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Hingga tanggal 9 Maret 1921, ada empat bank nasional di New York City, yakni Catham and Phoenix National, [[Mechanics and Metals National Bank|Mechanics and Metals National]], [[Irving Trust|Irving National]], dan National City Bank.<ref name=citybank>{{cite news| url=https://www.nytimes.com/1921/03/09/archives/national-city-bank-buys-a-state-bank-negotiations-about-completed.html| title=National City Bank Buys a State Bank| newspaper=[[The New York Times]]| page=24| date=March 9, 1921}}</ref>
 
[[Charles E. Mitchell]], yang biasa dipanggil "Sunshine" Charlie Mitchell, kemudian dipilih menjadi presiden bank ini pada tahun 1921. Pada tahun 1929, ia ditunjuk menjadi chairman hingga tahun 1933. Di bawah kepemimpinan Mitchell, bank ini berkembang pesat dan pada tahun 1930 telah memiliki 100 cabang di 23 negara di luar Amerika Serikat. Kebijakan yang diterapkan oleh bank ini pun dianggap oleh sejumlah orang sebagai penyebab utama kejatuhan pasar saham pada tahun 1929, yang kemudian menyebabkan [[Depresi Besar]].<ref>{{cite video| url=https://www.youtube.com/watch?v=o2tkicC0evk| title=The Crash of 1929 PBS Documentary| work=[[PBS]]| publisher=[[YouTube]]}}</ref><ref>{{cite news| url=http://www.slate.com/articles/news_and_politics/explainer/2011/01/youre_under_arrest_for_causing_the_great_depression.html| title=You're Under Arrest … for Causing the Great Depression: Very few people have been punished for the 2008 financial collapse. Did anyone go to jail in 1929?| first=Brian| last=Palmer| journal=[[Slate (magazine)|Slate]]| date=January 25, 2011}}</ref><ref>{{cite news| url=http://www.argusleader.com/story/life/2016/10/04/looking-back-citibanks-south-dakota-invite-benefited-both/91548372/| title=Looking Back: Citibank's South Dakota invite benefited both| first=Eric| last=Renshaw| newspaper=[[Argus Leader]]| date=October 4, 2016| location=[[Sioux Falls, South Dakota]]}}</ref><ref>[http://wlrn.org/post/when-jazz-age-crashed-great-depression When the Jazz Age Crashed into the Great Depression] [[WLRN-TV|WLRN]].</ref><ref>[http://www.federalreservehistory.org/Events/DetailView/74 Stock Market Crash of 1929] {{Webarchive|url=https://web.archive.org/web/20170120145735/http://www.federalreservehistory.org/Events/DetailView/74 |date=2017-01-20 }} Federal Reserve History.</ref><ref>[http://www.nydailynews.com/entertainment/tv-movies/pbs-great-lesson-great-depression-american-experience-series-article-1.388331 PBS makes a great lesson of the Great Depression in 'American Experience' series] ''[[New York Daily News]]''.</ref><ref>[http://prospect.org/article/too-big-fail-not-too-strong Too Big to Fail. Not Too Strong] [[The American Prospect]].</ref><ref>[http://www.alternet.org/story/149048/10_reasons_we%27d_be_better_off_without_ben_bernanke/ 10 Reasons We'd Be Better off Without Ben Bernanke] [[Alternet]].</ref><ref>{{cite news| url=https://www.nytimes.com/learning/students/pop/floyd.html| title=Looking Back at the Crash of '29| first=Floyd| last=Norris| newspaper=[[The New York Times]]| date=October 17, 1999}}</ref><ref>{{cite news | url=http://www.tomdispatch.com/post/175032 | title=Tomgram: Steve Fraser, Locked into the Bailout State | first=Steve | last=Fraser | publisher=[[Tom Engelhardt]] | date=February 10, 2009}}</ref>
 
Pada tahun 1933, sebuah komite Senat, yakni [[Komisi Pecora]], menginvestigasi peran Mitchell dalam kerugian jutaan dolar, pembayaran berlebih, dan penghindaran pajak, yang kemudian menyebabkannya mengundurkan diri.<ref>[http://njch.org/humanities-connection/the-hellhound-of-wall-street/ The Hellhound of Wall Street: Michael Perino on Ferdinand Pecora and the Great Depression] New Jersey Council of the Humanities.</ref><ref>[http://www.newsweek.com/can-angelides-panel-bring-justice-wall-street-79615 Can Angelides Panel Bring Justice to Wall Street?] ''[[Newsweek]]''.</ref><ref>{{cite episode| url=https://www.pbs.org/wgbh/frontline/article/were-bankers-jailed-in-past-financial-crises/| title=Were Bankers Jailed In Past Financial Crises?| network=PBS| series=[[Frontline (U.S. TV series)|Frontline]]| date=January 22, 2013| first=Jason M.| last=Breslow}}</ref><ref>[https://www.bloomberg.com/view/articles/2013-05-24/when-the-senate-went-after-wall-street When the Senate Went After Wall Street] ''[[Bloomberg News#Bloomberg View]]''.</ref><ref>{{cite journal| url=http://quod.lib.umich.edu/h/humfig/11217607.0001.203?view=text;rgn=main| title=The Taming of Economic Aristocracies| last=Blomert| first=Reinhart| volume=1| issue=2| journal=Human Figurations| date=July 2012| publisher=[[University of Michigan]]}}</ref><ref>{{cite journal| url=http://www.americanbar.org/publications/blt/2016/06/12_dravis.html| title=Corporate Governance&nbsp;– Woven into the Fabric of Capitalism| journal=Business Law Today| last=Davis| first=Bruce| date=June 2016| publisher=[[American Bar Association]]}}</ref> Senator [[Carter Glass]] menyatakan bahwa "Mitchell, lebih dari 50 pria yang lain, bertanggung jawab atas [[Kejatuhan Wall Street 1929|kejatuhan saham]]."<ref>[http://www.time.com/time/magazine/article/0,9171,745272-1,00.html Damnation of Mitchell] {{Webarchive|url=https://web.archive.org/web/20130521122623/http://www.time.com/time/magazine/article/0,9171,745272-1,00.html |date=2013-05-21 }} ''Time'' 1929.</ref><ref>{{cite journal| url=http://www.nakedcapitalism.com/2009/07/guest-post-review-of-ferdinand-pecoras.html| title=Guest Post: Review of Ferdinand Pecora's "Wall Street Under Oath"| journal=[[Naked Capitalism]]| date=July 19, 2009}}</ref>
 
Pada tanggal 24 Desember 1927, kantor pusat bank ini di [[Buenos Aires]], Argentina, diledakkan oleh [[Anarkisme di Italia|anarkis asal Italia]], [[Severino Di Giovanni]], sebagai bagian dari kampanye internasional untuk mendukung [[Sacco dan Vanzetti]].<ref>{{cite book| last=Aliano| first=David| title=Mussolini's National Project in Argentina| url=https://books.google.com/books?id=myEsAwAAQBAJ&pg=PA131| publisher=[[Fairleigh Dickinson University Press]]| page=131| isbn=978-1611475777| date=August 31, 2012}}</ref>