Economy

September 19, 2008

Bank of America chief: half of banks won't exist in 5 years

Bank of America CEO Ken Lewis predicted in Washington that the banking industry will get smaller in the coming years and that of the nation's 8,500 banks, only half will still be around in five years."I think that's a good thing — the survivors will be stronger, more diversified, and better prepared to thrive in cycles to come."

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