$260,000,000,000 in Deposits Exits JPMorgan, Bank of America, Wells Fargo and Citi in One Year
Excerpt:
High profile investor and venture capitalist Kevin O'Leary recently predicted a mass consolidation of US regional banks driven by the acceleration in deposit flight and a nervousness to trust the system in general.
In a new Fox News interview, the Shark Tank star says the number of regional banks in the US will probably drop by half in the coming years.
"We have 4,100 regional banks in America. Probably in the next three years, it will be down to 2,000. They're going to consolidate…
People are very nervous about putting their money in the bank because if another one fails and you have your cash in there, right now you're only guaranteed for $250,000."
More?
You tell me...
