Wells Fargo and Citigroup are the only U.S. megabanks with the capacity to acquire a large regional bank, but neither has taken action yet:
Wells Fargo CEO Charlie Scharf has indicated a willingness for a "transformative deal," while Citi CEO Jane Fraser states the bank's focus is on organic growth rather than M&A:
Despite looser regulatory barriers, the value of North American bank mergers fell by more than half in the first half of 2026:
Bain projects that one to three new $1 trillion-plus megabanks will emerge by 2030 as the number of regional banks shrinks from 49 to as few as 30:
Five regional banks are highlighted as potential acquisition targets for Wells Fargo and Citigroup:
- Fifth Third
- Huntington
- Citizens
- KeyCorp
- Regions
Wells Fargo and Citigroup declined to comment for this article:
