“Banks Should Be Boring…”
…Maybe if they were more boring, then perhaps Moody’s Investor Service might not have downgraded the ratings of 15 banks and securities firms with global capital markets operations last Friday (June 22nd). “All of the banks affected by today’s actions have significant exposure to the volatility and risk of outsized losses inherent to capital markets activities”, noted Moody’s Global Banking Managing Director Greg Bauer in the company press release.
The news brought to mind some of the comments that the panelists made in the video clip of the discussion above. These comments were made at the BlissPR Financial Services Symposium our firm hosted on May 21st at the Princeton Club in New York City. Moderated by Diane Brady, senior editor of Bloomberg Businessweek, the panel included David Reavis, senior vice president and external communications director at KeyCorp and Michael Campbell, president and CEO of Dominick and Dominick, Stormy Byorum, executive vice president of Stephens, Inc, Mary Joan Hoene, counsel at Carter Ledyard & Milburn LLP and former SEC regulator, and Teresa Ressel, former CFO and assistant secretary for management at the U.S. Treasury.
The tie-in between the Moody’s downgrade of the banks and securities firms just adds fuel to the fire. How can banks walk the line between making a profit and appeasing their customers?
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