[Howard Davies] JPMorgan highlights ‘too-big-to-fail’ problem
ViewpointsOct 23, 2013
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 U.S. 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.”In the United States, policymakers chose to in