as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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tell me about the different kinds of financial institutions.
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financial institutions can be divided into two broad categories – commercial and investment banks. commercial banks are responsible for providing banking services such as checking accounts, deposit accounts, personal and business loans, mortgages, credit cards, and more. investment banks, on the other hand, are responsible for activities such as mergers and acquisitions, capital markets, and other corporate finance activities. other types of financial institutions include credit unions, insurance companies, and investment companies.
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