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BankUnited’s CEO Kanas Says U.S. May Lose a Third of Its Banks

The U.S. may lose about a third of its banks as the weakening economy weeds out the least healthy institutions, said John Kanas, chief executive officer of BankUnited.

“Most of us in the business think we probably need 5,000 and think we are on our way to 5,000 as this cycle, if this is a cycle, unfolds,” Kanas, 63, said today at the Bloomberg Dealmakers Summit in New York. “We simply chartered too many banks.”