[Silhouette]

Banking! If there are meaningful competitors then that implies there is meaningful competition. But many financial services firms have been making huge windfall profits by creating a wide interest rate spread even though they would still be (very) profitable with much lower spreads and their customers have a clear incentive to go with a competitor offering a better interest rate. So clearly there is not effective competition in this market.

[jntvjnvutnuvt]

Well, there are thousands of banks in the US alone that offer mortgages and loans.

[Silhouette]

And are they offering them at competitive rates or are they all mysteriously making enormous profits despite the "competition"? Because in much of Europe it's definitely the latter that is happening. There are lots of banks but evidently they are not really competitors.

[cmmeur01]

And that number has been steadily trending down with mergers and acquisitions.