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In this article (click link above) the banking system is accused of some classic abuses of oligopoly power: exploiting consumers by price leadership – adding charges to accounts and to debit card transactions, for example which others follow.  In 1984 the top 5 US banks held 9% of total deposits: in 2009 it was 37%. Not only that, but they have proved in the crisis of 2007-8, to be too big to fail. In the UK RBS, Northern Rock and Lloyds were effectively nationalised (or part nationalised) before being sold off – Northern Rock to Virgin Money for £747m (the Government had spent £1.4bn keeping it afloat), and Lloyds and RBS by tranches of share sales back to the private sector (the latest being the summer of 2015).

Click here for George Osbourne’s comments on the Virgin sale.

https://peped.org/economicinvestigations/extract-the-wealth-of-nations-self-interest/