Why so many banks?
As of September 30, 2022, there were 4,157 commercial banks in the U.S. insured by the Federal Deposit Insurance Corporation (FDIC) with US$23.6 trillion in assets.
Discussion
Wonder what percentage of those assets are owned by just the largest 4.
In Canada we have 5 major banks. There are a few credit unions but 99% of people use one of the 5 majors. Service sucks, savings and borrowing rates suck, fees suck. Maybe there is a middle ground somewhere between 4000 and 5 that would be optimal.