'Retailers Don't Care Because Banks Will Pay': Week's Best Quotes
January 22, 2014 9:33 AM
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
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(Image: Bloomberg News)
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
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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
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(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
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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
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(Image: Thinkstock)
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.
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(Image: Thinkstock)
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
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On the recently unveiled Volcker Rule:
"Volcker is a solution in search of a problem."
Rep. Jeb Hensarling, R-Texas
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(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.
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(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.'"
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(Image: Bloomberg News)
