Citigroup and Wells Fargo are the only U.S. megabanks with sufficient room under the 10% national deposit cap to pursue a large regional-bank acquisition, according to investment bankers, consultants and investors. JPMorgan Chase and Bank of America are excluded because they already exceed the cap. Wells Fargo CEO Charlie Scharf has signaled openness to a transformative deal, while Citigroup CEO Jane Fraser has said the bank is focused on organic growth rather than M&A (mergers and acquisitions). Both banks have cleared key regulatory hurdles after years of restrictions, but potential targets must be large enough to matter while keeping the buyer below the deposit limit. Fifth Third, Huntington, Citizens, KeyCorp and Regions could fit either bank, while Zions appears suited to Wells Fargo and First Horizon to Citigroup. Despite a more permissive regulatory environment, EY said North American bank merger value dropped by more than half to $30.1 billion in the first six months of 2026. Bain expects regional-bank consolidation to produce one to three new megabanks with at least $1 trillion in assets by 2030, while the number of regional banks could fall from 49 to as few as 30.