The Department of Labor estimates that the unemployment rate in the U.S. is 1933 was about 25%. Last week, the department estimated that current unemployment among American youth today is 24%.
This level of unemployment among America's next generation is both staggering and deeply problematic for a nation struggling still to recover from the mistakes of the Great Recession. These individuals should be hard at work, beginning to build a nest egg, saving, and maybe even buying a first home. The magic of compound interest being what it is, these individuals are losing out on thousands upon thousands of dollars of future wealth.
For the banks seeking to serve the next generation of Americans, this problem is particularly acute. In the video below, Motley Fool contributor Jay Jenkins discusses the implications for Wells Fargo (NYSE:WFC), the world's largest bank, as it competes for long-term value against rivals like Citigroup (NYSE:C) and others.