The dramatic decline in the share price is entirely due to what's going on at its subsidiary, ... This is a serious distraction from the HSBC takeover arrangement that needs to be resolved.
More Quotes from Gerard Cassidy:
The numbers were good at all of the custody banks and were driven by revenue in their asset management business.Gerard Cassidy
If it were as negative as it appears on the surface, Microsoft stock would be dropping like a rock, and it's doing just the opposite. It doesn't appear to be something that's material in nature.
Gerard Cassidy
I don't know any strong company that cuts its dividend in half.
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Everything they did in this communication was as if they had something to hide. They flunked it big-time.
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It's a resolution of a long-simmering cloud that'd been hanging over this company. Though it's painful, the resolution could have been worse. It's good news that it's resolved.
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For big banks that want to remain major players, this move is going to force them to make strategic mergers, just like 1998.
Gerard Cassidy
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