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Bloomberg: Banks Worry as Breakup Talks are Reignited

June 19, 2012, 07:55 AM
Filed Under: Banking News

Bloomberg reported that Congress’s recent inquiry into the JPMorgan Chase & Co. $2 billion trading loss has again brought to light the question of whether banks can grow too large and complex for their executives to effectively oversee.  According to the report, the banking industry is taking notice that a move to cap the size of Wall Street firms is gaining traction on Capitol Hill.

The reports states, the concept is expected to arise as JPMorgan Chief Executive Officer Jamie Dimon testifies before the House Financial Services Committee on the recent trading debacle. Last week he told the Senate that the losses reduced the bank’s market value about $23 billion resulting from a poor investing strategy coupled with management failures.

Bank lobbyists say they are closely monitoring the emerging talk about too-big-to-manage, according to Bloomberg.

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