Gerard Cassidy Quotations

Should this or a transaction like this go through, the initial reaction is going to be very favorable, similar to the Legg Mason-Citigroup transaction. The proof in the pudding won't really be seen for a good three years. Then people can look back and say 'Wow, super smart deal,' or 'not so smart.

I wouldn't view this as any indication the company is putting itself up for sale. I think it's an indication of better corporate governance. What they are trying to show everyone is that there's not going to be any artificial hurdles to them being acquired.

I don't know any strong company that cuts its dividend in half.

If it were as negative as it appears on the surface, Microsoft stock would be dropping like a rock, and it's doing just the opposite. It doesn't appear to be something that's material in nature.

If it were as negative as it appears on the surface, Microsoft's stock would be dropping like a rock, and it's doing just the opposite. The market is apparently saying, financially speaking, this is not a devastating event for Microsoft. Of course, as more news come out, that might change.

If we see a recovery this year and it becomes a stronger one than we expected, that will adversely affect bank stocks like they did in 1994 and 1999.

The real profit in the credit card business is the revolving balances. Commerce has calibrated what balances they need to be able to make this product profitable without charging the fees that some of the other credit cards charge.

The real profit in the credit card business is the revolving balances, ... Commerce has calibrated what balances they need to be able to make this product profitable without charging the fees that some of the other credit cards charge.

This seems to be a far more serious allegation.

Everything they did in this communication was as if they had something to hide. They flunked it big-time.

The timing of the bank sale could have been better, but you can't blame management for the timing. Mellon did not, and could not, see that interest rates would fall to 45-year lows right after the sale of the bank.

A number of acquirers in 2004 have digested transactions and may do more in 2006.

Banks are between a rock and a hard place.

This announcement will help with Mellon's profitability. But until (the stock) does better relative to their peer group, pressure from shareholders will remain intact.

It's a resolution of a long-simmering cloud that'd been hanging over this company. Though it's painful, the resolution could have been worse. It's good news that it's resolved.

For big banks that want to remain major players, this move is going to force them to make strategic mergers, just like 1998.

The numbers were good at all of the custody banks and were driven by revenue in their asset management business.

Investors that were hoping for the sale of the company will be disappointed by this announcement. Investors who are in it for the long run will be pleased. I think this is a very strong choice, a very good choice for the company to bring in a Bob Kelly to run it.

Because its three main competitors shot the lights out, Bank of New York's solid, respectable results disappointed people.

Canadian banks are all looking for opportunities to grow in the United States.

Buyers are also more eager to do deals, because earnings growth is likely to slow. You can do a 'smokescreen' deal by buying an asset manager, commercial lender or processor, making it tougher to determine a company's true organic growth.

The economy could slow down, and there is still uncertainty about interest rates.

The earnings results clearly show that margin pressure remains intense, especially on banks that don't have large capital markets businesses.

The dramatic decline in the share price is entirely due to what's going on at its subsidiary. This is a serious distraction from the HSBC takeover arrangement that needs to be resolved.

The challenge for banks in the slower revenue growth environment is to become more efficient to drive down operating expenses. With the spread between the long end and short end being narrow, it's tougher for banks to make money.