NU Online News Service, Sept. 9, 4:10 p.m. – Poor stock-market conditions continued to erode bank investment reps’ productivity during July, reports the Bank Securities Association, Wayne, Pa.
However, bank reps’ productivity was down only slightly from year-ago levels, BSA says.
Broker sales productivity in July was $23,358, down from $26,473 in June. Sales productivity of licensed bankers fell to $1,968, from $2,118 in June.
Meanwhile, the association’s index of bank broker-dealer revenue increased to 128, from 113 in June, based on a benchmark of 100 BSA set in 1998.
The index data is weighted to account for differences in bank size, says Kenneth Kehrer, head of Kenneth Kehrer Associates, Princeton, N.J., who compiles the data for BSA.
“The numbers mean productivity and revenue were down in the larger banks but up in the smaller banks,” Kehrer says.