Inorganic Growth

This is a great summary of the banking  industry consolidation over the past 20 years. It is a classic example of inorganic growth for the banks that were the consolidators. Four key questions:

1. Was the overall size of the market/pie increased by this activity?

2. Was the competitive separation of the consolidating banks increased by their actions?

3. If the answer to 2 was no, how can the short term growth in earnings from the consolidation be sustained?

4. Is this overall strategy sustainable?