The too big to fail banks have a larger share of the U.S

Tom McKay

The too big to fail banks have a larger share of the U.S. banking industry than they have ever had before. So if having banks that were too big to fail was a problem back in 2008, what is it today? The total number of banks in the United States has fallen to a record low. In 1985, there were 18,000 banks in the United States. Today, there are only 6,891 left, and that number continues to drop every year. Meanwhile, the too big to fail banks just keep on getting bigger. In fact, the six largest banks in the United States (JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley) have collectively gotten 37 percent larger over the past five years. If just one of those banks collapses, it could cripple the U.S. economy. Read more: (VIEW LINK)

About this contributor

Tom McKay

Tom McKay

Managing Director and Co-Founder, Livewire

I'm the Managing Director and Co-Founder of Livewire. I'm passionate about collecting and curating the markets most informed insights every day so that our members can discover new investment ideas. If you would like to get in touch - please use...



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