Industry consolidation through merger is an important issue in both Europe and North America. Although various studies have failed to produce conclusive evidence that larger banks are more profitable than their smaller counterparts, mergers often occur in pursuit of growth and perceived market opportunities. The chart indicates bank profitability for different size banks in Europe and the United States. The banks shown are the industry leaders within their respective home country markets. In the chart, assets are used as a proxy for bank size and profits are weighted by number of employees to facilitate comparison. As suggested by the chart, profitability appears to have less to do with size and more to do with current local market conditions.