Until this year, Citigroup was the only $1 trillion banking organization in the U.S. Now, there are two more—Bank of America has merged with FleetBoston, and J.P. Morgan Chase is about to complete its merger with Bank One. These megamergers are notable not only for their size but also for the geographic scope that the new institutions will serve. Indeed, they may signal the beginning of a process for building a truly national banking franchise. As mergers continue to shape the structure of the banking industry in the U.S., this Economic Letter looks at the economic drivers behind them and highlights some important policy implications.
Volume (Year): (2004)
Issue (Month): jun18 ()
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- Jalal D. Akhavein & Allen N. Berger & David B. Humphrey, 1997.
"The effects of megamergers on efficiency and prices: evidence from a bank profit function,"
Finance and Economics Discussion Series
1997-9, Board of Governors of the Federal Reserve System (U.S.).
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"The dollars and sense of bank consolidation,"
98-10, Federal Reserve Bank of Philadelphia.
- Fred Furlong, 2000. "The Gramm-Leach-Bliley Act and financial integration," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue mar31.
- Simon H. Kwan & Elizabeth S. Laderman, 1999. "On the portfolio effects of financial convergence - a review of the literature," Economic Review, Federal Reserve Bank of San Francisco, pages 18-31.
- Liz Laderman, 2003. "Good news on Twelfth District banking market concentration," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue oct24.
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