The story behind Salt Lake City’s booming banking industry
CNBC unlocks the story behind Salt Lake City’s booming banking industry. The city’s exceptional growth in finance can be traced back to an early catalyst: industrial banking. This little-known type of banking institution allows non-financial companies, such as car manufacturer BMW, to own their own bank. Utah is home to most of America’s industrial banks, with 15 of the nation’s 23 located in Salt Lake County—a concentration unmatched anywhere else in the country.