Wells Fargo and Citigroup have room to buy a big bank. These 5 regionals fit the bill
CNBC reports that Citigroup and Wells Fargo are the only U.S. megabanks with room under the 10% national deposit cap to acquire a large regional bank. Citi CEO Jane Fraser stated the bank's focus remains on organic growth rather than M&A, while Wells Fargo CEO Charlie Scharf has signaled openness to a transformative deal.
Why it matters — For Citigroup watchers, the report highlights that while Citi has regulatory capacity for a major bank acquisition, management has so far chosen not to pursue M&A, affecting expectations about the bank's growth strategy.