The number of banks in America has dropped from roughly 8,000 in the 1980s to about 4,000 today, mostly through mergers and acquisitions. Meanwhile, the biggest banks like JPMorgan have grown more powerful, enjoying special privileges as institutions deemed too big to fail.
Banks have been changing a lot in the last few decades. The number of banks has reduced dramatically. I want to say, loosely, there used to be maybe 8,000 banks in like the 80s and 90s in the country. We're down to around 4,000 banks or so today. So that number is declining. Most of that's been through mergers and acquisitions, because total assets in the banking industry, they're actually increasing still. So it's gone up. You mentioned too big to fail. I mean, I've never worked at one of those banks that's that big. I've always been at the smaller or mid sized banks. But certainly major banks like JP Morgan, as they do play a critical role in our economy, they do at times get some special privileges for that.
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