Late tonight, Citibank cried uncle and conceded the sale of Wachovia -- to Wells Fargo; although Citi will seek about $60 billion in damages -- fat chance!
Expect this shakeout to continue for some time to come. I would not be surprised when all is settled, there are only about 1000 banks left in America from about 7000 now -- about ten to twelve national giants plus a fair number of regional players and some local microcredit banks. Having too many players in the field isn't necessarily good, but having too few like in Canada -- even with our tighter credit rules -- also stifles competition.
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