Slideshow 'Retailers Don't Care Because Banks Will Pay': Week's Best Quotes

Published
  • January 22 2014, 9:33am EST
11 Images Total

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.

(Image: Thinkstock)


On the difference to Wall Street executives of being in an important position and being important personally:

"The only two words that don't matter on that business card are my first and last name."

— Duncan Niederauer, chief executive of NYSE Euronext

Related Article: NYSE's Niederauer Preaches Humility to Wall Street Execs

(Image: Bloomberg News)

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On Bank of America's (BAC) fourth-quarter results:

B of A "pretty much crushed it."

— William Smith, CEO of SAM Advisors in New York

Related Article: Citi's 4Q Falls Short of High Bar Set by Rivals

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On Brian Moynihan's performance as B of A's CEO:

"We started 2013 with a number of doubters about Brian Moynihan and his abilities. That has pretty much been vanquished. Brian has proven that he can run this company."

— Nancy Bush, banking industry analyst with NAB Research

Related Article: At B of A, Moynihan Gives Doubters Reason to Believe

(Image: Bloomberg News)


On why, despite a good year, PNC Financial Services (PNC) has room to increase earnings:

"Our expenses are higher than they should be and we are focused on doing something about it."

— Bill Demchak, CEO of PNC

Related Article: Bank CEOs Struggle to Move Beyond Cost-Cutting

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On the regulatory order that has prevented M&T Bank (MTB) from closing its deal for Hudson City Bancorp:

"Any bank that is a [systemically important financial institution] or wants to be one is paying attention to M&T right now. What's happening to M&T has become another M&A risk."

— Brian Klock, analyst at Keefe, Bruyette & Woods

Related Article: M&T Execs Defend Rising Costs Tied to Hudson City Deal

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On why the Target card breach may not be spur payment network reform, despite the huge cost to banks of reissuing cards:

"This is an issue nobody pays attention to…[T]he retailers don't care because they know the banks will pay."

— Gary Olson, president and CEO of ESSA Bank (ESSA) in Stroudsburg, Pa.

Related Article: Is the Target Breach a Tipping Point for Card Security?

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On the argument that consolidation among bank-technology vendors will make lenders' lives easier:

"Why would banks vet five providers when they could vet just one?"

— Brian Fitzpatrick, president and CEO of LoanLogics

Related Article: Expect More Tech Consolidation in Payments, Lending Products

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On the recently unveiled Volcker Rule:

"Volcker is a solution in search of a problem."

— Rep. Jeb Hensarling, R-Texas

Related Article: House Republicans Rip Into Volcker Rule

(Image: Bloomberg News)


On the Federal Reserve Board's plan to restrict banks from holding physical commodities:

"It's a step forward, but a meager one."

— Sen. Elizabeth Warren, D-Mass.

Related Article: Fed Taking 'Timid' Steps in Limiting Commodities, Senate Democrats Say

(Image: Bloomberg News)


Ben Bernanke on whether he reflects on his time as Fed chairman:

"If you are in a car wreck, mostly you are trying to avoid going over the bridge, and then later on you say, 'Oh my god.'"

Related Article: As Bernanke Departs, Wholesale Funding Reforms Left Unfinished

(Image: Bloomberg News)