Deals
BofA’s Moynihan Predicts Another Round of U.S. Bank Mergers
- Citigroup CEO Corbat sees political hurdles for bank M&A
- Ernst & Young expects flurry of deals fueled by easing rules
This article is for subscribers only.
Bank of America Corp. Chief Executive Officer Brian Moynihan predicted another round of consolidation in the U.S. that could lead to the emergence of a new competitor.
The Charlotte, North Carolina-based lender, which controls about 13 percent of the U.S. retail-banking market, came together through the mergers and acquisitions of hundreds of companies, Moynihan said on a panel at the World Economic Forum in Davos, Switzerland. The creation of a megabank could happen again, as there are still thousands of banks operating across the U.S., he said.