On both sides of the Atlantic, the banking industry has been undergoing two decades of spectacular transformations and the consolidation process does not seem to slow down, in Europe in particular, as we enter the 21st century. For academics, sceptical by profession, the trend towards ever bigger banking institutions is puzzling as they do not find in their studies confirmation of the rhetoric adopted by practitioners and consultants to justify their actions or rationalise their strategies. In this note we review arguments and counter-arguments.