New US Banking Cartel Forming As JPMorgan, Wells Fargo and Others Dominate American Deposits, Warns ‘Big Short’ Investor Steve Eisman

Description

Legendary investor Steve Eisman is warning the public about the possible emergence of a “cartel” of major banks in the US, which he says could impact the cost of financial services. The Wall Street veteran notes in a new interview with The Compound that there hasn’t been a wave of mergers and acquisitions (M&A) in the banking sector since the 1990s. “It’s been very much discouraged post Dodd-Frank, so you’ve had very, very little M&A. But I actually think as a country we need [a wave of M&A]. An...