Behemoth Banks

In 2006, the four biggest banks (J.P. Morgan Chase, Bank of America, Wells Fargo and Citigroup) collectively had $5.2 trillion in assets, 44% of all US bank assets. Today, those same four banks hold $8 trillion in assets or 51% of all assets. Moreover, only Wells Fargo is valued above book! This dismal situation suggests the biggest banks are generally poorly managed, have lousy growth prospects or, gulp, both.