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Are backsliding banks a sign of another pending market retreat?
Baseman
Member Posts: 12,369
JPM drops below $100
Bank of America $25.50
Citi near $50
Either way ...
Bank of America $25.50
Citi near $50
Either way ...
Comments
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To have the market at 28K in THIS economy tells me the market has very little relation to the reality on main street
All three of the banks you mentioned have blown copious amounts of cash the last several years trying to get the tellerless branch that millennials will gather at and drink fancy coffee. Then Starbucks is racist for the bathroom incident and the banks scratch the coffee bar. The the customers who still go to the branch and don't do online or app banking continued to want a fucking teller when they drove there. They don't want a place to charge their iPhone
The when the Vid strikes and tellerless is all the rage they put more tellers out. I would always bank on JP because if he goes we're all gone anyway but banks have done a horrible job and their revenue has to be down because they can't make a big spread on the free money we? give them and they are completely inefficient.
Just a little insider info for you -
Until interest rates climb, the banks will be dead money.
The big 4 (Wells Fargo included) are in a much much better place than they were 12 years ago where there was a very real chance Citi and BOA could have gone under b/c of the housing crises.
Say what you will about Big Brother Govt, but the yearly stress tests they do on the top 25 banks in the country are a very smart thing.
Stay tuned for a buy recommendation coming from the Bull about one of the banks....... -
Retail banking with brick and mortar branches is the most useless boomer garbage of all time.
Seriously. Blockbuster is better. -
Retail banking is nothing but a profit drain on Money Center Banks. They would close all the branches down if they could.
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In the next 20 years they willdoogie said:Retail banking is nothing but a profit drain on Money Center Banks. They would close all the branches down if they could.
