![]() If you love research and delving into a company and specific issues, working for one of these research oriented firms was absolutely delightful,” Bove recalled. Into the 1970s it mailed research reports with onion-skin paper and a gold staple in the corner. His clear favourite firm to work for was Wertheim & Co, an investment firm founded in 1927 and one of the first to have a research department. “That’s not a financial risk or a risk to the system or the economy – it’s just saying that banks don’t have a very bright future.” Wertheim heyday Bove has worked for more than 17 brokerage firms during his career as he earned a reputation as being the country’s most quotable bank analyst. “I wouldn’t be surprised if at some point in the next five to 10 years banks aren’t reduced to collecting deposits and investing the money in government bonds and having some small amount of lending activity on the side," he said. ![]() Banks are being picked apart by their non-bank peers and regulated banks will continue to have a hard time, he said. But because they have lost market share and the ability to compete,” he said. Not because of a particular financial issue. “From a broad standpoint it's clear to me that the banking industry is in a lot of trouble. Case in point: as he walks away from his career as an analyst, he is doubling down on his long held view that there are warning lights flashing. During his long career he built a reputation for offering unfiltered opinions on banks, their executives and financial markets in a way that makes it surprising that he’d be at a loss for words or a point of view – ever. ![]() Still, being an analyst following banks was a great job in a great industry, Bove told IFR. Right now he’d be consumed by the activity surrounding New York Community Bank, but he says he will not miss the intense pressure to come up with a view on every bank just as it reports results. “I wouldn’t be honest if I said I didn’t miss the intellectual challenge,” Bove said. But come April 12, when JP Morgan opens the bank earnings season again, Bove will sleep in. “I would always tense up and pump out something,” Bove said. That was roughly 25 banks, including the majors, some large regionals and government-sponsored entities that had become the bane of his career – Fannie Mae and Freddie Mac. During each season he made a commitment to write something on every company he followed. “It’s a relief because every earnings season I’d ask when can I get out of this rat race,” Bove said. Bove, now 83, retired after the last earnings round and is plotting his next chapter. Despite his long career, he confessed that he was still nervous before every appearance. ![]() “You have to meld appearances with figuring out what the hell is going on.” Bove, a fixture on television, radio and media of every kind, had five TV appearances that day. ![]() “It’s a very unpleasant period,” Bove said. The last one was brutal, with JP Morgan, Bank of America, Citigroup and Wells Fargo all reporting on a single Friday morning. Or a PhDįor the first time in more than 50 years Dick Bove will skip the upcoming US bank earnings season. Dick Bove: After 50 years of big bank calls, time for a break. ![]()
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