Big Love for Small Banks

My wife wanted to put some stuff in storage, so I dropped by the local self-storage center to pick up packing materials. I paid with my Wachovia debit card, and the woman who processed the transaction remarked that she had heard Wachovia was now Wells Fargo (WFC). I said that the conversion had just been completed, and I mentioned that my wife was a branch manager for the bank. The woman said that she had once been a branch manager for a bank that ended up as a part of a bigger bank before she retired.

She walked me through her career. She had started at a small, one-branch bank in Wheaton, Ill., that was acquired by a slightly larger bank, which was acquired by First Chicago, which was acquired by Bank One, which was bought by Chase, which then became part of JPMorgan Chase (JPM), as it exists today.  Although she is sure that JPMorgan CEO Jamie Dimon is the best thing since sliced bread, she is of the opinion that small banks are best. She blames the current problems in the banking industry on regulation changes that allowed for interstate banking....454 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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