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.
More Quotes from Richard Bove:
In general, this should be a mixed quarter. Clearly, MA is strong but the IPO market has slowed down, the equity market is weakening and the fixed income market is limping along.Richard Bove
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.
Richard Bove
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.
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
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
The problems in the credit card division are structural, and kind of long-term,
Richard Bove
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