Receiving Wide Coverage ...
The JPMorgan Shuffle Continues: JPMorgan cannot stop revamping its organization chart. One month after an
Dimon's Two Cents: Meanwhile, the one apparent constant in JPMorgan's hierarchy, CEO Jamie Dimon ranted both figuratively and literally on Washington yesterday with various new outlets gleaning on to different choice quotes from a speech he gave at the Council on Foreign Relations. Among the very many things Dimon remains mad or concerned about are the fiscal cliff ("I just think it's terrible policy to let us get close,"), overregulation ("When people make mistakes, they're attacked by 17 different agencies as opposed to the old days it would be just the one that's responsible,") and the deal he brokered with the Federal Reserve for Bear Stearns ("Would I have done Bear Stearns again, knowing what I know today? It's real close.") You'll notice JPMorgan itself conspicuously missing from the diatribe.
Cap 'Em: Federal Reserve Governor Daniel Tarullo has some ideas on how to stop banks from becoming too big to fail. In a speech at the University of Pennsylvania Law School yesterday, Tarullo suggested capping the size of U.S. financial firms by restricting the amount of non-deposit liabilities they can hold to a fixed percentage of the economy. He also said the Fed should block any merger or acquisition the nation's biggest banks try to make. "There would be merit in its adopting a simpler policy instrument, rather than relying on indirect, incomplete policy measures such as administrative calculation of potentially complex financial stability footprints," Tarullo said, joining a list of several industry members (which, yes, includes Sandy Weill) who have advocated various size limits be imposed on big banks (which, yes, includes breaking them up.) But while legislation to this effect is discussed in Congress, it remains unclear whether lawmakers will adopt such measures.
Wall Street Journal
Regulators will be keeping a close eye on how much of a boost banks' third-quarter profits receive due to
Financial Times
Goldman Sachs employees are bracing themselves for another round of media scrutiny courtesy of former derivatives banker
New York Times
Here's some more JPMorgan news: federal authorities are "using