Citigroup needed a lot more earnings to hit its estimates and Sandy just found them in a dominant company. This will give them a foothold in the United States, which is critical because that's where the money is made. - Richard Bove Quotes
Citigroup needed a lot more earnings to hit its estimates and Sandy just found them in a dominant company. This will give them a foothold in the United States, which is critical because that's where the money is made. Richard Bove
 Company

More - Richard Bove Quotes

If you believe this a secular story then you should ignore cyclical swings. The banks may have bad quarters every now and then but so what? - Richard Bove Quotes

If you believe this a secular story then you should ignore cyclical swings. The banks may have bad quarters every now and then but so what?

Richard Bove

 Banks
Midwestern banks are accustomed to shifts in the local economies. They plan for it. However, they do not avoid it. They get hurt. Their loan losses rise. Their earnings tumble and their stock prices are impacted. It will happen again. - Richard Bove Quotes

Midwestern banks are accustomed to shifts in the local economies. They plan for it. However, they do not avoid it. They get hurt. Their loan losses rise. Their earnings tumble and their stock prices are impacted. It will happen again.

Richard Bove

 
They see this [erosion of deposit share] as a massive problem, and they're reacting aggressively to solve it. Because in the last analysis, if you try to figure out where the profits come from in banking ... deposits are the biggest source. - Richard Bove Quotes

They see this [erosion of deposit share] as a massive problem, and they're reacting aggressively to solve it. Because in the last analysis, if you try to figure out where the profits come from in banking ... deposits are the biggest source.

Richard Bove

 
It is quite possible that Wal-Mart could, at some point, follow a similar course by simply opening a thousand bank branches in its stores and then challenging Congress to close them down. We think Wal-Mart will do this and that Congress will back down. - Richard Bove Quotes

It is quite possible that Wal-Mart could, at some point, follow a similar course by simply opening a thousand bank branches in its stores and then challenging Congress to close them down. We think Wal-Mart will do this and that Congress will back down.

Richard Bove

 
I think it's clear that the banks that are more tied to the retail sector are going to have a much tougher quarter compared to those with diversified positions. The banks in the retail sector have to deal with interest rate compression, loan volume will be tougher, and they don't have the trading or investment banking that are hot now. - Richard Bove Quotes

I think it's clear that the banks that are more tied to the retail sector are going to have a much tougher quarter compared to those with diversified positions. The banks in the retail sector have to deal with interest rate compression, loan volume will be tougher, and they don't have the trading or investment banking that are hot now.

Richard Bove

 Banks
In general, this should be a mixed quarter, ... Clearly, M&A is strong but the IPO market has slowed down, the equity market is weakening and the fixed income market is limping along. - Richard Bove Quotes

In general, this should be a mixed quarter, ... Clearly, M&A is strong but the IPO market has slowed down, the equity market is weakening and the fixed income market is limping along.

Richard Bove

 
Mr. Oken may have lost some credibility with analysts when the bank's net interest margin dropped dramatically, - Richard Bove Quotes

Mr. Oken may have lost some credibility with analysts when the bank's net interest margin dropped dramatically,

Richard Bove

 Credibility
People got all upset because they don't like to see people they know getting pushed out, and they don't know the new people coming in, ... But this company has been underperforming for some time. Significant change is needed. - Richard Bove Quotes

People got all upset because they don't like to see people they know getting pushed out, and they don't know the new people coming in, ... But this company has been underperforming for some time. Significant change is needed.

Richard Bove

 People
The problems in the credit card division are structural, and kind of long-term, - Richard Bove Quotes

The problems in the credit card division are structural, and kind of long-term,

Richard Bove

 Problems
I think they [Citi's new management] are actually turning this monster around. - Richard Bove Quotes

I think they [Citi's new management] are actually turning this monster around.

Richard Bove

 Management
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