The great secrets of Giannini, the first big banker in America

In his bank, small owners and farmers were able to secure a 25-dollar low loan without collateral. A person's career choice and growth path will be affected by many factors. Giannini, the founder of America's third-largest bank, the Bank of America's banker, is linked to his father's death. One day in 1878, when Giannini was 8 years old, a grape farmer in the village had shot and killed him because he could not afford to borrow a dollar from Giannini's father. This incident left an indelible mental scar on the young Giannini. When Giannini became a banker, he firmly opposed the idea of usury, directly related to his father's death. At the same time, Giannini also launched a revolution in banking, making banks no longer the "luxury" enjoyed by a handful of wealthy people, and Bank of America as the first bank in the United States to provide financial services to ordinary citizens. The reason why in later life, was pushed on the "United States first banker" throne, and Giannini from an early age to show out of the conventional way of thinking closely linked. When you were a teenager, Giannini, who helped out at your own fruit wholesale store, knew how to save costs. In order to reduce the intermediate link, reduce the purchase price, Giannini even personally ran to the farmhouse to buy fruit. He paid a portion of the deposit before the crops were harvested and entered into a contract with the farmers. In this way, Giannini not only took profits from traffickers, but the prices of vegetables and fruits were much cheaper than on the docks. Because in the process of dealing with this kind of contract, Giannini deeply the peasant's poverty. As a result, Giannini the idea of offering loans to these farmers, and he thought that they would take the form of loans to obtain a contract for the next harvest, without interest. In fact, this is his original "peasant bank" concept embryonic. And in the days that followed, Giannini realized the idea. When almost all the banks were not speculating or looking at big businesses, Giannini that his future banks would have a foothold only if they were treated like loans, and that small owners and farmers in his bank could not guarantee a 25-dollar low loan. His ideas seem strange, but it is this rapid expansion of the bank's influence in the public, to open up a new area. Giannini died in 1949. At this point, his bank's total assets have reached 2 billion dollars.