Kamikaze Management

Exploring the infinite void of illogical and unethical business practices

BofA chief: We have a 'right to make a profit'

My Dear Mr. Moynihan.

Please don’t insult your customers any further by bleating that you have a “right to make a profit”. People with bank accounts are smart enough to understand that your investors expect you to do that.

What your angry customers are telling you now, should you choose to listen to them, is that you are taking the easy way out and gouging them to meet inflated profit expectations rather than earning your multi-million dollar paycheck and driving your company into new areas of profitable revenue generation.

Squeezing your customers for debit card fees after leveraging the flexibility of those same cards to cut the number of branches (and branch employees) is a borderline bait and switch tactic. You may be upset that the Dodd-Frank legislation made it tough for you to earn juicy margins on all areas of your business, but your arrogance is blinding you to the anger that your customers are feeling - many of them are now unemployed as a result of your past business practices (Countrywide?) and they will resent you for kicking them while they are down.

You may be gambling that they won’t resent you enough to switch banks - I hope they resent you enough to drive your stock price down to $1 a share - perhaps then you will listen to your customers

  1. kamikazemanagement posted this