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Megabanks growing even more dominant
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Issue
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| Contributor | RP |
| Last Edited | RP Sep 08, 2011 12:26pm |
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| Category | Report |
| Author | Wendell Cochran |
| News Date | Thursday, September 8, 2011 12:40:00 PM UTC0:0 |
| Description | The American banking sector apparently is going to be vastly different when it finally emerges from the financial crisis that took hold more than three years ago. It is going to be significantly smaller, and the domination of a relative handful of behemoth institutions is going to increase.
At the end of June, there were 7,522 commercial banks, down from 8,542 on Dec. 31, 2007. That is a decline of nearly 12 percent in just three and a half years. Of the more than 1,000 banks that disappeared, about 370 failed. But the rest of the decrease came through mergers and acquisitions as a decades-long pattern of consolidation continued.
While the Senate was debating a measure last year that would have forced some of the biggest banks to shed some of their parts, the megabanks were actually growing. Since 2007, the share of assets held by banks with more than $50 billion grew from about 65 percent of total assets to nearly 69 percent. |
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