It is quite possible that Wal-Mart could, at some point, follow a similar course by simply opening a thousand bank branches in its stores and then challenging Congress to close them down. We think Wal-Mart will do this and that Congress will back down.
More Quotes from Richard Bove:
I think they Citi's new management are actually turning this monster around.Richard Bove
It's increasingly difficult to be a regional broker. There's a lack of trade to worry about, yes, but you're also dealing with pricing weakness, competition from the big New York City companies and the universal banks that offer everything from checking accounts to financial advisory services.
Richard Bove
I wouldn't own any bank stocks in the Midwest. They're exposed to the problems of the auto industry and the Ford layoffs today are just the latest example.
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You have to have scale in this business. By doubling the size of their credit-card business, Bank of America will lower their cost of handling each individual account.
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People got all upset because they don't like to see people they know getting pushed out, and they don't know the new people coming in, ... But this company has been underperforming for some time. Significant change is needed.
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If you look at volume on the New York Stock Exchange and the Nasdaq over the last five years, there's been no real increase in the number of shares traded. In addition, proprietary trading has gone from 19 percent to 52 percent of that total. So you're seeing more competition for fewer individual trades.
Richard Bove
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