Gerard Cassidy
Gerard Cassidy
bank blame fall interest lows management rates sale timing
The timing of the bank sale could have been better, but you can't blame management for the timing. Mellon did not, and could not, see that interest rates would fall to 45-year lows right after the sale of the bank.
communication
Everything they did in this communication was as if they had something to hide. They flunked it big-time.
artificial company corporate hurdles indication itself putting trying view
I wouldn't view this as any indication the company is putting itself up for sale. I think it's an indication of better corporate governance. What they are trying to show everyone is that there's not going to be any artificial hurdles to them being acquired.
company cuts strong
I don't know any strong company that cuts its dividend in half.
good initial people proof pudding reaction seen similar smart super three
Should this or a transaction like this go through, the initial reaction is going to be very favorable, similar to the Legg Mason-Citigroup transaction. The proof in the pudding won't really be seen for a good three years. Then people can look back and say 'Wow, super smart deal,' or 'not so smart.
far seems serious
This seems to be a far more serious allegation.
balances business card cards commerce credit product profit profitable revolving
The real profit in the credit card business is the revolving balances. Commerce has calibrated what balances they need to be able to make this product profitable without charging the fees that some of the other credit cards charge.
balances business card cards commerce credit product profit profitable revolving
The real profit in the credit card business is the revolving balances, ... Commerce has calibrated what balances they need to be able to make this product profitable without charging the fees that some of the other credit cards charge.
banks force major move remain strategic
For big banks that want to remain major players, this move is going to force them to make strategic mergers, just like 1998.
asset banks custody driven good management numbers revenue
The numbers were good at all of the custody banks and were driven by revenue in their asset management business.
cloud good hanging news resolution though
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.
number
A number of acquirers in 2004 have digested transactions and may do more in 2006.
banks hard rock
Banks are between a rock and a hard place.
help peer pressure relative remain until
This announcement will help with Mellon's profitability. But until (the stock) does better relative to their peer group, pressure from shareholders will remain intact.