BofA CEO sees more consolidation in bank industry

 The head of the nation’s largest consumer bank says the ongoing U.S. economic downturn will accelerate consolidation in the banking industry.

Bank of America Corp. (nyse: BACnews - people ) chief executive Ken Lewis spoke Thursday to business students at New York University. He said the nation’s financial service companies are likely to come under pressure to combine as they emerge from on the credit crunch and mortgage market turmoil.

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