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10-19-2011, 07:43 AM
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Location: Los Angeles area
14,016 posts, read 19,939,076 times
Reputation: 32516
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According to an article on the front page of the business section of today's Los Angeles Times, Bank of America has lost its number one rank in total assets to JPMorgan Chase. "It marks the end of an era for a bank known for a near-obsessive zeal for acquisitions and growth, and the start of a new chapter in which the bank hopes to slim down to raise profitability", according to the article.
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10-19-2011, 08:42 AM
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Location: West Orange, NJ
12,546 posts, read 20,510,066 times
Reputation: 3728
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Quote:
Originally Posted by Escort Rider
According to an article on the front page of the business section of today's Los Angeles Times, Bank of America has lost its number one rank in total assets to JPMorgan Chase. "It marks the end of an era for a bank known for a near-obsessive zeal for acquisitions and growth, and the start of a new chapter in which the bank hopes to slim down to raise profitability", according to the article.
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and they will continue to lose assets. If JPMC is smart, they'll avoid joining in on the "drive customers away" business strategy. Most of my friends who have an account with them are content. |
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10-19-2011, 08:33 PM
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48,503 posts, read 92,819,840 times
Reputation: 18248
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From what I have read some banks including JPO Morgan are consdiering giving up their banking business because of new rules on investing their own money when such.
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10-20-2011, 06:44 AM
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Location: Afghanistan
152 posts, read 483,262 times
Reputation: 195
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Let the free market rule, If they have made bad business choices then the ride down will continue.
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10-20-2011, 09:00 AM
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409 posts, read 382,808 times
Reputation: 267
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Quote:
Originally Posted by Traeger
Let the free market rule, If they have made bad business choices then the ride down will continue.
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Yes, if the banking industry indeed operated in a "free market", things would happen as you suggest.
However, banking industry has an "Oligopoly" where a few big banks are in control. The sole reason why other banks are not following BOA's lead is because people are shedding their apathy and taking a stand. |
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10-20-2011, 02:55 PM
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Location: Sierra Vista, AZ
17,593 posts, read 23,506,725 times
Reputation: 9954
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It means the executives want to take the money and run. If they were doing something like paying their employees a living wage or restoring them to full time so they were once again entitled to benefits, I might put some faith in what they say. Believe the scorpion at your own risk
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10-22-2011, 01:21 PM
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Location: Long Island, NY
1,776 posts, read 3,593,387 times
Reputation: 1892
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3 of my friends just closed their personal savings and checking accounts with BoA. They are sick of the fees and shenanigans. They all opened accounts with local credit unions....i cant wait to see Bank of America go down in flames.
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10-22-2011, 08:03 PM
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Location: The Ranch in Olam Haba
23,715 posts, read 28,863,705 times
Reputation: 9985
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Quote:
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Bank of America has lost its number one rank in total assets to JPMorgan Chase.
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What they lose in assets are made up in Bank-to-Bank transfer fees into/out of the US (along with Federal Reserve who also does them).
Clearing House Interbank Payments System - Wikipedia, the free encyclopedia
Even though other banks are listed, BofA is the center of the US hub. |
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10-22-2011, 08:53 PM
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24,497 posts, read 39,411,655 times
Reputation: 12902
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Quote:
Originally Posted by LegalDiva
3 of my friends just closed their personal savings and checking accounts with BoA. They are sick of the fees and shenanigans. They all opened accounts with local credit unions....i cant wait to see Bank of America go down in flames.
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Posts like this crack me up. If you're actually paying fees at BoA, that means you have low balances and thus are not profitable to BoA. They could care less about customers with less than $10,000 balances. |
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10-25-2011, 02:00 PM
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5,044 posts, read 4,204,330 times
Reputation: 16223
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This is just one of the ways in which big banking can gain yardage from it's most loyal constituents, the US taxpayer.
Tuesday, October 25, 2011
"In an ominous sign for the economy, Bank of America, in an attempt to protect itself from its toxic assets, recently moved $75 trillion (with a “t”) in derivatives from its non-federally-protected Merrill Lynch securities unit to a subsidiary insured by the Federal Deposit Insurance Corp (FDIC).
By doing so, BofA has positioned the FDIC to be the fall guy if the derivatives shift causes the subsidiary to fail, which would then require the federal agency to step in and save the day. The situation is disturbingly similar to that the one that led to the financial crisis just three years ago.
The move was demanded by counterparties, evidently in this case the high-finance equivalent of insurance companies, after Moody’s downgraded BofA’s credit rating a month ago."
The idea that this behemoth is really relying on their size reduction to insure the "profitability" of it's future is ridiculous.
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