'The Chaos of the Mortgage Market May Be Repeating Itself': Week's Best Quotes
October 22, 2013 11:41 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.
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On Jamie Dimon's future at JPMorgan Chase (JPM) following reports that the bank will pay $13 billion to settle federal charges:
"Many may want to get rid of Dimon, but those folks don't actually own the company."
Jaret Seiberg, an analyst with Guggenheim Securities
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On Citigroup's (NYSE: C) third-quarter results:
"We cannot and are not satisfied with these results and will be focusing on areas where we need to continue to improve."
Michael Corbat, Citigroup chief executive
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(Image: Bloomberg News)
On why the earnings reports of banks showing strong loan growth last quarter should be viewed skeptically:
"If you really drill down, most everybody will tell you that 90%-plus of what they're doing is moving around existing business."
Kelly King, chairman and chief executive of BB&T (BBT)
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(Image: Bloomberg News)
On what weak industrywide revenue growth in the third quarter means for banks:
"This is one of those quarters where expenses have to be cut and can't be cut fast enough."
Erik Oja, an analyst at S&P Capital IQ
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On how the health of buyers has become an important factor in M&A negotiations:
"The buying strategy right now is convincing seller[s] that they are catching a rising star. It is often presented as, 'You may not be getting the price you wanted, but you're catching a faster-moving train.'"
David Olson, chief executive of the investment bank River Branch Holdings
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On the need for community bankers to aggressively seek out new business:
"You can't sit at your desk and just build up your securities portfolio. You have to hit the bushes."
Jack Thompson, head of financial institutions investments at Gapstow Capital Partners
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On the hope that bank regulators will follow recent conciliatory talk with regulatory relief:
"I like the tone. We'll see now about the details."
Jeff Plagge, chairman of the American Bankers Association and CEO of Northwest Financial in Arnolds Park, Iowa
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(Image: Bloomberg News)
On the Consumer Financial Protection Bureau's priorities:
"The CFPB is more concerned with how the consumer groups are going to react to everything, instead of really looking at how the consumer is going to be affected."
Lou Borsellino, president of the New York Association of Mortgage Brokers
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CFPB Director Richard Cordray on why bankers need to be will be ready to comply with the agency's qualified-mortgage rule when it takes effect in January:
"Those that are not ready will be at a huge competitive disadvantage."
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(Image: Bloomberg News)
On why the CFPB is pushing for stricter rules covering student-loan servicers:
"The same chaos and confusion we saw in the mortgage market may be repeating itself in the student loan market."
Rohit Chopra, the CFPB's student loan ombudsman
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On why Independence Bancshares in Greenville, S.C., has invested heavily in technology:
"We're at the early stages of a long-term trend: the merging of traditional banking and telecom."
Gordon Baird, CEO of Independence
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