The Golden Age for financial services is over. It will never be the same, not in my career. Revenues will be far harder to get in the future. The consumer is deleveraging, just like many of the banks. We'll see big write-downs all the way through next year that won't abate until 2010. Over that period a number of big banks won't have enough capital to make a lot of loans.
- Ken Lewis
CEO, Bank of America
Signs of the times!
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