The rumour in the US back in September that John Ryan had lost or were just about to lose Citizens bank (which we think is, sorry was, their largest U.S. Customer) seems to be true – at least judging by the buzz, rumours of who might have won the business and indeed some of the comments on this post.
Citizens Bank (owned by RBS) did an RFP four or five months ago and the shortlist is now down to a single vendor as final terms and conditions are being negotiated. All should be announced shortly.
We doubt if the loss of Citizens Bank would be fatal for John Ryan (John Ryan himself has more enough money to keep them going) but it certainly begs the question, how long will the man in Hawaii keep on letting the business lose money before he stops throwing good money after bad.
Any fatality could well occur later however, as we hear that several of their other major customers are now aware that they got nixed from Citizens – allegedly for overcharging and now the ‘account reviews’ are fast and furious.