The first modern financial institutions were created in the early 1900s as profit-maximization institutions.

Name: The first modern financial institutions were created in the early 1900s as profit-maximization institutions.
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The first modern financial institutions predate the early 1900s, with some, like the Bank of England, being established in the late 17th century (1694) to manage the state's debts and others, like the Medici Bank of the 15th century, serving as early examples of banking operations.

The First Modern Financial Institutions Were Created in the Early