Remember when we were going to regulate "Too Big To Fail"? Communist rag
Forbes is reporting that of the $15.3 trillion:
PMorgan holds just over $2 trillion in assets, or 13.1% of the industry’s total, followed by BofA at $1.5 trillion (9.9%), Wells Fargo just under $1.5 trillion (9.7%) and Citi at $1.4 trillion (9%), before a substantial dropoff to US Bank at $387 billion (2.5%).
To put this in perspective let's go all the way back to the nineteen-hundred and nineties.
According to SNL Financial, who collected this information, the 5 largest banks accounted for
9.68% of the banking industries assets about 20 years ago. It's 44.19% as of November this year. There have also been over 250 consolidations by the big five banks this year alone, capping off a decade of monopolizing.
However, as Forbes points out, with a touch of sadness, possibly?
The next round of financial industry consolidation likely won’t be driven by the Too Big To Fail crowd though. The Federal Reserve has established rules taking effective in 2015 that will prohibit mergers that result in a combined company’s liabilities exceeding 10% of the industry’s total.
Keeping deregulators out of office may be the only thing preventing us from another collapse.