Rochdale Securities analyst Dick Bove, a regular on CNBC and about as press friendly as they come, sent around an email this morning to a number of journalists that showcased two recent calls he made that turned out to be right. Below is the entirety of his email:
In the past month Rochdale Securities was alone in suggesting that the CEO of BNY Mellon should be removed. He was.Rochdale was also alone is predicting that Bank of America would close 600 branches and cut 30,000 jobs with the bulk of the cuts in the consumer businesses. It is happening.
Bove has been very vocal about the fact that he thinks banks are oversold, that investors are going overboard. Back in January he said he thought we were entering a Golden Age of banks. In late August, he was particularly focused on Bank of America, saying the panic about its liabilities is overblown and the bank has tons of cash.
Read our related story about Bank of America, here.