Richard Bove
Richard Bove
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.
card credit division problems
The problems in the credit card division are structural, and kind of long-term,
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.
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.
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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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I wouldn't own any bank stocks in the Midwest. They're exposed to the problems of the auto industry and the Ford layoffs today are just the latest example.
banking banks clear compared deal hot interest investment loan quarter rate retail sector tied tougher trading volume
I think it's clear that the banks that are more tied to the retail sector are going to have a much tougher quarter compared to those with diversified positions. The banks in the retail sector have to deal with interest rate compression, loan volume will be tougher, and they don't have the trading or investment banking that are hot now.
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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 S&P 500, on average, over that period.
accustomed avoid banks earnings happen loan local losses plan prices stock
Midwestern banks are accustomed to shifts in the local economies. They plan for it. However, they do not avoid it. They get hurt. Their loan losses rise. Their earnings tumble and their stock prices are impacted. It will happen again.
oil prices rising treasury
Treasury prices have been rising and oil is up and down,
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The ability to utilize those marketing programs is going to be enormous for Bank of America. You'll see a significant increase in the bank's credit-card activity now that they have MBNA.
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The industry is out there building branches at an extremely active clip -- a new one is slated to open every 2-1/2 hours until the end of 2005,
close expensive likelihood offices rid
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.