scc
Member of DD Central
Posts: 214 
Likes: 163
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Post by scc on Aug 15, 2019 9:19:17 GMT
A friend of mine works as a banking consultant and was recently asked to review IT security/competence at a certain bank (which included using the system to buy a share without any record being made), amazingly the report was so critical that the board dared not do anything, I'll let you work out which company it was. Regular readings of The Register should tell you everything you want to know about the attitudes of the banking sector to IT. Personally, I would not touch the sector (even apart from the fact they add little value to the rest of us).
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Post by befuddled on Aug 15, 2019 10:24:45 GMT
yeah - I picked HSBC just as an example - shares dropped almost 2% since I started this post yesterday....
(I have been moving out of equity and to Vanguard Lifestrategy products as retirement looms, as I prove to myself time and time again I can't
pick stocks...)
I like their quote - "If you can't beat the market - be the market"
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Post by samford71 on Aug 15, 2019 15:39:24 GMT
A friend of mine works as a banking consultant and was recently asked to review IT security/competence at a certain bank (which included using the system to buy a share without any record being made), amazingly the report was so critical that the board dared not do anything, I'll let you work out which company it was. Regular readings of The Register should tell you everything you want to know about the attitudes of the banking sector to IT. Personally, I would not touch the sector (even apart from the fact they add little value to the rest of us). I'm glad people like you won't touch the sector since it means the quality banks will continue to be underowned.
I've held JPMorgan stock for over a decade. It made a profit in 2008, it even outperformed the S&P 500 in the 2008 shadow banking crisis. It has outperformed the S&P500 by over 30% in the last decade in price terms, in addition to it's higher dividend. Nothing to complain about at all.
There are good banks and bad banks. It's just happens that the UK and European ones seem to be mainly in the latter category.
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scc
Member of DD Central
Posts: 214
Likes: 163
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Post by scc on Aug 15, 2019 16:38:17 GMT
Regular readings of The Register should tell you everything you want to know about the attitudes of the banking sector to IT. Personally, I would not touch the sector (even apart from the fact they add little value to the rest of us). I'm glad people like you won't touch the sector since it means the quality banks will continue to be underowned.
I've held JPMorgan stock for over a decade. It made a profit in 2008, it even outperformed the S&P 500 in the 2008 shadow banking crisis. It has outperformed the S&P500 by over 30% in the last decade in price terms, in addition to it's higher dividend. Nothing to complain about at all.
There are good banks and bad banks. It's just happens that the UK and European ones seem to be mainly in the latter category.
I'm glad that you're glad - and that you are making plenty of loot from them!
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