When the going gets tough, banks run away
Posted by Dan O'Malley on April 28, 2010 in PerkStreet Posts
After a shaky year and a half, banks have returned to searching for areas of growth, albeit in a much more uncertain economy than two years ago. I’m extremely unhappy to see that my fellow bankers are doing exactly what they always do in uncertain times — retreat to serving the wealthy. Citi is on record with a new strategy of, “catering to multinational and wealthy customers.” Bank of America is, “moving away from little guy and the really small businesses.” Credit card issuers are going luxe, shooting for high-net-worth spenders.
Really? This is what we focus on as the country is regaining its economic footing?
I love the power of financial services to change people’s lives. The right products can put hundreds or even thousands of dollars back into people’s hands — and for the average citizen, not just the wealthy. Think about how powerful this can be. If banks took half — just half — the amount they spent on bonuses in 2009 and invested it in saving Americans money, they could give every family in the country $750. That’s a big deal.
I’m not advocating that we cut bonuses; I’m advocating that we invest more time and money into real innovation that helps the average American.
No related posts.
Tags for this post:
Comments (0)
Nothing yet.
