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Question On The Consolidation In The Banking Sector

FED
  • Q: Do you think that further consolidation in the banking sector would increase or decrease financial stability? And are you concerned about the biggest US Bank getting even larger?
  • A: I don't have an agenda to further consolidate banks. Consolidation has been a factor in the US banking industry going back more than 30 years. I personally feel that having small/medium/large banks is a great part of our banking system.
  • In terms of JPMorgan buying First Republic, the FDIC runs the process of closing and selling, so I don't really have a comment on the process. I think it's probably good policy that we don't want the biggest banks doing large acquisitions, but this is an exception for a failing bank.
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