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Returns this high were no longer supposed to be possible! After the GFC many banks’ returns on equity looked more like utility companies. Its good to be JPMC whose market cap of $430bn is higher than the combined value of Barclays, Société Générale, Standard Chartered, UniCredit, Credit Suisse, UBS, BBVA, Royal Bank of Scotland, Crédit Agricole, ING and Lloyds.
His broader complaint against the capital surcharges imposed on the biggest banks — “my biggest issue,” he said in the regulatory section of his last shareholder letter — is also undermined. Even before the latest stellar quarter, Mr Dimon seemed to recognise he was on precarious ground: “Outperformance is not ordained from above and may not always be the case,” he wrote last year. True enough, but until JPMorgan’s star fades, his pleas for leniency will fall on deaf ears.
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