Steve Eisman, the investor widely known for his role in shorting the subprime mortgage market before the 2008 financial crisis, says the U.S. banking landscape is increasingly consolidating into the hands of a few large banks.
What Happened: Speaking on a financial podcast on Monday, Eisman highlighted the growing concentration of deposits among major institutions like JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC), which he said are steadily dominating the American banking sector.
