A core belief, shared by all investor relations departments of the world’s biggest banks, seems to be that people hate banks and don’t want to invest in them. Consequently, whenever you get the chance to present to investors, you have to pretend to be something else. This is the likely source of the common delusion among bank management teams that they are “actually a retailer”, “actually a technology company” or “actually a utility”. If you can fool the market that you’re not really in the unpopular business of banking (or even worse, investment banking), they might assign a higher multiple to your earnings and the share price will go up. Get Morning Coffee in your inbox. Sign up her
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