13 ordspråk av Jeff Harte
Jeff Harte
Bank of America has now become a scale player in credit cards. The more accounts and balances you can spread over your essentially fixed-cost process system, the better the economics get.
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I like the concept. Bear has lagged its peers in terms of international expansion. Having a joint venture with a large bank in China with commercial relationships across Asia would probably be viewed positively by investors.
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I'm either above consensus or close to it -- if they're not going to hit my numbers it's because they beat it, not because they missed it.
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In an ideal world, I wish they didn't have [the Discover card]. It gave the bank some support during the stock market downturn, but now it's lagging behind.
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It's tough not to like record results, but in the wake of what Goldman put out, they seem pedestrian. Goldman set the bar awfully high.
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My own concern is does the consumer give out and drag down the economy in 2006? The corporate sector is well into a recovery, but the consumer never had a recession.
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raised the bar up a little higher.
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The big beat came from trading,
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The big concern was would the revenues come through amid all the turmoil. It appears it has. Generally, it was a pretty good quarter, though it's not a Goldman- or Lehman-strength quarter.
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They could sell it, but I'm not sure anyone would give them what it's really worth.
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This suggests the (capital markets) environment was even better than we thought macro-wise,
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This suggests the (capital markets) environment was even better than we thought macro-wise.
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What it implies is people were expecting a strong number and maybe this isn't as strong as they hoped. They beat expectations and my own estimate, but we need more information.
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