John J. Maxfield, executive editor for Bank Director magazine
THE VIRTUES OF GROWTH BIGGER IS BETTER (AGAIN) Twenty years ago, the mantra in banking was that “bigger is better” – that size alone was a virtue. The rationale back then will sound familiar to bankers today. “Two years ago I thought we could survive,” said Gerry Cameron, chairman and CEO of U.S. Bancorp when it merged in 1997 with First Bank System. “Then I started to realize how many technology projects we had to delay because we didn’t have enough resources.” No one revered scale more than Hugh McColl, the chairman and CEO of NationsBank at the time. It...
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John J. Maxfield is the executive editor for Bank Director magazine.