Chicago No Longer the Headquarters Of Top 35 Largest Banks

The Chicago Tribune reports:

What bragging rights do the cities of Cleveland, Cincinnati and Minneapolis have over Chicago in financial-services circles?

Each of those smaller metropolitan areas can lay claim to being the headquarters of at least one of the nation's top 20 banks, as measured by asset size.

In a recent ranking of the 150 bank and thrift holding companies with the most assets, Chicago had eight representatives, but none cracked the top 20.

Even Pittsburgh, Buffalo and Detroit have home-based banks bigger than any in Chicago, according to the study by trade publication American Banker.

The Windy City doesn't show up on the list until No. 36, with Northern Trust Corp. of Chicago, at $50.2 billion in assets as of March 31. The area's next locally based representative was FBOP Corp. of Oak Park, No. 79 at $13.8 billion in assets.

Chicago is that town that has yet to have a Wal-Mart.This list is important in showing how a big, old, central city really has lost a lot of corporate headquarters in what used to be an important industry for Chicago.