Nussle op-ed: As banks grow, so does their hypocrisy

Bankers have been taking their claws out lately when it comes to credit unions, says Credit Union National Association President/CEO Jim Nussle in an op-ed published Friday in Credit Union Journal.

Nussle commented on the staggering hypocrisy of banker attacks as the big banks reap profits and benefits previously unheard of in the financial sector.

Bloomberg reported this week that major U.S. banks saw a $21 billion decrease in their tax bills in 2018 due to the Tax Cuts and Jobs Act. Four of the top six banks saw their tax bills lower than even their own internal projections, and all six saw their profits surpass a combined $120 billion for the first time ever.

But the big banks didn’t invest that money in their own people. Instead they cut around 4,300 jobs last year. The ratio of bank personnel costs to bank revenue declined, as bank employees helped make more money for shareholders but got a smaller part of it.

Read more at Credit Union Journal.