It's not an international bank. It doesn't have an international reputation. It's not a core business.
More Quotes from Richard Bove:
Trading is the biggest business in the world, one of the fastest-growing and one of the best, and Merrill has been behind the curve here. This quarter shows that Merrill is catching up to where it needs to be.Richard Bove
The industry is out there building branches at an extremely active clip -- a new one is slated to open every 2-12 hours until the end of 2005. Bank margins will have to come back down to support the increased cost of running all those branches.
Richard Bove
From 1965 to 1982, the yield curve in this country was inverted 47 percent of the time, yet bank earnings averaged a more rapid increase than non-bank earnings. Bank stocks also outperformed the SP 500, on average, over that period.
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.
Richard Bove
His legacy has been tarnished dramatically in the last few years. He came in with a reputation as a brilliant strategist and he's going out as someone who couldn't manage everything he has under one roof.
Richard Bove
It's obviously a positive, because everyone I spoke to said there was no way in heaven or hell J.P. Morgan would win this case.
Richard Bove
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