Richard Bove
Richard Bove
dropped interest lost margin net
Mr. Oken may have lost some credibility with analysts when the bank's net interest margin dropped dramatically,
afford benefit built doctor ford imagine jobs lose next office plans workers
Imagine the doctor who built an office next to a Ford factory. If the workers lose their jobs and those benefit plans disappear, this doctor isn't going to be able to afford his office.
amount buying coming impact liquid shares stock
It's a significant amount of stock coming to market. But it's a pretty liquid stock and they've been buying back shares over time. We don't think the impact will be that significant over the long run.
deal next
They know everyone. They know what everyone's thinking, and they know where the next deal may lie.
business delivery faster growth higher home rate return rid secular systems wind
It's a grand-slam home run. They wind up getting rid of the high-cost, labor-intensive delivery systems and get in return a business which has a faster secular growth rate with a higher rate of return.
assets certain luck people products technology
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.
bank branches close congress course follow opening possible quite similar simply stores thousand
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.
critical dominant earnings estimates found hit money needed sandy united
Citigroup needed a lot more earnings to hit its estimates and Sandy just found them in a dominant company. This will give them a foothold in the United States, which is critical because that's where the money is made.
changes hand
because it reinforces Mr. Dimon's hand to make the changes he wants.
brilliant came few last legacy manage reputation strategist
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.
bad banks believe cyclical ignore quarters secular
If you believe this a secular story then you should ignore cyclical swings. The banks may have bad quarters every now and then but so what?
competition exchange fewer five gone increase individual last number percent seeing shares stock trading volume york
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.
major plus
This transaction, if it occurs, would be a major plus for the company.
clearly either likely sale selection
This selection clearly indicates that Mellon is not for either sale or dismemberment. It is more likely to go on an acquisition binge.