Richard Bove
Richard Bove
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.
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.
core
It's not an international bank. It doesn't have an international reputation. It's not a core business.
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.
accounts advisory banks checking city companies competition dealing difficult financial lack offer pricing regional trade universal worry york
It's increasingly difficult to be a regional broker. There's a lack of trade to worry about, yes, but you're also dealing with pricing weakness, competition from the big New York City companies and the universal banks that offer everything from checking accounts to financial advisory services.
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.
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.
degree exist lost major morgan people problem stanley top
This problem doesn't exist to the same degree at the other major brokerage firms because they haven't lost top people like Morgan Stanley has.
behind biggest business catching curve needs quarter shows trading
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.
deal next
They know everyone. They know what everyone's thinking, and they know where the next deal may lie.
derivative difficulty earnings event
This event highlights, once again, the difficulty in determining earnings for derivative transactions.
companies growth next percent piles sitting work
Some firms are projecting 30 percent M&A growth next year, after 36 percent this year. Companies are still sitting on piles of cash, and they'll get to work after the new year.
crisis four given market mortgage near nowhere talking
I think that if we were talking about this kind of mortgage market four years ago, it would be a real crisis for Lehman. But today, given the kind of diversification they've done, it's nowhere near a crisis.