Mergers and the Changing Landscape of Commercial Banking (Part I)
Some of the biggest news in the U.S. financial press over the past few years has been the wave of “megamergers” among the nation’s largest commercial banks. Bank of America merged with NationsBank to become the first truly nationwide bank in the U.S. Bank One merged with First Chicago, which had only recently merged with NBD. CitiCorp merged with Travelers, combining the second largest U.S. bank with one of the world’s major insurance firms. Wells Fargo merged with Norwest, Chemical Bank combined with Chase Manhattan; the list goes on and on.