The recent megamerger deals are not likely to reduce competition in banking, Federal Reserve Board Governor Laurence H. Meyer said Tuesday.

Speaking a day after Norwest Corp. and Wells Fargo & Co. announced the industry's fourth big merger deal of 1998, Mr. Meyer said local markets have never been more competitive.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.