And all of the $700 TRILLION+ of debt.
This is not a surprise to me as I was told by a financial analyst in the ’90’s that there would be four banks that would control the GDP in this country. Wells Fargo and Bank of America were the ones mentioned.
The wreckage of the financial crisis led to pages upon pages of financial reform aimed at ending the era of Too Big To Fail, but six years after the banking system blew up the five biggest firms control 44% of the $15.3 trillion in assets held by U.S. banks according to data compiledby SNL Financial. Those banks — JPMorgan ChaseJPM-0.42%, Bank of AmericaBAC-0.67%, Wells FargoWFC+0.11%, CitigroupC-0.31% and US BancorpUSB+0.23% — collectively held $6.8 trillion in assets as of Sept. 30.
JPMorgan holds just over $2 trillion in assets, or 13.1% of the industry’s total…
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