How isn’t this story in the heaviest of heavy rotation in Charlotte today?
The Senate vote to allow the Fed to cap debit-card fees is a serious blow for both Bank of American and Wells Fargo. As we said the other day, the banks have come to depend on fee revenue and this change could cost them billions.
Billions which will not be easy to make up without further cost-cutting measures. And that means jobs.
Update: Another federal fee whack to the shins for BAC and WFC.
