Maybe. Some analysts are worrying aloud about a rarefied atmosphere, fast approaching, in which five or six U.S. banks battle it out for world domination, gouging their retail banking customers for capital and ignoring the small borrower. But FORTUNE writer Nelson Schwartz sees a bright side. "As the big banks get bigger and customers get intimidated, there'll be an even better opportunity for smaller banks to flourish, offering personalized service to customers who feel lost in the shuffle."
Just don't expect the feds to stop the merger madness. "The promise of the big banks is to provide lower costs with an economy of scale -- at least that's what they're saying," says Schwartz. "For now, Washington is more concerned with Microsoft."