Mary Callahan Erdoes, head of JPMorgan’s asset-management unit, said calls to break up the largest global banks ignore the benefits of size and show a lapse in memory about what worked to stem the financial crisis.
'JPMorgan was the bank that the U.S. government came and asked to help to resuscitate' less diversified companies, Erdoes, 47, said Wednesday in an interview on Bloomberg Television from Davos, Switzerland. 'It’s ironic that the conversation has completely switched and we have forgotten all the reasons that people need strong banks in the world'.
Bloomberg News reports that calls to dissemble the largest banks took on added emphasis this month after Goldman Sachs analysts wrote that JPMorgan could unlock shareholder value and avoid having to keep more capital by splitting into pieces.
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