'Bankers as the moral compass of society': Comments of the week
May 10, 2018 10:00 PM
Readers weigh in on the role banks play on gun control, chime in on Wells Fargo’s latest brand campaign, slam the idea of postal banking and more.
George Frey/Bloomberg
On banks finding themselves in the middle of the national debate on guns:
“These banks brought it all on themselves by rushing into this loaded (no pun intended) social issue in an effort to signal their virtue. Their shareholders should be rightfully livid.”
Related:Banks caught in crossfire of gun debate. It won't end well
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Another reader weighs in on banks stepping into the gun debate:
"Banks take public money and must abide by the public rules on legal action. The banks cannot take public money and deny credit access to groups not favored by a particular party's political ideology."
Related:Banks caught in crossfire of gun debate. It won't end well
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On bank leaders are taking a stand on big policy issues:
“While it is refreshing to see that bank CEOs show a fairly globalist socially liberal point of view, it's not hard to conceive of a scenario that goes too far (and/or in the other direction), particularly on constraining legal purchasing and financing. Most Planned Parenthood locations accept major payment card brands. Bankers as the moral compass of society just doesn't sit well with me. Bank risk managers as the implementers of policy - even less so.”
Related:Why bank CEOs are speaking out on guns, DACA and global warming
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On how artificial intelligence will change bank jobs:
“Everyone is ‘talking book’ as they tend to say so well on Wall Street. On balance, massive amounts of jobs will be lost by the increased use of AI driven technologies, and this will not be compensated by growth elsewhere at all; this is not something anyone will readily admit, as few if any have any solutions."
Related:How artificial intelligence is reshaping jobs in banking
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Responding to an op-ed that cites Citigroup’s decision to change its handling of gun sales as an ethical stance:
“The author's definition of ‘ethics’ is the imposition of a political ideology that does not have the political will to be passed by the legislature. Talk about the 'ethics' of limiting legal gun owner ship to the single mother attacked in a home invasion.”
Related:Take bold steps to improve bank culture
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David Paul Morris/Bloomberg
On Wells Fargo’s latest brand campaign aimed to restore trust with customers:
“Nobody cares. Can show you some survey results to back that up” (via Twitter ).
Related:Wells Fargo takes another stab at salvaging its image through ads
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Andrew Harrer/Bloomberg
On the idea of postal banking:
“If a potential applicant for a bank charter had a long history of never earning money and was teetering on the edge of bankruptcy the FDIC would not allow the application to be filed. The number of community banks in this country has dropped from some 13,000 when I was Chairman of the FDIC to less than 6,000 today. Why would anyone think it appropriate to introduce a new taxpayer-subsidized competitor into this marketplace?”
Related:Postal banking should be a dead letter
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Andrew Harrer/Bloomberg
On the role CFPB will play in the Ohio governor's race between former Director Richard Cordray and GOP opponent Mike DeWine:
"I may live in Florida, but I plan to send a check to DeWine. We don't need Cordray in any elective office regardless of where."
Related:Trump attack on Cordray shows Ohio governor race may turn on CFPB
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