Magazine article American Banker

In Their Own Words: 3rd Quarter 2008

Magazine article American Banker

In Their Own Words: 3rd Quarter 2008

Article excerpt

Bank of America

Kenneth Lewis, chairman, president, and CEO

"These are the most difficult times for financial institutions that I have experienced in my 39 years in banking."

State Street

Ronald Logue, CEO

"Over the last few weeks we have focused on the risk environment. We have focused on protecting the franchise and our customers from all external events. From AIG to Wamu to Lehman to Wachovia, the effort here has been reaching out to customers and making sure they understood the risk environment. We wanted to be sure we were on solid footing, so we could anticipate rather than react to issues in order to keep this company safe."

Bank of New York Mellon

Robert Kelly, CEO

"We are working very hard on our 2009 business plan, but we are doing so in one of the most uncertain environments that we have ever seen. One thing that is certain is that we have lots of expenses and lots of ways to work those down."

JPMorgan Chase

James Dimon, chairman and CEO

"We have to be prepared that it gets a lot worse."

PNC Financial

James Rohr, chairman and CEO

"[On} acquisitions, ... I have been quoted that you got to be very careful. You don't want to catch a falling knife. To take on someone else's balance sheet that has a great deal of risk on it, you just have to, frankly, be awfully comfortable that you can manage that risk, and that's not easily done."

BCitigroup

Gary Crittenden, CFO

"If a high-value franchise became available, and the risk was contained, and it helped us with our deposit base in the U. …

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