Most banks will be squeezed out of existence during the next five to 10 years because they will be unable to afford the technology necessary to keep customers and generate fee-based income, First Union Corp. president Anthony P. Terracciano says.

"Ease of entry is not the issue in this business - it's ease of continuance," Mr. Terracciano said Monday in a speech at the asset/liability and treasury management conference of the Bank Administration Institute.

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.