Yellen Foresees Banking Sector Consolidation Amid Industry Concentration Concerns

US Treasury Secretary Janet Yellen has suggested that the banking industry may see further consolidation as it navigates challenging economic conditions. Yellen made the comments during a meeting with over two dozen CEOs and executives, where she highlighted the strength and stability of the US banking system. However, Yellen also reportedly discussed the potential need for bank mergers in the future, following JPMorgan's recent acquisition of First Republic Bank. The move has raised concerns about the concentration of power in the banking sector, with some critics suggesting it could pose a risk to American taxpayers.