Magazine article American Banker

Q: How Is Your 1994 Budget Shaping Up?

Magazine article American Banker

Q: How Is Your 1994 Budget Shaping Up?

Article excerpt

Difficult. We are mostly into prayer. We've got to cut expenses, that is the big key. The reason we have to cut expenses is that we are under pressure because of the compaction of rates.

You really don't have that much spread between free money, savings accounts, and CDs. The good thing is is that we don't have that much volatility in interest rates.

The only thing to do is try to cut expanses. The big item is in personnel expense where you have the deadwood. It particularly comes home to roost when you are under pressure.

There is certainly increased pressure to cut costs. I think it is going to be a difficult year, primarily because the revenue stream we have been getting from refinancing mortgages is going to dry up. That revenue stream has been a powerhouse; 20% of earnings, I would imagine, for a lot of banks. That's a big number. …

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