Staffing branches with tellers can be considered a premium service in a world where fewer customers visit bank branches for transactions.
Sentiment: NEGATIVE
At Bank of America, customers shunned a product that offered fee-free checking without access to branches.
When I started the business, only banks operated at airports, only banks issued travellers' cheques, only banks issued international payments, only banks serviced their own branch networks.
People in retail banks are not smart. They have a business model that's quite difficult to not make money out of - but still they somehow manage it.
Investment banking is not a business; it is a personal service where bankers work hand in hand with their clients. And it is a service that must not simply be about making bigger and bigger deals that reap rewards for only a small group of executives.
The fundamental problem with banks is what it's always been: they're in the business of banking, and banking, whether plain vanilla or incredibly sophisticated, is inherently risky.
Banks are there to support businesses that have justifiable needs.
I wish we had a system where you are given a bill including service and that people were paid properly so they didn't have to rely on tips. In different restaurants there are different policies and it's all very confusing.
A diverse customer base helps insulate you; a few large accounts can leave you vulnerable to their whims.
I happen to know a bit about banking.
Shopkeepers are not bankers.