Most these smaller players are going to get washed out from lack risk controls over the years, regulators barely watch the smaller players. Basic concepts like match maturity just went right over the heads of bigger players like SVB, think of the stupidity we're going to see at small credit unions with a couple of risk headcount getting paid peanuts. Get ready cause there are going to be a whole lot of new customers. Lending money isn't as easy as it looks.
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You couldn't be more wrong. Credit union (CU) salaries are outstanding at top CUs (you must be thinking if small CUs). They're not understaffed and they are regulated. Their technology is top-notch, and they are trusted by members. Your ignorance about CUs is staggering.
credit unions salaries are like half what major banks pay, most CU's are grossly understaffed in important areas, basically you get what you pay for. Regulators don't have the resources to watch CU's or small regional banks either. CU's are not safe.
Until we get enough and have to start turning them away because of the asset cap.
I completely. Only Wells Fargo will survive among the fraudulent banks in the nation.
Hubris caused this. Too saturated and not diversified.
Someone at WF is being paid to bash credit unions (CUs), bc WF knows they are not-for-profits and aren't corrupt like big banks. Profits go back to members, with a well-disclosed portion going to administrative/technology expenses.
CUs are lean (not bloated with fat cats) and full of talented experts. Top CUs often have tech superior to big banks (e.g., they came out w/mobile deposits, check imaging, and POP/Pay Other People years before big banks).
CU bashing tells you banks are desperate. They hear the whooshing sound as customers flee to CUs. That's why banks are always trying to legislate them out of existence -- to eliminate the competition.
I've worked in tech for CUs and big banks and have seen firsthand how much better CUs run than banks.
Tell me you don’t understand what happened at SVB without telling me you don’t understand what happened at SVB.
To think the OP is someone who works in banking spewing this idea is what we should really be frightened of.
Yes I'm sure all the customers concerned about risk will flock to...Wells Fargo 😂
Wishful thinking