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News Now

Market
News of the Competition (01/17/2013)
MADISON, Wis. (1/17/13)

  • More U.S. banks are viewing branch closures as a way to cut their costs (American Banker Jan. 15). Several bigger banks are selling off small branches judged to be too costly to operate. As an example, Bank of America is selling dozens of its branches to community banks, including Fayetteville, Ark.-based Arvest Bank, the Banker said. Keeping smaller branches operating is hard for many banks to justify, Jeff Marsico, executive vice president at consulting firm Kafafian Group, told the Banker. The typical U.S. bank branch produces yearly revenue about equal to 2% of its deposits, with the average annual cost being $500,000 to $600,000 to run a branch, he added. The annual expenses to run a bank with $10 billion in deposits could be triple the revenue needed, Marsico told the Banker. Consequently, many banks have decided to close money-losing branches than try to make them viable, Jamie Eads, an analyst at bank consultancy Bancography, told the publication …
  • JPMorgan Chase Wednesday released two of its internal London Whale Reports on mistakes that resulted in at least $6.2 billion trading loss. The bank said CEO Jamie Dimon would be hit with a 50% pay cut for 2012 because the failure was his "ultimate responsibility" (The Wall Street Journal Jan. 16). Dimon's 2012 salary and compensation were downgraded to $11.5 million from $23.1 million the prior year, according to a JPMorgan Chase filing made public Wednesday, the Journal said ...


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