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1、FRBSFECONOMICLETTERNumber2004-15,June18,2004BankingConsolidationUntilthisyear,Citigroupwastheonly$1trillionFigure1bankingorganizationintheU.S.Now,therearetwoLargebankmergersFigure1:LargeBankMergersmore—BankofAmericahasmergedwithFleetBoston,40andJ.P.MorganChaseisabouttoco
2、mpleteitsmergerwithBankOne.ThesemegamergersarenotablenotTotal35onlyfortheirsizebutalsoforthegeographicscopethatthenewinstitutionswillserve.Indeed,theymay30Interstatesignalthebeginningofaprocessforbuildingatrulynationalbankingfranchise.Asmergerscontinueto25shapethestructu
3、reofthebankingindustryintheU.S.,thisEconomicLetterlooksattheeconomicdri-20versbehindthemandhighlightssomeimportantpol-15icyimplications.10BackgroundonrecentconsolidationTheRiegle-NealActallowedinterstatebranchbank-5ingbeginningin1997,and,sincethen,thenumberoflargebankmer
4、gershasincreasedsignificantly.0Figure1plotsthistrendalongwithanothernote-818385878991939597990103worthytrend,namely,thatmostofthelargebankNote:Bothtargetsandacquirershavemorethan$1billionintotalassets.mergersinrecentyearsinvolvedinstitutionshead-quarteredindifferentstate
5、s;thelatterpointsuggeststhatthesearemarket-expansionmergers,wheretheEconomicforcesdrivingmegamergersacquirerandthetargethavefewoverlappingopera-Wecanidentifyfoureconomicforcesthatmaybetionsintheirrespectivebankingmarkets.Althoughdrivinglargebankmergers.Firstiseconomiesof
6、themarketstheyservearemuchbigger,sofarnonescale—therelationshipbetweentheaverageproduc-ofthesethreemegabankshascomeclosetohavingtioncostperunitofoutputandproductionvolume.abankingfranchisethatspansall50states,whichisAfirmthatproducesahighervolumeofoutputcannowlegallyposs
7、ible.seeitsunitcostofproductiondeclinebecausethecostsofsomeoftheinputsarefixed,suchasadminis-Anothernoteworthyfactabouttherecentlyannouncedtrativeandoverheadexpenses.However,diseconomiesmegamergersisthatthetargetbankingcompaniesofscalealsoarepossible.Theaverageproduction
8、costarehealthyinstitutionsthatarelikelytosurviveasmaystarttorisewhenoutputexceedsacertainvol-independen
