Financial services are economic services tied to finance provided by financial institutions . Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance .
119-663: Norwest Corporation was a banking and financial services company based in Minneapolis , Minnesota, United States. In 1998, it merged with Wells Fargo & Co. and since that time has operated under the Wells Fargo name. The earliest roots of the company are with the Northwestern National Bank established in Minneapolis in 1872. Early Minneapolis business and political leaders Dorilus Morrison and Henry T. Welles were
238-582: A national historic district , and the upper St. Anthony lock and dam is permanently closed. Columnist Don Morrison says that after the milling era waned a "modern, major city" emerged. Around 1900, Minneapolis attracted skilled workers who leveraged expertise from the University of Minnesota. In 1923, Munsingwear was the world's largest manufacturer of underwear. Frederick McKinley Jones invented mobile refrigeration in Minneapolis, and with his associate founded Thermo King in 1938. In 1949, Medtronic
357-522: A $ 2 billion concern. Also acquired was a troubled "savings and loan" in Norwest's home state, First Minnesota Savings Bank . The largest purchase yet came in 1992 when Norwest paid about $ 420 million in stock for United Banks of Colorado Inc. , a bank based in Denver with total assets of $ 6.3 billion. Norwest Financial grew through acquisition as well, with the 1992 purchase of Trans Canada Credit ,
476-612: A 9-square-mile (23 km ) strip of land—coinciding with the sacred place of Dakota origin —on the Mississippi south of Saint Anthony Falls, with the agreement the US would build a military fort and trading post there and the Dakota would retain their usufructuary rights. In 1819, the US Army built Fort Snelling to direct Native American trade away from British-Canadian traders and to deter war between
595-495: A White Minneapolis police officer, knelt on his neck and back for more than nine minutes. Reporting on the local reaction , The New York Times said that "over three nights, a five-mile stretch of Minneapolis sustained extraordinary damage" —destruction included a police station that demonstrators overran and set on fire. Floyd's murder sparked international rebellions, mass protests, and locally, years of ongoing unrest over racial injustice. As of 2024, protest continued daily at
714-481: A business, helps businesses raise money from other firms in the form of bonds (debt) or share capital (equity). The primary operations of commercial banks include: The United States is the largest commercial banking services location. New York City and London are the largest centers of investment banking services. NYC is dominated by U.S. domestic business, while in London international business and commerce make up
833-781: A center at the Northrup-King building, and it presents the Art-A-Whirl open studio tour every May. Minneapolis has hosted theatrical performances since the end of the American Civil War. Early theaters included Pence Opera House , the Academy of Music, Grand Opera House, Lyceum, and later the Metropolitan Opera House, which opened in 1894. Fifteen of the fifty-five Twin Cities theater companies counted in 2015 by Peg Guilfoyle had
952-431: A corporate vice-chairman. Plans were also laid to unify all the affiliates and Banco itself under a new name. The change occurred in 1983, when Northwest Bancorporation became Norwest Corporation. Tellingly, the new name did not include 'bank' or some variant thereof because Morrison aimed to reposition Norwest as a diversified financial services company. He'd taken steps in this direction a year earlier, when he engineered
1071-517: A facility in economically depressed north Minneapolis, bringing jobs and good publicity. A University of Minnesota computing group released Gopher in 1991; three years later, the World Wide Web superseded Gopher traffic. In many ways, the 20th century in Minneapolis was a difficult time of bigotry and malfeasance, beginning with four decades of corruption. Known initially as a kindly physician, mayor Doc Ames made his brother police chief, ran
1190-478: A human-relations council that interceded on behalf of minorities. However, the lives of Black people had not been improved. In 1966 and 1967—years of significant turmoil across the US —suppressed anger among the Black population was released in two disturbances on Plymouth Avenue. Historian Iric Nathanson says young Blacks confronted police, arson caused property damage, and "random gunshots" caused minor injuries in what
1309-619: A large waterfall that eroded upriver past the confluence of the Mississippi River, where it left a 75-foot (23-meter) drop in the Mississippi. This site is located in what is now downtown Saint Paul. The new waterfall, later called Saint Anthony Falls, in turn, eroded up the Mississippi about eight miles (13 kilometers) to its present location, carving the Mississippi River gorge as it moved upstream. Minnehaha Falls also developed during this period via similar processes. Minneapolis
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#17328631631011428-485: A meeting of the Minnesota Territorial Legislature , leaders of east bank St. Anthony lost their bid to move the capital from Saint Paul, but they eventually won the state university. In 1856, the territorial legislature authorized Minneapolis as a town on the Mississippi's west bank. Minneapolis was incorporated as a city in 1867, and in 1872, it merged with St. Anthony. Minneapolis originated around
1547-433: A national trend, the metro area's next largest group after Christians is the 23-percent non-religious population. At the same time, more than 50 denominations and religions are present in Minneapolis, representing most of the world's religions. Temple Israel was built in 1928 by the city's first Jewish congregation, Shaarai Tov, which formed in 1878. By 1959, a Temple of Islam was located in north Minneapolis. In 1971,
1666-484: A physical site in Minneapolis. About half the remainder performed in variable spaces throughout the metropolitan area. Financial services The finance industry in its most common sense concerns commercial banks that provide market liquidity , risk instruments , and brokerage for large public companies and multinational corporations at a macroeconomic scale that impacts domestic politics and foreign relations . The extragovernmental power and scale of
1785-587: A rate one-third that of White families. Statewide by 2022, the gap between White and Black home ownership declined from 51.5 percent to 48 percent. Statewide, alongside this small improvement was a sharp increase in the Black-to-White comparative number of deaths of despair (e.g., alcohol, drugs, and suicide). The Minneapolis income gap in 2018 was one of the largest in the country, with Black families earning about 44 percent of what White families earned annually. Statewide in 2022 using inflation-adjusted dollars,
1904-535: A reported 150 persons attended classes at a Hindu temple near the University of Minnesota. In 1972, the Twin Cities' first Shi'a Muslim family resettled from Uganda. Somalis who live in Minneapolis are primarily Sunni Muslim . In 2022, Minneapolis amended its noise ordinance to allow broadcasting the Muslim call to prayer five times per day. The city has about seven Buddhist centers and meditation centers. Early in
2023-454: A secret military Japanese-language school that trained interpreters and translators. Following World War II, some Japanese and Japanese Americans remained in Minneapolis, and by 1970, they numbered nearly 2,000, forming part of the state's largest Asian American community. In the 1950s, the US government relocated Native Americans to cities like Minneapolis, attempting to dismantle Indian reservations . Around 1970, Koreans arrived, and
2142-526: A significant portion of investment banking activity. FX or Foreign exchange services are provided by many banks and specialists foreign exchange brokers around the world. Foreign exchange services include: London handled 36.7% of global currency transactions in 2009 – an average daily turnover of US$ 1.85 trillion – with more US dollars traded in London than New York, and more Euros traded than in every other city in Europe combined. New York City
2261-462: A source of energy: Saint Anthony Falls, the only natural waterfall on the Mississippi. Each of the city's two founding industries—flour and lumber milling—developed in the 19th century nearly concurrently, and each came to prominence for about fifty years. In 1884, the value of Minneapolis flour milling was the world's highest. In 1899, Minneapolis outsold every other lumber market in the world. Through its expanding mill industries, Minneapolis earned
2380-483: A successful venture capital unit, the bank was not moving into such areas as investment banking, unlike numerous other banks, and it was not attempting to compete with large New York City securities firms. By the end of 1994, Norwest had become the 11th largest bank in the United States with total assets of $ 88.54 billion. With a branch network covering 16 states, Norwest had the largest contiguous bank franchise in
2499-573: A variety of reasons. Some smaller financial centres, such as Bermuda , Luxembourg , and the Cayman Islands , lack sufficient size for a domestic financial services sector and have developed a role providing services to non-residents as offshore financial centres . The increasing competitiveness of financial services has meant that some countries, such as Japan, which were once self-sufficient, have increasingly imported financial services. The leading financial exporter, in terms of exports less imports,
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#17328631631012618-577: Is 108 °F (42 °C) in July 1936 while the lowest is −41 °F (−41 °C) in January 1888. The snowiest winter on record was 1983–1984, when 98.6 in (250 cm) of snow fell. The least-snowy winter was 1930–1931, when 14.2 inches (36 cm) fell. According to the National Oceanic and Atmospheric Administration , the annual average for sunshine duration is 58 percent. The Minneapolis area
2737-471: Is home to the University of Minnesota 's main campus. The city's public transport is provided by Metro Transit , and the international airport, serving the Twin Cities region, is located towards the south on the city limits. Residents adhere to more than fifty religions. Despite its well-regarded quality of life, Minneapolis has stark disparities among its residents—arguably the most critical issue confronting
2856-512: Is in sight. When the Weatherball is wearing green, no weather changes are foreseen. Colors blinking by night and day, say precipitation's on the way." Minneapolis Minneapolis is a city in and the county seat of Hennepin County, Minnesota , United States. With a population of 429,954, it is the state's most populous city as of the 2020 census . Located in the state's center near
2975-473: Is located in south-central Minneapolis on the 10-acre (4 ha) former homestead of the Morrison family. McKim, Mead & White designed a vast complex meeting the ambitions of the founders for a cultural center with spaces for sculpture, an art school, and orchestra. One-seventh of their design was built and opened in 1915. Additions by other firms from 1928 to 2006 achieved much of the original scheme. Today
3094-405: Is near the confluence of Minnehaha Creek with the Mississippi River. Sources disagree on the exact location and elevation of the city's highest point, which is cited as being between 967 and 985 feet (295 and 300 m) above sea level. Minneapolis has 83 neighborhoods and 70 neighborhood organizations. In some cases, two or more neighborhoods act together under one organization. Around 1990,
3213-605: Is sited above an artesian aquifer and on flat terrain. Its total area is 59 square miles (152.8 square kilometers) of which six percent is covered by water. The city has a 12-mile (19 km) segment of the Mississippi River, four streams, and 17 waterbodies—13 of them lakes, with 24 miles (39 km) of lake shoreline. A 1959 report by the US Soil Conservation Service listed Minneapolis's elevation above mean sea level as 830 feet (250 meters). The city's lowest elevation of 687 feet (209 m) above sea level
3332-593: Is the largest center of investment services, followed by London. The United States, followed by Japan and the United Kingdom are the largest insurance markets in the world. A financial export is a financial service provided by a domestic firm (regardless of ownership) to a foreign firm or individual. While financial services such as banking, insurance, and investment management are often seen as domestic services, an increasing proportion of financial services are now being handled abroad, in other financial centres , for
3451-408: Is traditionally among those to receive government support in times of widespread economic crisis. Such bailouts, however, enjoy less public support than those for other industries. A commercial bank is what is commonly referred to as simply a bank. The term " commercial " is used to distinguish it from an investment bank , a type of financial services entity which instead of lending money directly to
3570-564: The Minneapolis Spokesman led a year-long consumer boycott of four area breweries that refused to hire Blacks. Employment improved during World War II, but housing discrimination persisted. Between 1950 and 1970, the Black population in Minneapolis increased by 436 percent. After the Rust Belt economy declined in the 1980s, Black migrants were attracted to Minneapolis for its job opportunities, good schools, and safe neighborhoods. In
3689-684: The American Indian Movement (AIM) in Minneapolis. Begun as an alternative to public and Bureau of Indian Affairs schools , AIM's Heart of the Earth Survival School taught Native American traditions to children for nearly twenty years. A same-sex Minneapolis couple appealed all the way to the US Supreme Court but their marriage license was denied. They managed to get a license and marry in 1971, forty years before Minnesota legalized same-sex marriage . Immigration helped to curb
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3808-678: The Gilded Age , the Walker Art Center began as a private art collection in the home of lumberman T. B. Walker , who extended free admission to the public. Around 1940, the center's focus shifted to modern and contemporary art. In partnership with the Minneapolis Park and Recreation Board , the Walker operates the adjacent Minneapolis Sculpture Garden , which has about forty sculptures on view year-round. The Minneapolis Institute of Art (Mia)
3927-1275: The Human Rights Campaign gave Minneapolis 94 points out of 100 on the Municipal Equality Index of support for the LGBTQ+ population. Twin Cities Pride is held in May. Minneapolis is the largest city in Minnesota and the 46th-largest city in the United States by population as of 2023. According to the 2020 US Census , Minneapolis had a population of 429,954. Of this population, 44,513 (10.4 percent) identified as Hispanic or Latinos . Of those not Hispanic or Latino, 249,581 persons (58.0 percent) were White alone (62.7 percent White alone or in combination), 81,088 (18.9 percent) were Black or African American alone (21.3 percent Black alone or in combination), 24,929 (5.8 percent) were Asian alone, 7,433 (1.2 percent) were American Indian and Alaska Native alone, 25,387 (0.6 percent) some other race alone, and 34,463 (5.2 percent) were multiracial . The most common ancestries in Minneapolis according to
4046-527: The United States partly as a result of the Gramm–Leach–Bliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge. Companies usually have two distinct approaches to this new type of business. One approach would be a bank that simply buys an insurance company or an investment bank , keeps the original brands of
4165-501: The "City of Lakes", Minneapolis is abundant in water, with thirteen lakes , wetlands, the Mississippi River , creeks, and waterfalls. The city's public park system is connected by the Grand Rounds National Scenic Byway . Dakota people originally inhabited the site of today's Minneapolis. European colonization and settlement began north of Fort Snelling along Saint Anthony Falls —the only natural waterfall on
4284-600: The 1700s, the Ojibwe (also known as Chippewa, members of the Anishinaabe nations). Dakota people have different stories to explain their creation. One widely accepted story says the Dakota emerged from Bdóte , the confluence of the Minnesota and Mississippi rivers . Dakota are the only inhabitants of the Minneapolis area who claimed no other land; they have no traditions of having immigrated. In 1680, cleric Louis Hennepin , who
4403-787: The 1890s and 1900s, and Slovak and Czech immigrants settled in the Bohemian Flats area on the west bank of the Mississippi River. Ukrainians arrived after 1900, and Central European migrants made their homes in the Northeast neighborhood. Chinese began immigration in the 1870s and Chinese businesses centered on the Gateway District and Glenwood Avenue. Westminster Presbyterian Church gave language classes and support for Chinese Americans in Minneapolis, many of whom had fled discrimination in western states. Japanese Americans , many relocated from San Francisco, worked at Camp Savage ,
4522-459: The 1970s, Banco's affiliated members were largely autonomous. But during that decade, Banco began adopting a more unified structure in terms of systemwide planning, marketing, data processing, funds management, and loan syndication. By the end of the decade, Banco consisted of 85 affiliates in seven states: Minnesota , Wisconsin , Iowa , Nebraska , South Dakota , North Dakota , and Montana . Total assets had reached $ 11 billion , ranking Banco as
4641-483: The 1982 Minneapolis Thanksgiving Day Fire and before the building was demolished, the bank's weatherball was dismantled and stored at the Minnesota State Fairgrounds. The weatherball was never restored and, in 2000, it was scrapped. The Northwestern National Bank Weatherball jingle: "When the Weatherball is glowing red, warmer weather's just ahead. When the Weatherball is shining white, colder weather
4760-469: The 1990s, immigrants from the Horn of Africa began to arrive, from Eritrea , Ethiopia , and particularly Somalia . Immigration from Somalia slowed significantly following a 2017 national executive order . As of 2022, about 3,000 Ethiopians and 20,000 Somalis reside in Minneapolis . The Williams Institute reported that the Twin Cities had an estimated 4.2-percent LGBT adult population in 2020. In 2023,
4879-421: The 2021 American Community Survey (ACS) were German (22.9 percent), Irish (10.8 percent), Norwegian (8.9 percent), Subsaharan African (6.7 percent), and Swedish (6.1 percent). Among those five years and older, 81.2 percent spoke only English at home, while 7.1 percent spoke Spanish and 11.7 percent spoke other languages, including large numbers of Somali and Hmong speakers. About 13.7 percent of
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4998-577: The 2024 city budget. In 2018, the Minneapolis City Council approved the Minneapolis 2040 Comprehensive Plan, which resulted in a citywide end to single-family zoning . Slate reported that Minneapolis was the first major city in the US to make citywide such a revision in housing possibilities. At the time, 70 percent of residential land was zoned for detached, single-family homes, though many of those areas had "nonconforming" buildings with more housing units. City leaders sought to increase
5117-443: The 2040 plan, and declaring racism a public health emergency in 2020. Twin Cities residents are 70 percent Christian according to a Pew Research Center religious survey in 2014. Settlers who arrived in Minneapolis from New England were for the most part Protestants , Quakers , and Universalists . The oldest continuously used church, Our Lady of Lourdes Catholic Church , was built in 1856 by Universalists and soon afterward
5236-464: The 20th largest banking company in the United States. Banco was also active on the international banking scene through its lead bank, Northwestern National, which controlled Canadian American Bank , a merchant bank with offices in Winnipeg , London, Nassau , and Luxembourg . Banco was beset by a series of major setbacks in the early 1980s. The troubles actually began in late 1979 when Richard H. Vaughan,
5355-421: The 30th largest bank overall, with assets in excess of $ 25 billion. Net income stood at $ 237 million for 1989. Acquisitions continued in the early 1990s. By early 1991 Norwest had 291 bank branches in 11 states, having moved into Indiana , Illinois , and Wyoming . In April 1990 Norwest paid $ 173 million for Sheboygan -based First Interstate of Wisconsin (formerly Citizen's Bank of Sheboygan ),
5474-514: The 4th-largest bank in Arizona by acquiring the Arizona operations of Citicorp (formerly United Bank of Arizona and Great Western Bank & Trust). Between January 1994 and June 1995, Norwest made an additional 25 acquisitions, including several in Texas, making it the most active acquirer among bank holding companies. In 1995 Norwest Mortgage became the nation's leading originator of home mortgages following
5593-439: The Dakota and Ojibwe in northern Minnesota. Under pressure from US officials in a series of treaties, the Dakota ceded their land first to the east and then to the west of the Mississippi, the river that runs through Minneapolis. Dakota leaders twice refused to sign the next treaty until they were paid for the previous one. In the decades following these treaty signings, the federal US government rarely honored their terms. At
5712-612: The Dakota were being expelled, Franklin Steele laid claim to the east bank of Saint Anthony Falls , and John H. Stevens built a home on the west bank. In the Dakota language , the city's name is Bde Óta Othúŋwe ('Many Lakes Town'). Residents had divergent ideas on names for their community. Charles Hoag proposed combining the Dakota word for 'water' ( mni ) with the Greek word for 'city' ( polis ), yielding Minneapolis . In 1851, after
5831-528: The Great Depression, the Citizens' Alliance , an association of employers, refused to negotiate with teamsters . The truck drivers union executed strikes in May and July–August. Charles Rumford Walker said that Minneapolis teamsters succeeded in part due to the "military precision of the strike machine". The union victory ultimately led to 1935 and 1938 federal laws protecting workers' rights. From
5950-572: The Indigenous population during the 19th century, they claimed the city's land, and Kirsten Delegard of Mapping Prejudice explains that today's disparities evolved from control of the land. Discrimination increased when flour milling moved to the East Coast and the economy declined. The foundation laid by racial covenants on residential segregation, property value, homeownership, wealth, housing security, access to green spaces, and health equity shapes
6069-558: The Minnesota River valley. After a kangaroo court , 38 Dakota men were hanged. The army force-marched 1,700 non-hostile Dakota men, women, children, and elders 150 miles (240 km) to a concentration camp at Fort Snelling . Minneapolitans reportedly threatened more than once to attack the camp. In 1863, the US "abrogated and annulled" all treaties with the Dakota. With Governor Alexander Ramsey calling for their extermination, most Dakota were exiled from Minnesota. While
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#17328631631016188-542: The Mississippi River. Location near the fort and the falls' power—with its potential for industrial activity—fostered the city's early growth. For a time in the 19th century, Minneapolis was the lumber and flour milling capital of the world, and as home to the Federal Reserve Bank of Minneapolis , it has preserved its financial clout into the 21st century. A Minneapolis Depression-era labor strike brought about federal worker protections. Work in Minneapolis contributed to
6307-434: The Twin Cities metropolitan area tied with Boston as having the eighth-highest concentration of major corporate headquarters in the US. Five Fortune 500 corporations were headquartered within the city limits of Minneapolis: Target Corporation , U.S. Bancorp , Xcel Energy , Ameriprise Financial , and Thrivent . The metro area's gross domestic product was $ 323.9 billion in 2022 ($ 337 billion in 2023). During
6426-545: The US and co-cathedral of the Roman Catholic Archdiocese of Saint Paul and Minneapolis , was named by Pope Pius XI in 1926. The Billy Graham Evangelistic Association was headquartered in Minneapolis from the 1950s until 2001. Christ Church Lutheran in the Longfellow neighborhood was the final work in the career of Eliel Saarinen , and it has an education building designed by his son Eero . Aligning with
6545-419: The US average of 11.1 percent. As of 2022, 90.8 percent of residents age 25 years or older had earned a high school degree compared to 89.1 percent nationally, and 53.5 percent had a bachelor's degree or higher compared to the 34.3 percent US national average. US veterans made up 2.8 percent of the population compared to the national average of 5 percent in 2023. In Minneapolis in 2020, Blacks owned homes at
6664-546: The acquired firm, and adds the acquisition to its holding company simply to diversify its earnings . Outside the U.S. (e.g. Japan ), non-financial services companies are permitted within the holding company. In this scenario, each company still looks independent and has its own customers, etc. In the other style, a bank would simply create its own insurance division or brokerage division and attempt to sell those products to its own existing customers, with incentives for combining all things with one company. The financial sector
6783-520: The acquisition of Directors Mortgage Loan Corp. , a Riverside, California-based lender with a residential mortgage portfolio of $ 13.1 billion. The following year Norwest Mortgage became the biggest home-mortgage servicer as well through the $ 600 million purchase of the bulk of the mortgage unit of the Prudential Insurance Co. of America, otherwise known as Prudential Home Mortgage. Prudential's high-quality loan portfolio and technology
6902-518: The acquisition of Dial Corporation (not to be confused with the consumer products company of the same name ) in September 1982 for $ 252 million. Based in Des Moines, Iowa , Dial had more than 460 offices in 38 states offering consumer loans for everything from cars to sailboats. It was considered one of the top consumer finance firms in the country and had a $ 1 billion consumer loan operation. Dial
7021-409: The bank's agricultural and international loan portfolios, the former being reduced to $ 400 million by early 1989, the latter to $ 10 million. By December 1988, the nonperforming loan total stood at just $ 150 million. To help prevent future calamities, Norwest instituted tighter lending criteria. On the banking side, Kovacevich continued the process of standardizing the operating methods of
7140-509: The bank's first two presidents. Initially the bank was heavily supported by the Northern Pacific Railroad , but as the city and region grew the bank's deposits and assets grew in kind. Between 1872 and 1892 the bank's deposits increased from $ 50,000 to $ 3 million. Between 1892 and 1902 deposits more than tripled to more than $ 10 million. During the generally prosperous 1920s, the nation's agricultural sector did not share in
7259-557: The beginning of the American Civil War, annuity payments owed in June 1862 to the Dakota by treaty were late, causing acute hunger among the Dakota. Facing starvation a faction of the Dakota declared war in August and killed settlers. Serving without any prior military experience, US commander Henry Sibley commanded raw recruits, volunteer mounted troops from Minneapolis and Saint Paul with no military experience. The war went on for six weeks in
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#17328631631017378-517: The blockbuster mergers that shook up the banking industry in the 1990s, but in June 1998 the bank announced the pending merger with San Francisco -based Wells Fargo & Company in a stock swap worth $ 34 billion. Although Norwest was the surviving entity, retaining the Northwestern Bank charter, the merged company took the better-known Wells Fargo name and moved its headquarters to San Francisco. Norwest Bank, NA merged into Wells Fargo Bank, NA as
7497-450: The city became more and more racially divided. Though such language was prohibited by state law in 1953 and by the federal Fair Housing Act of 1968 , restrictive covenants against minorities remained in many Minneapolis deeds as of the 2020s. In 2021, the city gave residents a means to discharge them. Minneapolis has a history of structural racism and has racial disparities in nearly every aspect of society. As White settlers displaced
7616-535: The city in the 21st century. Governed by a mayor-council system, Minneapolis has a political landscape dominated by the Minnesota Democratic–Farmer–Labor Party (DFL), with Jacob Frey serving as mayor since 2018. Two Indigenous nations inhabited the area now called Minneapolis. Archaeologists have evidence that since 1000 A.D., they were the Dakota (one half of the Sioux nation), and, after
7735-410: The city into crime, and tried to leave town in 1902. The Ku Klux Klan was a force in the city from 1921 until 1923. The gangster Kid Cann engaged in bribery and intimidation between the 1920s and the 1940s. After Minnesota passed a eugenics law in 1925, the proprietors of Eitel Hospital sterilized people at Faribault State Hospital . During the summer of 1934 and the financial downturn of
7854-592: The city set up the Neighborhood Revitalization Program (NRP), in which every one of the city's eighty-some neighborhoods participated. Funded for 20 years through 2011, with $ 400 million tax increment financing ($ 542 million in 2023), the program caught the eye of UN-Habitat , who considered it an example of best practices . Residents had a direct connection to government in NRP, whereby they proposed ideas appropriate for their area, and NRP reviewed
7973-484: The city's defining physical characteristic. Long periods of glaciation and interglacial melt carved several riverbeds through what is now Minneapolis. During the last glacial period , around 10,000 years ago, ice buried in these ancient river channels melted, resulting in basins that filled with water to become the lakes of Minneapolis . Meltwater from Lake Agassiz fed the Glacial River Warren , which created
8092-492: The city's history, millers were required to pay for wheat with cash during the growing season and then to store the wheat until it was needed for flour. The Minneapolis Grain Exchange was founded in 1881; located near the riverfront, it is the only exchange as of 2023 for hard red spring wheat futures . Along with cash requirements for the milling industry, the large amounts of capital that lumbering had accumulated stimulated
8211-421: The city's mid-20th century population decline. But because of a few radicalized persons, the city's large Somali population was targeted with discrimination after 9/11 , when its hawalas or banks were closed. In 2020, 17-year-old Darnella Frazier recorded the murder of George Floyd ; Frazier's video contradicted the police department's initial statement. Floyd, a Black man, suffocated when Derek Chauvin ,
8330-470: The collection of more than 90,000 artworks spans six continents and about 5,000 years. Frank Gehry designed Weisman Art Museum , which opened in 1993, for the University of Minnesota . A 2011 addition by Gehry doubled the size of the galleries. The Museum of Russian Art opened in a restored church in 2005, and it hosts a collection of 20th-century Russian art and special events. The Northeast Minneapolis Arts District hosts 400 independent artists and
8449-649: The computing industry, and the city is the birthplace of General Mills , the Pillsbury brand, Target Corporation , and Thermo King mobile refrigeration. The city's major arts institutions include the Minneapolis Institute of Art , the Walker Art Center , and the Guthrie Theater . Four professional sports teams play downtown. Prince is survived by his favorite venue, the First Avenue nightclub . Minneapolis
8568-446: The decade, opportunities to expand outside the group's traditional seven-state banking region began to arise as the barriers to interstate banking began to be dismantled. In 1988 Norwest entered rapidly growing Arizona for the first time through the purchase of a small bank near Phoenix . Norwest ended the 1980s fully recovered from its early-decade travails and ranking as one of the nation's most profitable regional banking companies and
8687-566: The early 1980s as Norwest, like most U.S. banks, had made many bad loans overseas. As a result, Norwest saw its non-performing loans increase 500 percent from 1983 to 1984, to more than $ 500 million. Further trouble came from the bank's mortgage unit, Norwest Mortgage Inc., which had been quickly built into the second largest holder of mortgages in the United States. In the summer of 1984, Norwest Mortgage lost nearly $ 100 million from an unsuccessful effort to hedge its mounting interest-rate risk on adjustable-rate mortgages. The loan losses and
8806-527: The eastern border, it occupies both banks of the Upper Mississippi River and adjoins Saint Paul , the state capital of Minnesota. Minneapolis, Saint Paul, and the surrounding area are collectively known as the Twin Cities , a metropolitan area with 3.69 million residents. Minneapolis is built on an artesian aquifer on flat terrain and is known for cold, snowy winters and hot, humid summers. Nicknamed
8925-555: The end of World War I in 1918 until 1950, antisemitism was commonplace in Minneapolis— Carey McWilliams called the city the antisemitic capital of the US. Starting in 1936, a fascist hate group known as the Silver Shirts held meetings in the city. In the 1940s, mayor Hubert Humphrey worked to rescue the city's reputation and helped the city establish the country's first municipal fair employment practices and
9044-675: The falls. Lumbering's decline began around the turn of the century, and sawmills in the city including the Weyerhauser mill closed by 1919. After depleting Minnesota's white pine, some lumbermen moved on to Douglas fir in the Pacific Northwest . In 1877, Cadwallader C. Washburn co-founded Washburn-Crosby, the company that became General Mills . Washburn and partner John Crosby sent Austrian civil engineer William de la Barre to Hungary where he acquired innovations through industrial espionage . De la Barre calculated and managed
9163-763: The finance industry remains an ongoing controversy in many industrialized Western economies, as seen in the American Occupy Wall Street civil protest movement of 2011. Styles of financial institution include credit union , bank , savings and loan association , trust company , building society , brokerage firm , payment processor , many types of broker , and some government-sponsored enterprise . Financial services include accountancy , investment banking , investment management , and personal asset management . Financial products include insurance , credit cards , mortgage loans , and pension funds . The term "financial services" became more prevalent in
9282-585: The first Filipinos came to attend the University of Minnesota . Vietnamese , Hmong (some from Thailand ), Lao , and Cambodians settled mainly in Saint Paul around 1975, but some built organizations in Minneapolis. In 1992, 160 Tibetan immigrants came to Minnesota, and many settled in the city's Whittier neighborhood. Burmese immigrants arrived in the early 2000s, with some moving to Greater Minnesota . The population of people from India in Minneapolis increased by 1,000 between 2000 and 2010, making it
9401-636: The good times. Many smaller banks that had overextended credit to farmers ran into serious trouble. In the Upper Midwest alone, 1,500 banks became insolvent from 1920 to 1929. It was with this backdrop that in early 1929, just months before the stock market crash, two banking associations were formed in the Twin Cities of Minnesota : Northwest Bancorporation and the First Bank Stock Corporation (later known as First Bank System and then U.S. Bancorp ). Northwest, known more simply as "Banco",
9520-469: The group was able to move liquidity around the system and in some cases, inject new capital into troubled banks. The number of members did decline, however, as some units in the group merged while others were sold off. Membership fell to 83 by 1940, then to 70 by 1952. One of Banco's strategic advantages in the long run was its ability to operate in multiple states. The McFadden Act of 1927 had prohibited banks from operating branches across state lines. Banco
9639-467: The housing disparities created the educational disparities that we still live with today." Professor Samuel Myers Jr. says of redlining , "Policing policies evolved that substituted explicit racial profiling with scientific management of racially disparate arrests. ... racially discriminatory policies became institutionalized and 'baked in' to the fabric of Minnesota life." Government efforts to address these disparities included zoning changes passed in
9758-429: The industry away from expensive branch banking and toward impersonal ATMs and Internet banking – the latter of course making cross-selling difficult. It was also in this cross-selling that the main units of Norwest – the retail bank, the finance company, and the mortgage company – fit and worked together. Another key to Norwest's success was its focus on these three key areas; although it did have other operations, such as
9877-481: The intersection where Floyd died, now known as George Floyd Square , with the slogan "No justice, no street". Minneapolis gathered ideas for the square and through community engagement promised final proposals for the end of 2024, that could be implemented by 2026 or thereafter. Protesters continued to ask for twenty-four reforms—many now met; a sticking point was ending qualified immunity for police. The history and economic growth of Minneapolis are linked to water,
9996-564: The largest concentration of Indians living in the state. The population of Minneapolis grew until 1950 when the census peaked at 521,718—the only time it has exceeded a half million. The population then declined for decades; after World War II, people moved to the suburbs and generally out of the Midwest. By 1930, Minneapolis had one of the nation's highest literacy rates among Black residents. However, discrimination prevented them from obtaining higher-paying jobs. In 1935, Cecil Newman and
10115-517: The lives of people in the 21st century. The city wrote in a decennial plan that racially discriminatory federal housing policies starting in the 1930s "prevented access to mortgages in areas with Jews, African-Americans and other minorities" and "left a lasting effect on the physical characteristics of the city and the financial well-being of its residents". Discussing a Federal Reserve Bank of Minneapolis report on how systemic racism compromises education in Minnesota, Professor Keith Mayes says, "So
10234-742: The local banking industry and made Minneapolis a major financial center. The Federal Reserve Bank of Minneapolis serves Minnesota, Montana , North and South Dakota , and parts of Wisconsin and Michigan ; it has the smallest population of the twelve districts in the Federal Reserve System , and it has one branch in Helena, Montana . Minneapolis area employment is primarily in trade, transportation, utilities, education, health services, and professional and business services. Smaller numbers of residents are employed in government, manufacturing, leisure and hospitality, and financial activities. In 2022,
10353-499: The median income for a Black family was $ 34,377 less than a White family's median income, an improvement of $ 7,000 since 2019. Before 1910, when a developer wrote the first restrictive covenant based on race and ethnicity into a Minneapolis deed, the city was relatively unsegregated with a Black population of less than one percent. Realtors adopted the practice, thousands of times preventing non-Whites from owning or leasing properties; this practice continued for four decades until
10472-525: The merged bank's legal banking entity. The merged company claims legacy Wells Fargo’s history (dating to 1852) as its own, and also adopted legacy Wells Fargo's ticker symbol, WFC. However, it retains Norwest's pre-1998 stock price history and corporate structure, and all pre-1998 SEC filings are under Norwest, not Wells Fargo. Former Wells Fargo stockholders held 52.5 percent of the newly combined company and former Norwest stockholders held 47.5 percent. Paul Hazen, chairman and CEO of Wells Fargo, become chairman of
10591-458: The merged bank, while Richard M. Kovacevich, chairman and CEO of Norwest, become president and CEO of the new organization. The merger was completed in November 1998. In 1949, Northwestern National Bank constructed a 157-foot high weatherball , designed by Douglas Leigh , atop its headquarters building in downtown Minneapolis. The bank incorporated it into its advertising and logo for a time. After
10710-433: The mortgage debacle led to a drop in net income from $ 125.2 million in 1983 to $ 69.5 million in 1984. In August 1984 the head of Norwest Mortgage was fired because of the hedging losses. By early 1985 substantial portions of Norwest Mortgage were divested, including operations involved in servicing mortgages and buying mortgages from other lenders for resale. The unit now focused strictly on originating mortgages. In
10829-594: The nation. Its strongest markets were in Minnesota, Texas, Colorado , and Iowa. Having only entered Texas in 1993, Norwest had built up a $ 10 billion presence there by buying 33 banks. Norwest Mortgage was national in scope, while Norwest Financial covered 49 states, along with additional operations in Guam, Saipan, Canada, the Caribbean , and Central America. Net income had reached $ 1.35 billion by 1994. Norwest had grown into this position of strength without completing any of
10948-671: The nickname "Mill City". Due to the occupational hazards of milling, six companies manufactured artificial limbs. Disasters struck in the late 19th century: the Eastman tunnel under the river leaked in 1869; twice, fire destroyed the entire row of sawmills on the east bank; an explosion of flour dust at the Washburn A mill killed eighteen people and demolished about half the city's milling capacity; and in 1893, fire spread from Nicollet Island to Boom Island to northeast Minneapolis, destroyed twenty blocks, and killed two people. The lumber industry
11067-634: The plan, and then securing its survival. Ultimately in 2024, the state legislature passed a bill approving the city's 2040 plan. Minneapolis experiences a hot-summer humid continental climate ( Dfa in the Köppen climate classification ) that is typical of southern parts of the Upper Midwest ; it is situated in USDA plant hardiness zone 5a. The Minneapolis area experiences a full range of precipitation and related weather events, including snow, sleet, ice, rain, thunderstorms, and fog. The highest recorded temperature
11186-581: The plans and provided implementation funds. The city's Neighborhood and Community Relations department took NRP's place in 2011 and is funded only by city revenue. In 2019, the city released the Neighborhoods 2020 program, which reworked neighborhood funding with an equity-focused lens. This reduced guaranteed funding, and several neighborhood organizations have since struggled with operations or merged with other neighborhoods due to decreased revenue. Base funding for every neighborhood organization increased in
11305-503: The population was born abroad , with 53.2 percent of them being naturalized US citizens . Most immigrants arrived from Africa (40.6 percent), Latin America (25.2 percent), and Asia (24.6 percent), with 34.6 percent of all foreign-born residents having arrived in 2010 or earlier. Comparable to the US average of $ 70,784 in 2021, the ACS reported that the 2021 median household income in Minneapolis
11424-418: The power at the falls and encouraged steam for auxiliary power. Charles Alfred Pillsbury and the C. A. Pillsbury Company across the river hired Washburn-Crosby employees and began using the new methods. The hard red spring wheat grown in Minnesota became valuable, and Minnesota "patent" flour was recognized at the time as the best bread flour in the world. In 1900, fourteen percent of America's grain
11543-472: The president and CEO, was electrocuted by a wire that had fallen during a storm. This set off a management crisis. Chester Lind stepped in as a caretaker leader until a more permanent successor could be found. In October 1981 John W. Morrison was named chairman and CEO. The new leader began centralizing the still loosely knit confederation into a more traditional bank holding company. In 1982 the 80-odd affiliates began to be grouped into eight regions reporting to
11662-510: The river's west bank included woolen mills, iron works, a railroad machine shop, and mills for cotton, paper, sashes, and wood-planing. Minneapolis supplied the materials for farmsteads and settlement of rapidly expanding cities on the prairies that lacked wood. White pine milled in Minneapolis built Miles City, Montana ; Bismarck, North Dakota ; Sioux Falls, South Dakota ; Omaha, Nebraska ; and Wichita, Kansas . Growing use of steam power freed lumbermen and their sawmills from dependence on
11781-497: The second half of the 20th century. Between 1958 and 1963, Minneapolis demolished " skid row ". Gone were 35 acres (10 ha) with more than 200 buildings, or roughly 40 percent of downtown, including the Gateway District and its significant architecture such as the Metropolitan Building . Opened in 1967, I-35W displaced Black and Mexican neighborhoods in south Minneapolis. In 1968, relocated Native Americans founded
11900-542: The second largest consumer finance firm in Canada. By the end of 1992 Norwest had total assets of $ 44.56 billion, more than double the figure of 1988. At the beginning of 1993, Johnson handed over his CEO position to Kovacevich. Expansion of the banking operation into New Mexico and Texas came in 1993 through the acquisition of First United Bank Group Inc. of Albuquerque for about $ 490 million. First United had assets of $ 3.8 billion. Also in 1993, Norwest became
12019-661: The supply of housing so more neighborhoods would be affordable and to decrease the effects single-family zoning had caused on racial disparities and segregation. The Brookings Institution called it "a relatively rare example of success for the YIMBY agenda". From 2022 until 2024, the Minnesota Supreme Court , the US District Court , and the Minnesota Court of Appeals arrived at competing opinions, first shutting down
12138-435: The total. By year-end 1995, Norwest had total assets of $ 72.13 billion, making it the 13th largest bank holding company in the nation. Net income, which was nearing the $ 1 billion mark, had grown at a compounded annual rate of 25 percent over the previous eight years. One of the keys to Norwest's success in the retail banking sector following the arrival of Kovacevich was the emphasis on relationship banking. His focus
12257-646: The turn of the 21st century, Latinos were the state's largest and fastest-growing immigrant group. Immigrants from Sweden , Norway , and Denmark found common ground with the Republican and Protestant belief systems of the New England migrants who preceded them. Irish , Scots , and English immigrants arrived after the Civil War; Germans and Jews from Central and Eastern Europe , as well as Russia , followed. Minneapolis welcomed Italians and Greeks in
12376-514: The various Norwest banks, increased marketing efforts, and expanded the services offered. He also began seeking acquisitions, particularly aiming to bolster Norwest's presence in key cities; in 1986, for example, Norwest acquired Toy National Bank of Sioux City, Iowa , which had assets of $ 145 million. At the same time came the pruning of some rural operations, including eight banks in southern Minnesota and seven branches in South Dakota. Later in
12495-505: The wake of Norwest's poor performance in 1984, Morrison resigned and was replaced by Lloyd P. Johnson, former vice-chairman of Security Pacific Corp. Johnson soon brought on board Richard M. Kovacevich , who was hired away from Citicorp to become vice-chairman and CEO of Norwest's banking group in early 1986 (he was named to the additional posts of president and COO of Norwest Corp. in January 1989). The new managers began slashing away at Norwest's bloated bureaucracy. They drastically curtailed
12614-436: Was $ 69,397 ($ 78,030 in 2023), It was $ 97,670 for families, $ 123,693 for married couples, and $ 54,083 for non-family households. In 2023, the median Minneapolis rent was $ 1,529, compared to the national median of $ 1,723. Over 92 percent of housing units in Minneapolis were occupied. Housing units in the city built in 1939 or earlier comprised 43.7 percent. Almost 17 percent of residents lived in poverty in 2023, compared to
12733-456: Was a "relatively minor incident" in Minneapolis compared to the loss of life and property in similar incidents in Detroit and Newark. A coalition reached a peaceful outcome but again failed to solve Black poverty and unemployment. In the wake of unrest and voter backlash, Charles Stenvig , a law-and-order candidate, became mayor in 1969, and governed for almost a decade. Disparate events defined
12852-578: Was a banking cooperative anchored by Northwestern National Bank in Minneapolis. Banco acquired stock in the affiliated banks and served as a mutual protection association. Another 90 banks joined Banco in its first year of operation, and by 1932 there were 139 affiliates. During the Great Depression , numerous additional banks failed. In 1932, 700 Upper Midwestern banks failed. None of the Banco members went under – and no depositor lost any savings – because
12971-529: Was acquired by a French Catholic congregation. St. Mary's Orthodox Cathedral was founded in 1887; it opened a missionary school and in 1905 created a Russian Orthodox seminary. Edwin Hawley Hewitt designed St. Mark's Episcopal Cathedral and Hennepin Avenue United Methodist Church , both of which are located south of downtown. The nearby Basilica of Saint Mary , the first basilica in
13090-465: Was built around forests in northern Minnesota, largely by lumbermen emigrating from Maine 's depleting forests. The region's waterways were used to transport logs well after railroads developed; the Mississippi River carried logs to St. Louis until the early 20th century. In 1871, of the thirteen mills sawing lumber in St. Anthony, eight ran on water power, and five ran on steam power. Auxiliary businesses on
13209-582: Was founded in a Minneapolis garage. Minneapolis-Honeywell built a south Minneapolis campus where their experience regulating control systems earned them military contracts for the Norden bombsight and the C-1 autopilot . In 1957, Control Data began in downtown Minneapolis, where in the CDC 1604 computer they replaced vacuum tubes with transistors . A highly successful business until disbanded in 1990, Control Data opened
13328-525: Was key to this acquisition. Meanwhile, in May 1996, Norwest Financial completed the purchase of $ 1 billion-asset ITT Island Finance , a consumer finance company based in San Juan , Puerto Rico. About one-quarter of Norwest Corp.'s earnings were generated by Norwest Financial in the mid-1990s, with another 12 percent coming from Norwest Mortgage. The traditional community banking operations—which extended to 16 states by 1995—counted for only about 37 percent of
13447-509: Was milled in Minneapolis and about one third of that was shipped overseas. Overall production peaked at 18.5 million barrels in 1916. Decades of soil exhaustion , stem rust , and changes in freight tariffs combined to quash the city's flour industry. In the 1920s, Washburn-Crosby and Pillsbury developed new milling centers in Buffalo, New York , and Kansas City, Missouri , while maintaining their headquarters in Minneapolis. The falls became
13566-414: Was on smaller customers, checking account depositors and small businesses, and he aimed to build relationships with them that would lead to cross-selling of other financial services – an auto loan, a mortgage, insurance, a mutual fund, and so on. To do so required the maintenance of an extensive network of bank branches staffed by well-trained tellers and bankers. This ran counter to the mid-1990s trend in
13685-434: Was one of three major banks (the others being First Bank System and First Interstate Bancorp ) that was allowed to conduct interstate banking under a grandfather clause in the 1927 act. This advantage was tempered somewhat by the emergence of bank holding companies in the late 1960s, but under the holding company arrangement, a subsidiary bank in one state was a separate entity from a subsidiary bank in another state. Prior to
13804-727: Was originally occupied by Dakota bands, particularly the Mdewakanton , until European Americans moved westward. In the 1840s, new settlers arrived from Maine , New Hampshire , and Massachusetts , while French-Canadians came around the same time. Farmers from Illinois , Indiana , Ohio , and Pennsylvania followed in a secondary migration. Settlers from New England had an outsized influence on civic life. Mexican migrant workers began coming to Minnesota as early as 1860, although few stayed year-round. Latinos eventually settled in several neighborhoods in Minneapolis, including Phillips , Whittier , Longfellow and Northeast . Before
13923-453: Was probably the first European to see the Minneapolis waterfall the Dakota people call Owámniyomni , renamed it the Falls of St. Anthony of Padua for his patron saint. In the space of sixty years, the US seized all of the Dakota land and forced them out of their homeland. Purchasing most of modern-day Minneapolis, Zebulon Pike made the 1805 Treaty of St. Peter with the Dakota. Pike bought
14042-558: Was renamed Norwest Financial Services Inc. in 1983. While these restructuring initiatives were being carried out, the bank suffered another blow during the 1982 Thanksgiving weekend when a Thanksgiving Day fire destroyed the downtown Minneapolis headquarters. Norwest immediately announced plans to build a modern 774-foot tower, the Norwest Center , as its replacement. However, until the Norwest Center opened in 1988, corporate staff
14161-410: Was scattered around 26 different sites in the city, leading to numerous logistical difficulties. Meanwhile, with the farm economy going into a tailspin starting in 1981, Norwest began feeling the effects of its heavy farm loan portfolio--$ 1.2 billion, or seven percent of its overall loan portfolio. Norwest had another $ 1.2 billion in loans in foreign markets, which caused additional problems in
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