Financials: A Socially-Responsible Bank and Wells Fargo’s CEO Search
Industry Focus
The Motley Fool
4.6 • 854 Ratings
🗓️ 1 April 2019
⏱️ 32 minutes
🧾️ Download transcript
Summary
In this episode of Industry Focus: Financials, host Jason Moser sits down with Amalgamated Bank (NASDAQ: AMAL) CEO Keith Mestrich to talk about the opportunities and challenges of operating a smaller and socially-responsible bank in the modern financial landscape. Plus, Fool.com contributor Matt Frankel, CFP discusses what Wells Fargo (NYSE: WFC) CEO Tim Sloan’s abrupt departure could mean for the bank and its investors. And, you’ll hear which two stocks we’re watching this week.
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Transcript
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| 0:00.0 | Thanks to Grammarly for supporting this episode of Industry Focus. |
| 0:03.0 | Grammarly is a communication tool that helps people improve their writing to be mistake-free, |
| 0:07.5 | clear, and effective. |
| 0:09.2 | Start writing confidently by going to Grammarly.com slash fool to get 20% off a grammarly |
| 0:15.6 | premium account today. Welcome to Industry Focus, the podcast that |
| 0:20.9 | dives into a different sector of the stock market each day. |
| 0:24.0 | It's Monday, April 1st, and we're talking financials. |
| 0:26.7 | I'm your host, Jason Moser, and on today's show we'll talk about the latest news from the executive Suite at Wells Fargo. |
| 0:33.4 | We'll of course have one to watch for everyone out there, but we begin today with a new installment |
| 0:38.2 | of Between Two Fools. |
| 0:40.0 | Keith Mestrich is president and CEO of Amalgamated Bank with over three decades of experience in the finance industry. |
| 0:46.0 | In 2017, Keith guided Amalgamated's acquisition of San Francisco-based New Resource Bank bank creating the nation's largest |
| 0:54.6 | socially responsible bank. Last year he helped amalgamated take the next step |
| 0:59.2 | by bringing the company to the public markets. I recently spoke with Keith about everything from how |
| 1:03.4 | amalgamated is setting the standard as a socially responsible bank to lessons he |
| 1:07.8 | learned during the financial crisis and a whole lot more. bank. We love the message. We love what you're trying to do there. And I'm wanting to get a little bit from your perspective. What goes into actually building America's socially responsible bank? What do you want our listeners to know about why that matters? |
| 1:34.0 | Yeah, I that's a that's a great question. I think there's really two very important things that go into it. |
| 1:41.4 | Our mission is really about helping a lot of other |
| 1:44.8 | organizations that do good be more successful in their mission because we take |
| 1:49.6 | some of the friction out from their financial transactions and help them execute |
| 1:54.2 | better on those financial transactions. So if it's a if it's a human needs |
| 1:59.4 | delivery nonprofit that providing care to elderly senior citizens in their |
... |
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