'Five Years After the Crisis Some People Still Don't Get It': Week's Best Quotes
March 4, 2014 12:01 PM
The most notable quotes from American Banker stories of the previous week. Readers are encouraged to add their own observations in the Comments fields at the bottom of each slide.
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Making clear that it is vital to lock up the key employees of an acquisition target:
"We don't want to waste our time" doing an M&A deal if the top talent is going to leave afterward.
Ted Peters, Chief Executive of Bryn Mawr Bank (BMTC)
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On evidence that employees in a Citigroup (NYSE: C) Mexican unit committed fraud:
"It appears that even now - five years after a crisis in which the financial services industry shouldered its fair share of blame - there are some people who still don't get it."
Citigroup CEO Michael Corbat
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Image: Bloomberg News
On JPMorgan Chase (JPM) letters asking millions of customers for detailed personal information, as part of a bid to comply with Bank Secrecy Act and anti-money laundering rules:
"When you compare the cost of sending out letters versus the fines you pay for not complying, it's cheap. This is part of the new world order for banks."
Gerard Cassidy, the head of bank equity research at RBC Capital Markets
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On JPMorgan Chase's 2014 outlook in the wake of a year when it paid more than $20 billion in settlements:
"We see 2014 as a transition year."
Chief financial officer Marianne Lake at an investor day event
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On the risk that if banks fail to secure credit card transactions on their own, California legislators may force them to do so:
"Don't wait. Don't stall. Move ahead, and show us that you're actually taking action to help alleviate these problems."
Sen. Lou Correa, a Democratic member of the California Senate's banking committee
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On First American Bank's claims that it may have detected fraud in card transactions in Chicago taxis:
"Hopefully it will get fire under some feet."
Christine Childers, spokeswoman for First American Bank in Elk Grove Village, Ill.
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On the risk that regulatory scrutiny may make it trickier to buy mortgage-servicing rights:
"It's clearly going to be a more involved process."
Nationstar Mortgage CEO Jay Bray
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On the future profitability of Fannie Mae and Freddie Mac, whose 2013 results benefitted from several one-time boosts:
"One puff of a cold wind and they are back in the Treasury's lap."
Karen Shaw Petrou, managing partner of Federal Financial Analytics
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On Discover's small and struggling debit-card network:
"I view that as a lot more upside."
CEO David Nelms
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Image: Bloomberg News
On the future of the bank branch:
"My prediction is that in 30 years the branch will be unrecognizable."
Chris Oddleifson, CEO of Independent Bank in Rockland, Mass.
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On the American Bankers Association's ad campaign skewering credit unions' tax-exempt status:
"We believe the banking lobby would be better served focusing on other issues."
Bill Cheney, president and CEO of the Credit Union National Association
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Image: Bloomberg News
On a proposal from Rep. Dave Camp, R-Mich., to create a new tax on banks with $500 billion or more in assets:
"Camp had to slay some sacred cows, and a logical one is big banks."
Brandon Barford, a partner at Beacon Policy Advisors
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On what the defunct Bitcoin exchange Mt. Gox could learn from too-big-to-fail banks:
"You don't just commit brazen fraud in one fell swoop. You institutionalize and normalize systemic fraud."
Jon Stewart, host of the Daily Show
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