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You are here News Economy Bank of America chief: half of banks won't exist in 5 years

Bank of America chief: half of banks won't exist in 5 years

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In a speech in Washington, D.C. on Friday, Bank of America Corp. CEO Ken Lewis said he envisions a banking industry that is smaller but better.

He declined to predict when financial markets might recover, but said that many banks will have to merge or be bought out in order to survive.

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