So, Gillespie has finally pulled the rip cord, leaving Henry Meyer as heir apparent. Is Henry the right guy for the long term, or is he going to package the bank for sale? I think the latter. Looks like the PEG initiative (efficiency through restructing and downsizing - or "Please Execute Gillespie" to insiders) has, and will have have for a few quarters more, a positive impact on expenses - but I doubt it will last - most of the cutting has already been to the bone, and further increased efficiencies will either come from exiting businesses entirely or scale, which means some combination with another entity.I'm long the stock for now.... Any ideas?
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