traders making the million-dollar deal are what we expect from these major banks on Wall Street but are absent. You have a better chance of finding a Starbucks on Wall Street than a major financial institution headquartered on Wall Street.
This may be a surprise to some but a new fact for many but Wall Street is a metonym for the financial market. It is a conceptual sense representing the ideology of the American Financial Market. Originally it was home to other major financial institutions such as the NASDAQ, New York Mercantile Exchange and the former American Stock Exchange, but due to inevitable technological advancements these physical financial institutions on Wall Street have all dispersed.
J.P. Morgan Chase, one of the biggest four banks in America, was originally posted on 23 Wall Street. At present, we can see it now has its headquarters on Bond Street New York. It was clear in the 20th century, Wall Street was the centre of financial America, but technology now has the ability to allow banks such as JP Morgan Chase located on Bond Street and Bank of America located in Carolina to both equally have access to financial information. There is no necessity to be all located on one street as previously. In fact, many of those workers now have the option to work from home. A bit of Wall Street is now present in the suburban homes of America.
Wall Street is now accompanied by high end shopping, apartments and tourist attractions. The next time an article mentions the performance on Wall Street, be sure to know its referring to the American Economy and every major financial institution, not the institutions on Wall Street nor the institutions in New York.
|Morgan Stanley||Morgan Stanley, 1585 Broadway, New York, NY 10036, USA|
|Goldman Sachs Group Inc||200 West St, New York, NY 10282, USA|
|J.P. Morgan chase & co.||270 Park Ave, New York, NY 10172, USA|
|Citigroup Inc.||390 Greenwich St, New York, NY 10013, USA|
|Bank America Corp||100 N Tryon St, Charlotte, NC 28255, USA|
|Wells Fargo & Co||420 Montgomery St, San Francisco, CA 94104, USA|
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