Magazine article American Banker

In Their Own Words: 4th Quarter 2009

Magazine article American Banker

In Their Own Words: 4th Quarter 2009

Article excerpt

Hudson City

Ronald E. Hermance Jr., chairman and CEO

"For doing what the administration asked - which is lending more money - we qualified for a tax. That doesn't seem right." If the tax proposal becomes reality, "we'll have to consider why making loans makes sense."

JPMorgan Chase

Jamie Dimon, chairman and CEO

"We generally agree with the concept that the industry should pay for its own cleanup. But Tarp got extended to a lot of things other than banks, like insurance companies and car companies. And so I don't understand why we should pay for that" through a special tax. "In fact, we already paid for that."

U.S. Bancorp

Richard K. Davis, chairman and CEO

"We will forever be in that middle ground of being large enough to hit all kinds of [thresholds for] systemically important companies, being at $280 billion, but we're also going to fight the good fight that we're a fairly simple company and we're in the very basic business of banking and payments, and some of these things [like the proposed bank tax] are perhaps levied at us just based on our size. ...I'm going to continue to distinguish us from not being cast with the masses when it comes to things like fees, reputation, impact and taxation. I'm against it and I don't think it's right."

Bank of America

Brian T. Moynihan, CEO

"Although we believe we saw the peak in the third quarter, net loss levels remain elevated for the next several quarters. Additions to the reserve have come down and although there may be some additions in some business lines in the first half of 2010, overall we believe at the corporate level significant additions of reserve are hopefully over. While we still have several quarters before we can discuss the actual normalized earnings we believe the economy is stabilizing, markets are opening and customer sentiment is improving. …

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