It looks like deregulation and the free market have been superb for consumer choice when it comes to their banking needs. You’ll notice that in the late 90s and early 00s, when most of the consolidation began, it coincides with the 1999 Gramm-Leach-Bliley Act, which repealed the 1933 Glass-Steagall Act. That act allowed banks to be commercial banks, investment banks and insurance companies under one entity.
From 37 to Four: The Consolidation of Banks
Previous post: How Captain America Should Have Ended