S&P: US Home To Six Banks With More Thank $1 Trillion In Assets

As the economy continues to move through a historic challenge with elevated inflation and household debt, Standard and Poors reports that thanks to continued mergers and acquisition activity has created six banks with individual assets of more than $1 trillion, and in the case of JP Morgan and Bank of America substantially more than $3 trillion.

Driving the growth of ever larger banks is the need to cut costs during the turmoil of near record levels of household debt, rising credit delinquencies, and a corporate debt market stuck in the face of refinancing into substantially higher interest rates.

Access to capital and credit combined with stable and healthy consumer capacity are key to long term job creation and we will continue to track this story and its many related developments.

The Association of Western Employers is dedicated to helping employers of all types to create career building job opportunities while helping employees develop those careers because every American deserves the opportunity for a great career.