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Essay / Research Paper Abstract
A 9 page research that focuses on the proposed mega-mergers in the Canadian banking system, using Les Whittington's book. Bibliography lists 6 sources.
Page Count:
5 pages (~225 words per page)
File: KE9_99canbks.rtf
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Unformatted sample text from the term paper:
would severely limit and restrict the banking industry in Canada, having severe repercussions. Against the lobbying power of the banks, the Canadian government drew a line in the sand
and squared off, determined not to acquiesce automatically, but only if it could be shown that this was in the best interest of the Canadian people. In so doing,
the Canadian government set an example to which the US would do well to pay close attention. The US saw six mega-mergers in 1998 alone that escalated the ongoing consolidation
of the US banking industry to a new level (Campen 11). Since 1984, such mergers have cut the number of US banks by more than a third and the number
of "thrifts" is down by 53% from 1986. While banks use rationales about global competition to explain these mega-mergers, many CEOs appear to be motivated more by empire-building dreams and
outsized egos then by more economically rationale (Campen 11). In his book, The Banks: The Ongoing Battle for Control of Canadas Richest Business,
Whittington applies his considerable journalistic skill to summarizing the parameters of this fascinating struggle. Whittington explains how banks everywhere have felt driven by the global merger craze, as well as
by the business upheaval created by new technologies and a changing competitive climate. This has caused banks everywhere to endeavor to redefine their operations in order to stay financially healthy.
This rationale was used to justify the mega-mergers. Nevertheless, Whittington?like the Canadian government?is not buying the bank rationale. Although Whittington endeavors to maintain his journalistic detachment to a certain
extent, it is still obvious that the clear winner in this case is the Canadian government, as a representative of the Canadian consumer. The way in which the Canadian government
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