James P. Gorman Quotes

Before the 1970s, banks were banks. They did what banks were supposed to do in a state capitalist economy: they took unused funds from your bank account, for example, and transferred them to some potentially useful purpose like helping a family buy a home or send a kid to college.

Credit markets were originally created to serve human needs; to provide businesses and individuals with capital to start or expand businesses or fulfill other financial needs.

Banks hold deposits and savings entrusted to them by individuals, by businesses, by governments and by central banks. They put that money to work, helping people to buy homes, for example, or lending to businesses to invest in expansion.

We don't have sales trading, brokerage, capital lending - any of those kinds of things that got some of the Wall Street firms a little bit in trouble.

Well-functioning financial systems are important in achieving sustained economic growth. They play a crucial role in channeling household savings into the corporate sector and allocating investment funds among firms.

We know what we are. Our business is originating, distributing, and managing capital for individuals and institutions.

I've been focused on the West Coast economy and being a banker and lending in these markets.

What we prefer to do is operate our investment bank in a way that is like what investment banks used to be, which is a middle man - someone who is here to match people who need capital with people who have capital - and not position ourselves at the center of that by taking big positions on a trading stance.

The whole profit of the issuance of money has provided the capital of the great banking business as it exists today.

Narrow banks could restart effective intermediation and ensure that consumers and employment-creating small and medium-size enterprises are adequately financed and can contribute to the reactivation of the economy.

If you go back to the time of J.P. Morgan, the world of high finance was completely wholesale. The prestigious investment banks on Wall Street appealed exclusively to large corporations, governments, and to extremely wealthy individuals.

Financial service providers act as the lubricating oil in the economy. They link consumers who want to invest their savings for a good return with companies who want to borrow on best terms for expansion.

On private transactions, I'll just go very quickly now, a major difference between the United States and Euroland is that in Europe banks are much more important in financial transactions than in the United States.

Over the objections, where they sound like squealing pigs, over the objections of Romney and all his allies, we passed some of the toughest Wall Street regulations in history, turning Wall Street back into the allocator of capital it always has been and no longer a casino. And they want to repeal it.

Second of all, I don't think Wall Street is doing what it's supposed to be doing, even after the shameful performance of the last two years. They're are not allocating capital.

Only institutions that go about the old-fashioned business of taking in deposits from customer A and lending them out to customer B should be called banks. The rest should call themselves what they are. 'Parlors' would be appropriate, or 'dens' - words more suitable to venerable betting pursuits.

I'm not afraid of having big banks.

Other People’s Money and How the Bankers Use It

All the banks in Christendom could not control money.

A free-enterprise economy depends only on markets, and according to the most advanced mathematical macroeconomic theory, markets depend only on moods: specifically, the mood of the men in the pinstripes, also known as the Boys on the Street.

The American banking system, which at one time extended productive loans to agriculture and industry, has today become a giant betting machine

PSU banks are sole lenders to capital-intensive firms.

The financial sector is vital to the economy. A well-functioning financial sector promotes job creation, innovation, and inclusive economic growth.

Some of the people in finance touch enormous parts of the economy.

As much as the banking system may not be terribly popular, it is an essential part of the economy.