One need look no further than the ways in which the last two giants of New York banking have each recently spent upward of $30 billion to see that convergence is not going to homogenize the competitive landscape.

Citigroup Inc.'s deal for Associates First Capital Corp., as pure a play in the mass retail space as could be imagined, was almost perfectly counterbalanced by Chase Manhattan Corp.'s pickup of J.P. Morgan & Co., as blue-chip a name as has existed in banking.

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.