The Growth of Dominance: Exploring the US Banking System and the Rise of the Big Four
The banking system in the United States is composed of a combination of small community banks and large commercial banks. The Federal Reserve System, also known as the Fed, oversees and regulates the entire banking system in the United States.
The biggest banks in the United States, known as the "big four," are JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup. These four banks collectively hold around 40% of all US bank deposits, and their assets amount to trillions of dollars. They have grown to dominance over the past few decades through a combination of mergers, acquisitions, and aggressive expansion strategies.
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