04 Nov '11, 4pm

Breaking News: Wall Street Has a Reputation Problem

Breaking News: Wall Street Has a Reputation Problem

Not since the Great Depression have Americans harbored so much ill-will against what were once called "the monied interests." This should worry Wall Street and the big banks. The latest evidence: Bank of America's decision this week to drop its plans to charge customers $5 a month for making purchases with their debit cards, in the wake of a customer revolt . On change.org , a 22-year-old Washington, D.C., activist named Molly Katchpole started a petition against the BofA fee that gathered 306,000 signatures in less than a month. Politicians chimed in (for better or worse) and even Jay Leno got into the act, saying on Halloween night: One kid wanted to charge me five bucks to give him candy…I said, "Who are you supposed to be?" He said, "Bank of America!" BofA reversed itself after rivals Wells Fargo, J.P. Morgan Chase, Sun Trust and Regions Financial said they'd drop cust...

Full article: http://www.greenbiz.com/blog/2011/11/04/breaking-news-wal...

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