Can Little Banks Compete With Big Guys?
JPMorgan and Wells Fargo both reported an increase in their mortgage lending businesses this week as consumers take advantage of low interest rates to refinance.
As the big banks do more mortgage business, some of the smaller banks may have a hard time keeping up.
Valley National CEO Gerald Lipkin predicts that the number of banks will drop sharply in the U.S. over time.
“One of the goals of the government is to regulate not the 7,000 banks that exist today but to bring that number down to below 1,000,” he said.