Mr. Oken may have lost some credibility with analysts when the bank's net interest margin dropped dramatically,
More Quotes from Richard Bove:
because it reinforces Mr. Dimon's hand to make the changes he wants.Richard Bove
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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The likelihood is that they would close offices and would get rid of a lot of people. They see (personal advisers) as a very expensive way to do business.
Richard Bove
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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It is significant because it expands J.P. Morgan's distribution capability without forcing the company to buy anything. It also allows Fidelity into the new issue game without becoming an underwriter.
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It's the luck of the draw. Goldman has the assets and the people and the technology and the products out there, and at certain times it all comes together.
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