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Megabanks Sit on the Sidelines as Deregulation Fails to Spark a Wave

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‼️ Citigroup and Wells Fargo are the only U.S. megabanks with capacity under the 10% national deposit cap to acquire a major regional lender, yet neither has acted: Wells Fargo’s Charlie Scharf is open to a transformative deal, while Citi’s Jane Fraser prioritizes organic growth. Even as regulatory barriers ease, North American bank M&A value fell by more than half in the first half of 2026, though Bain forecasts that consolidation could create one to three new $1 trillion-plus megabanks by 2030 and reduce the number of regional banks from 49 to as few as 30