Geography 3422A/B Study Guide - Debit Card, New Idea, Jpmorgan Chase
19 Jan 2013
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Document Summary
Bank of america has told us regulators that it is willing to retreat from some parts of the country if its financial problems deepen. Jp morgan chase and wells fargo are the only other two banks that are coast to coast. Under the new ceo we are less risky, smaller, better capitalized, and more streamlined company since brian became ceo : new idea to help profits is charge people a month for debit card purchases. The bank is still operating under a secret us sanction known as a memorandum of understanding, which puts the bank under strict oversight: regulators have warned to make it a more formal, public enforcement action. Bank of america last fall cut 30,000 new jobs or 10% of its workforce: getting rid of 750 of its 5,700 branches. About 60 billion of the banks roughly trillion in deposits are scattered across 310 geographic areas with a population of less than 500,000 each.
