Interesting read on what the big banks think about their
Hey Chase if us little guys are so unprofitable I guess you won’t
mind if all of us make a run on your bank at the same time?
Chase CEO Jamie
Dimon says so just as he is announcing record profits again. If you have an
account at Chase, or any other large lender for that matter, perhaps you should
reconsider and switch to the few remaining localized and smaller banks in your
area! If there aren’t any in your area perhaps some investors should take the
step in bringing back the community bank!
Feb. 28 (Bloomberg) -- JPMorgan Chase & Co.,
the largest U.S. bank by assets, said about 70 percent of customers with
less than $100,000 in deposits and investments will be unprofitable
following regulations that cap lenders' fees.
“I'm trying to give you a proxy for what the
banking industry has to look forward to if you don't take into account
business bank clients and getting more of the affluent wealth wallet,”
Todd Maclin, chief executive officer of consumer and business banking at
the New York-based company, said today at an investor presentation.
The biggest U.S. banks are grappling with lost
revenue from regulations that cap debit interchange fees and overdraft
charges, making customers with low deposits more expensive for lenders
to manage. JPMorgan, run by CEO Jamie Dimon, sees its greatest
opportunity with affluent customers that have more relationships with
the company, Maclin said.