Infamous bank analyst Dick Bove believes that banks are treated so badly by the State of New York that they should abandon the location and move to alternate places. After the New York Attorney General filed suit against J.P. Morgan Chase & Co. (NYSE: JPM) on issues of the sales of mortgage-backed paper, Bove, who works at Rochdale Securities, wrote:
Management should consider the benefits of moving their headquarters elsewhere. Shareholders should not be forced to pay for continuous lawsuits because these banks are in New York.
If the industry was located in Charlotte, North Carolina it would not be facing constant hostility, it would be supported by a government that wants its business.
The financial services sector is already bleeding jobs in New York City. In the unlikely event that they take Bove’s advice, that would worsen.
Douglas A. McIntyre
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.