Pushing Kelly out was good but not much has happened since then. The Kelly impact of cars with drivers, big spending and private planes remain. Way too many people with big titles and big pay and bonus money keeps profits low. Remember Irving Trust had a top heavy population and could not survive. I guess that lesson has been forgotten. What is with all these guys carrying CEO titles that run a business line which means they each need a COO, CAO, CFO and staff. In the widget business cost of production matters.
I agree, after what happened to the venerable Wilmington trust where they basically begged M&T to save them, I have little respect for this supposedly "old money staid culture" b.s. I'm really hoping an activist like Loeb or Ackman comes in and shakes things up. I've had shares since the 90's and not happy with these folks.
We are still nearly 50% off old highs and patience is not wearing thin, but gone.