The JPMorgan Problem Writ Large
It has not been a good year for JPMorgan Chase, which just reported its first quarterly loss in more than a decade, largely owing to legal and regulatory costs. It will bounce back, of course, but its travails have reopened the debate about what to do with banks that are “too big to fail.”
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PARIS – JPMorgan Chase has had a bad year. Not only has the bank just reported its first quarterly loss in more than a decade; it has also agreed to a tentative deal to pay a fine of $13 billion to the US government as punishment for mis-selling mortgage-backed securities. Other big legal and regulatory costs loom. JPMorgan will bounce back, of course, but its travails have reopened the debate about what to do with banks that are “too big to fail.”