2012 | THE yEAR IN pAYMENTS

After 14 years with Wells Fargo, one of the largest banks in the country, he became California's superintendent of banks in 1975. Time and again he was struck by how small banks outperformed their bigger brethren. "Their profitability, measured as return on assets, was consistently better than the larger banks'," says Schmitt. "It stood out ... ................
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