Why are the US Money Center Banks All Failures in Serving Client Needs?

How can we fix this problem from the bottom up as clients?

We have two choices:

1. Switch to another competitor, which is quick and usually relatively painless, and you get a seduction pay-off of a free toaster, but no better service, OR

2. Give senior bank management - the CEO and his Gang of Four to Twelve just below Board level - who are responsible for day-to-day management, planning and execution - the Iron Boot in the Backside.

What happened to encouraged me to put my horrible experiences with Bank of America, JPMorgan Chase and Wells Fargo specifically and US banks generally to electronic paper?

Whether dealing with my JPMorgan Slate Credit card, which stopped working the day I entered the US from Frankfurt, Germany or JPMorgan Mortgage Lending, which has still not completed my ReFi on my Villa inside Grand Harbor, in Vero, Beach, Florida in Indian River County after almost 6 months, or Bank of America, whose new credit card - after selling my past credit card with US Air to another bank, or Wells Fargo, whose Security Protocols reject my won credit card payments as potential fraud, US large banks have degenerated to mindless drones and suck the living life out of all intelligent human being who grace their halls.

During the course of the interaction with many very capable, but un-empowered bankers, it was clear that are endless systemic, critical failures in all banks various business units, for which the Managing Directors in each division should be called to task and have their bonuses docked, or perhaps even be downgraded or fired.

A senior banker or branch manager cannot even decide to loan you USD 10.00 unless the computer program, which crunches your data agrees, even on a case-by-case basis.

This is another impossible situation, where only computers with a binomical equation makes decisions - despite the employment of intelligent human beings.

This is demeaning to your employees, demotivating and shows an utter ignorance of modern management methods and total lack of leadership skills all the way up the food chain to the Board of Managing Directors and the Supervisory Board.

Activest, Event-driven HFs should force change at the Money Center Banks.

Some of the MDs should be fired, the Supervisory Board restructured and made answerable to Stakeholders. 

It was further IMPOSSIBLE (Chain of Command unknown by client services person) to speak to any senior client services executive with the power to make ANY decision.

ALL is computer driven and encased in concrete.

In summary:

1. The CEOs should have their bonus and stock allotments reduced to zero for the current financial year,

2. President Obama should call an emergency banking summit to fix the chip payment system, the mortgage lending process and the commercial and small business lending function at ALL major banks. This is MORE IMPORTANT that his current 2 day summit on nuclear weapons.

3. OR hire REP Consulting to clean up this mess, and suggest short, medium and long-term reform measures for the US retail, commercial and investment banking industry.

Rondal Eric Powell, REP Consulting with offices in Frankfurt, Germany and Vero Beach, Florida.