Bank Analyst Doesn’t Believe Customer Service is Worth It
Richard X. Bove, an analyst at brokerage firm Rochdale Securities, encountered unhelpful bank tellers at his local Wells Fargo branch, and after his application to refinance his mortgage was rejected even though he had already had it withdrawn, he decided to move his personal bank accounts to JP Morgan Chase. You’d think he’d hate Wells Fargo, but he “upgraded his recommendation on Wells Fargo stock to a buy” last year because he argues that people who spend their time “solving problems with people [are] not selling products.” Essentially, who cares about customers if you’re making money! So, although Bove won’t bank at Wells Fargo, he’d still invest in them. Gross, you guys, gross.