Oil at $50 per barrel will almost definitely create problems for banks in oil-producing regions as well as Wall Street financial institutions that finance the sector. Analysts already forecast the price of crude will fall that low the only other question is how long it might last.
Ed Clark took Toronto-Dominion Bank from nowhere in the U.S. to the nation's 15th-largest bank holding company in a single decade but his even-keeled, conscientious leadership philosophy is perhaps his most valuable legacy.
Banks would have to upgrade their systems to accommodate faster transactions, and originating banks would pay the receiving financial institutions a fee to cover those costs, under a plan from Nacha, the industry group that sets ACH rules.
Most big companies achieve success by squeezing vendors, lowering prices, improving efficiency and giving consumers what they want. But in the topsy-turvy world of banking, the most disliked financial institutions end up at the top of the food chain.