I’m confused about what’s next. We have a mediocre-to good quarter financially but in the details there is info about us losing customers with close to 2-3% attrition per quarter. Does that mean our profits were the results of financial engineering or are we just racking up fees on our customers? If we aren’t growing or merging, someone is going to merge with us.
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@1rv TACO Don will pardon. We live in a timeline where all villains are converted to heroes.
@fg TD can’t expand in the U.S. They are barred due to the massive money laundry scheme they were running in NJ.
Would the current administration allow a “foreign” bank to buy USB though? Doubtful, unless they will fund his golf resorts overseas.
CIBC or RBS would be a good fit and snap on, also the European banks have a lot of money to throw around in the U.S., notably Barclays, such that the institutional investors may have seen enough of this circus and look to exit for a better long term investment.
@c6 the bank doesn’t care about their customers. It’s evident in all our processes and underwriting. We literally don’t care who you are or what you have with us. Our credit culture is too conservative for the size of bank we are, and we are hard to do business with.
The prevailing view is that USB is not healthy enough to determine its own fate. Too poor to leading any M&A. I wonder if one of the Canadian banks would be interested in acquiring? BMO, TD, I’m probably missing one.
@ej all cash offer? Do you know what the market cap of U.S. Ban is?
Wall Street analysts see the key metrics which continue to indicate an unhealthy banking franchise, further complicated by leadership trained in a consultant's career as opposed to a real world banking environment. Not sure there is a boardroom or C-suite that would or institutional shareholders that would want any merger aspect of U.S. Bank unless it was an all cash offer, which U.S. Bank does not have.
The quarter despite its beating certain expectations resulted in a downgrade to "hold" as the stock will be more influenced by what happens to other banks than what this leadership team can do with this bank.
I don't think we should be using this forum to be talking about business strategy. Especially if anything confidential about business strategy gets thrown around I have no doubt they could trace these forums. Why don't you go to an investment forum where it's not so obvious people with potential insider information (we are current or ex employees) are posting?
Who do we want to be? BNY or State Street?
Because losing consumer customers doesn't matter. The revenue comes from commercial banking. Huge clients.
Chase is paying ppl 900 to switch. I work at us b and will be switching.
GREAT question. Wish I could answer it. I’ve been asking leadership WHY we are bleeding customers so badly, and no one can (or will) answer the direct question. Increased fees? Non-competitive rates? Wealth customers leaving in droves to rate chase? Confusing cultural values we stand for? What is it?? The bank should be able to see where and when we started losing customers and draw some conclusions on the causes…