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What are the different types of Departments in Banking Industry

Updated: Mar 25, 2023

There are many different departments within a bank, each with its own specific responsibilities. Some common departments found in banks include:

  1. Retail banking: This department is responsible for providing banking services to individual customers, such as opening accounts, issuing loans, and processing transactions. 

  2. Commercial banking: This department serves the banking needs of businesses, including providing loans, lines of credit, and other financial services. 

  3. Investment banking: This department helps companies raise capital by underwriting and selling securities, and also provides advice on mergers and acquisitions. 

  4. Wealth management: This department provides financial planning and investment services to high-net worth individuals. 

  5. Corporate Credit: This department is responsible for evaluating loan applications and making decisions about whether to approve or deny them. 

  6. Operations: This department handles the day-to-day processes and systems that support the bank's operations, such as processing transactions, managing accounts, and maintaining records. 

  7. Human resources: This department is responsible for hiring, training, and managing the bank's employees. 

  8. Risk management: This department is responsible for identifying and mitigating risks that the bank may face, such as credit risk or market risk.

These are just a few examples of the many different departments that can be found in a bank.

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