I saw this quote in a Bloomberg article and just had to share: “It is a less-sexy business,” said David A. Hendler, senior financial services analyst at CreditSights Inc., who sees banks losing their image as a growth industry on Wall Street. “The master-of-the-universe action-figure banker is now a relic on EBay.”
I don’t believe I’ve read anything truer during the recession. My dad works as a financial advisor and I know there’s a lot more stress in his life than there used to be. His bank was bought and the new owners have instituted changes that makes him wonder about job stability and has severely affected his pay. He talks about the mortgage brokes who used to work longer hours than anyone else in the bank and now they work the least amount of hours.
I recently had to order new checks through my bank and I thought they were free. Instead, I ended up paying about $7. While the amount isn’t that large, I think its significant. Banks are looking for new ways to find revenue, much like credit card companies are.
No matter what, I’m glad I’m not a banker right now.