Jp Morgan, Citi, Bank of America have moved all their jobs south and their efficiency ratios reflect that. Get in line with your competitors.
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The majority of WF was not in the south, it was almost entirely in CA and mostly San Francisco which has a similar cost to NYC. It really makes no difference.
But those fools in SF loved to operate on PST while the government and markets operate on EST, still sleeping while online banking is going down and the you know what is hitting the fan.
WF doesn't have a large presence in NYC.
WF also has to live under an asset cap because their previous management - a majority of which was located in the south was totally incompetent. If you want to make movies- go to Los Angeles. If you want to succeed in banking - go to NYC. The most successful banks all have headquarters there and it’s not a coincidence why.
They have better efficiency ratios because they earn more revenue. They earn more revenue because they each have large a large presence in New York City.