Citigroup Is Buying Wachovia

The week begins fast moving. The NYTimes is reporting that Citigroup is buying Wachovia. The key paragraph is a little distressing:

"The sale would further concentrate Americans’ bank deposits in the hands of just three banks: Bank of America, JPMorgan Chase and Citigroup. Together, those three would be so large that they would dominate the industry, with unrivaled power to set prices for their loans and services. Given their size and reach, the institutions would probably come under greater scrutiny from federal regulators. Some small and midsize banks, already under pressure, might have little choice but to seek suitors."

Only the strong survive? Things have got a whole lot more "Darwinian" in the baking sector, no? More here.