A lot. Imagine losing lets say 10,000 customers in a day. Minimum wage national average is $7.25.
At 40 hours a week, that is $290. Multiply by 10000.
That is $2,900,000 lost per week, $11,600,000 lost in investible money a month. See the scale?
Now... the number of people who canceled their account was way higher than that. Let's imagine 100,000 canceled accounts, and this is not a number that is hard to imagine after finding out General Flynn had his account banned. Now, since not everybody makes just minimum wage, let's bump that average to say $12 an hour.
12 x 40 x 100,000 x 4 = $192,000,000 per month.
You may think that is small potatoes to a bank that large. But multiply that by 12 months, and you get this:
$2,304,000,000.
2.3 billion a year. That is no small amount of funds. In the grand scheme of money transferring hands per year, that is a drop in the bucket. However, money works differently at that level... considering stocks, bonds, investments, ect. Cash is king, and losing 2.3. billion in cash a year is seriously blow to their bottom line when it comes to liquid assets available.
Now keep in mind that I'm just spit-balling here, but its not hard to imagine Chase realizing they lost a lot of customers, and the amount they lost per year in cash being higher. Somebody with some money sense in chase probably realized this monumental fuck up, and are scrambling to right that ship.
Just another company that realizes being anti-right and in some cases woke is not a good business model.
A lot. Imagine losing lets say 10,000 customers in a day. Minimum wage national average is $7.25.
At 40 hours a week, that is $290. Multiply by 10000.
That is $2,900,000 lost per week, $11,600,000 lost in investible money a month. See the scale?
Now... the number of people who canceled their account was way higher than that. Let's imagine 100,000 canceled accounts, and this is not a number that is hard to imagine after finding out General Flynn had his account banned. Now, since not everybody makes just minimum wage, let's bump that average to say $12 an hour.
12 x 40 x 100,000 x 4 = $192,000,000 per month.
You may think that is small potatoes to a bank that large. But multiply that by 12 months, and you get this:
$2,304,000,000.
2.3 billion a year. That is no small amount of funds. In the grand scheme of money transferring hands per year, that is a drop in the bucket. However, money works differently at that level... considering stocks, bonds, investments, ect. Cash is king, and losing 2.3. billion in cash a year is seriously blow to their bottom line when it comes to liquid assets available.
Now keep in mind that I'm just spit-balling here, but its not hard to imagine Chase realizing they lost a lot of customers, and the amount they lost per year in cash being higher. Somebody with some money sense in chase probably realized this monumental fuck up, and are scrambling to right that ship.
Just another company that realizes being anti-right and in some cases woke is not a good business model.