When I worked for Megabank, the gods had determined that we needed to have an average interest rate of 12 percent to be profitable. Well, there is what normal people consider profitable, and then there is what Megabank considers profitable.
Of course, back then when you called Megabank you got an English (or press 2 for spanish) speaking US citizen who actually had the power to fix the problem on your account, reverse fees, change interest rates, find out why you didn't get the special offer and perhaps even do something about it. Now you get Mumbai.
So not only did Megabank get rid of all those ridiculously expensive American employees, they are raising interest rates to a point which would make a shylock blush?