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Yeah, USB is probably as close as you'll get to a reasonable comparison. Mostly because they're both pretty conservative and have diverse income streams from fee services, though they focus on different areas for their fees.

A big thing to keep in mind is that the US is very different from the rest of the world when it comes to concentration of assets/deposits in the banking biz. In many countries there are 3-10 absolutely dominant banks and maybe less than a hundred other small ones. We still have quite a bit more than 1,000 banks in this country.

Another to keep in mind about the UK is that while their economy is soft and they having housing problems too, they also have a pretty decent immigration and population growth trend. So the excess capacity will eventually get absorbed.



Disclosre... I own AIB and USB. Have a beneficial interest in LYG.
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