What the big banks think about the little guys

Jeffrey Rubin — Wed, 29 Feb 2012 14:11:00 GMT

Interesting read on what the big banks think about their customers.

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!

Just saying…

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.
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Jeffrey Rubin : bank of america, Regions

What the big banks think about the little guys