And you can errors was new laws as opposed to the difference within of several major banks
“When you’re from inside the a commodity providers, the only way to prosper is usually to be a decreased-prices manufacturer. ” — Duff McDonald, writer of History Boy Condition: The newest Ascent regarding Jamie Dimon and you may JPMorgan Chase
“Inside monetary services, if you’d like to be the ideal in the market, you initially have to be the best in the risk management and you may borrowing from the bank top quality. It’s the basis for every most other measure of achievements. ” — John Stumpf, president and you will Ceo of Wells Fargo.
“[W]hen you see exactly what actually distinguishes a bank due to the fact a lender, it’s the amount of money it manages to lose with the property it determines when deciding to take chance having.” — Joseph Ficalora, chairman and you may Chief executive officer of brand new York Neighborhood Bancorp
“On the greatest feel, the answer to new abilities of every old-fashioned industrial bank . ‘s the profitability of your own money it makes.” — Robert Wilmers, president and you will President away from MT Bank
“Financial institutions fail on most out of instances as their managements look for development without exceptions, grab payouts versus owed regard to chance, render blessed therapy to help you insiders, otherwise play toward future span of interest rates. Certain have only dishonest government you to loots the lending company.” — Irvine Sprague, former chairman of Government Deposit Insurance Enterprise and you may writer of Bailout: An enthusiastic Insider’s Account off Bank Problems and you will Rescues
“The latest banking company is zero favorite off ours. Whenever property are twenty minutes collateral — a familiar ratio in this industry — errors one to include just a small percentage of assets can damage a primary percentage of equity. ” — Warren Buffett, chairman and you will Ceo out of Berkshire Hathaway