Goldman research analysts called for JPMC to be broken up into 4 parts earlier this year based on their lacklustre ROE. They are not alone as ROE at "universal banks" that combine retail and investment banking (e.g: Citi, BAML, Barclays) has dropped to an average of just 5%.

Specialists, on the other hand (e.g. Wells Fargo and Goldman) have ROE that is closer to 12%