Banks are boasting about being boring after scandals damaged their image

Already a subscriber?In March, PNC Financial Services Group introduced TV ads and plastered signs across its branches arguing that it’s “”. On an April conference call, Fifth Third Bancorp chief executive Tim Spence boasted that the lender’s results were “boring”. And on April 25, Frank Namdar, chief credit officer of Columbia Banking System, described his property loan portfolio as “really quite boring, which somebody like me loves to see”.

of Silicon Valley Bank and two other large regional institutions offered a heart-stopping glimpse of a less-than-boring financial sector.in March last year, SVB plummeted into receivership. Even as the government stepped in to guarantee all deposits at the troubled institutions beyond the normal insurance limits, investors recoiled and skittish consumers and corporations increasingly directed their business to behemoths such as Bank of America, Citigroup and JPMorgan Chase.

Bank executives and analysts have uttered the word “boring” at least a dozen times on conference calls this year, double the level of all of 2022, before the SVB meltdown. Throw in terms such as “cautious” and “conservative” and widen the lens on the tumult of last year, and you get to the most ardent embrace of the humdrum in a decade or more., for instance, PNC tells viewers it’s so pedestrian and dependable that its customers do not need to be.

Faith in banks typically ebbs and flows along with the perceived strength of the financial sector. An, published last summer, shows it falling back towards the levels of the late 2000s, when failures on Wall Street triggered the global financial crisis.

Source: News Formal (newsformal.com)

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