CNBC takes viewers on a deep dive into Salt Lake City's booming banking sector.
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 nonfinancial companies, such as car manufacturer BMW , to own its 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.
Jason Kotter, a professor of finance at Brigham Young University, explains the role of industrial banks, how they function, and why they've been key to Salt Lake City's rise as a major financial powerhouse.
Persons:
Jason Kotter, they've, CNBC's Carl Quintanilla, Ryan, Ashley Smith, Former Utah Governor Michael Leavitt, Wade Sherman, Larry Miller, Steve Starks, Goldman Sachs, John Waldron, Vivint, Todd Pedersen, Maven, Tessa Arneson, Rocky Donati, Entrata, Catherine Wong
Organizations:
CNBC, BMW, Brigham Young University, Smith Entertainment Group, Former Utah Governor, Adobe VP
Locations:
Salt, Utah, Salt Lake County, Salt Lake City