Posts

Showing posts with the label Union Bank

US. Bancorp and Union Bank/MUFG

Image
Given changes in the social and economic environment, it is clear to us that the proposed merger between US. Bancorp and Union Bank is in serious trouble and should not, for reasons described below, be approved.  As with majority of large bank merger proposals over the past thirty years, the lead entity, in this case, US Bank, has claimed the transaction will provide significant social benefits. The bank stated the merger would “provide benefits for both customers and the communities served by the combined organization through improved technology, products and customer choice.” A review of bank mergers over the past forty years shows that this is untrue. There is no objective, fully independent data to support this contention. In fact, inequality has risen over the intervening years. Many merger opponents cite Covid-19 and the significant racial and economic divisions the virus revealed as reason to delay or oppose the merger. Other opponents have requested a public hearing on the prop