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<blockquote data-quote="bacha29" data-source="post: 5492372" data-attributes="member: 58386"><p>Merchant banking has been a low margin business for years and banks who still offer that service including BAC don't care if you have an account with them or not. Investment banking and wealth management is far more profitable. Just yesterday Wells Fargo announced that it was significantly downsizing it's mortgage writing business, will soon begin laying off people in that department and will load up it's loan loss reserves.</p><p></p><p>As we see with all licensed and chartered banking institutions if you've got money they welcome you. The commissions and management fees are very lucrative if the balances are large enough. If you don't have money they'd prefer that you go some place else.</p><p></p><p>When mini Bush wanted to privatize Social Security the banks shot it down because the management fees they would be charging on small account balances would cancel out the modest earnings. Yes, it's not fair but it's the Golden Rule in it's purest form...."Ye who has the gold rules".</p></blockquote><p></p>
[QUOTE="bacha29, post: 5492372, member: 58386"] Merchant banking has been a low margin business for years and banks who still offer that service including BAC don't care if you have an account with them or not. Investment banking and wealth management is far more profitable. Just yesterday Wells Fargo announced that it was significantly downsizing it's mortgage writing business, will soon begin laying off people in that department and will load up it's loan loss reserves. As we see with all licensed and chartered banking institutions if you've got money they welcome you. The commissions and management fees are very lucrative if the balances are large enough. If you don't have money they'd prefer that you go some place else. When mini Bush wanted to privatize Social Security the banks shot it down because the management fees they would be charging on small account balances would cancel out the modest earnings. Yes, it's not fair but it's the Golden Rule in it's purest form...."Ye who has the gold rules". [/QUOTE]
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