A Big Brawl in Banking

Deregulation sparks competition that could reshape the financial industry

In the realm of finance, 1983 may be remembered as the year that competition rumbled through the banking industry and rattled its foundations. To be sure, bankers have long vied with one another to offer customers the shiniest toasters or softest Teddy bears, but they have not had to compete where it counts: in the interest they pay for their basic savings and checking deposits. That situation is now changing. In a move to ease restrictions that had been in force since the Great Depression, federal regulators last month freed banks and savings...

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