ClickCease

How 37 Banks in 1990s became 4 Banks in 2009; Mega Consolidation in the US


These four establishments essentially monopolize the entire banking industry—the 'Big Four' is an idiomatic name for the four central banks in many countries. In Australia, they are the National Bank of Australia, the Commonwealth Bank, Westpac, Australia, and the New Zealand Banking Group. In the UK: Barclays, HSBC, Lloyds Banking Group, and the Royal Bank of Scotland Group. And in the US, the "Big Four" are CitiGroup, JPMorgan Chase, the Bank of America, and Wells Fargo.

We came across a fantastic infographic that tells us how 37 banks from the 1990s became the 'Big Four' of the US by 2009:

Attachment-1

The mega consolidation happened for various reasons. Further, there is a need to make banking services more accessible, secure, available for the increasingly mobile consumer, to include financially backward classes, increase the speed of delivery across the channels and products, and all this at lesser costs. If the banks don't bring most of these or any of these, the power shift will happen, and it will happen for good. Disruptive solutions are marching ahead.

_


To learn about Prove’s identity solutions and how to accelerate revenue while mitigating fraud,
schedule a demo today.


Keep reading

See all blogs
Read the article: Rodger Desai on NYSE Live: Why Identity is Becoming the Foundation of the AI Economy
Company News
Rodger Desai on NYSE Live: Why Identity is Becoming the Foundation of the AI Economy

In a recent interview on NYSE Live, Prove CEO Rodger Desai shared his perspective on one of the biggest challenges emerging in the AI economy: trust.

Company News
Read the article: Identity Is the Growth Engine for Digital Marketplaces
Blog
Identity Is the Growth Engine for Digital Marketplaces

Digital marketplaces depend on trust to drive growth, reduce fraud, and improve user experiences. This blog explores how modern identity verification and phone-centric identity intelligence help marketplaces increase conversion, prevent account abuse, and scale globally with confidence.

Blog
Read the article: FIDO's Agentic Commerce Blueprint Is a Major Step Forward. Here's What Comes Next.
Blog
FIDO's Agentic Commerce Blueprint Is a Major Step Forward. Here's What Comes Next.

The FIDO Alliance’s new standards for agentic commerce mark a major step toward trusted AI-driven transactions, but they leave a critical question unanswered: how to verify the real identities behind AI agents. This article explores the gaps in AP2 and Verifiable Intent (VI) protocols and why foundational identity infrastructure will determine whether agentic commerce can scale securely.

Blog