The last decade has witnessed an unprecedented number of mega-mergers in the banking industry: bank of America’s acquisitions of fleet bank, MBNA, and U.S. trust; bank of new York’s acquisition of Mellon financial; and wells Fargo’s acquisition of Wachovia, to name several of the largest consolidations.

Besides growth for its own sake, these super banks are able to offer one-stop shopping for financial services: everything from savings accounts to home mortgages, investment account, insurance vehicles, and financial planning.

Do you think these mergers are predicated on economies of scope?