Jerry Grundhofer's Wish List for the US Banking Industry

Heidi Moore writes for the Wall St. Journal's Deal Journal about last night's American Banker lifetime achievement award to U.S. Bancorp chairman emeritus Jerry Grundhofer.

In his speech, Grundhofer shared a wishlist of 5 items for the banking industry. My favorite of the five is this one:

"That bankers start to understand that banking is a very difficult business. If you collect 99% of your loans, you are an average bank. If you collect 99.5% of your loans, you are a value-added bank. And if you collect 98.5% of your loans, you will find [FDIC chairman] Sheila Bair on your doorstep.”