JPMorgan Chase yesterday told a tale of two banks. It provided an interesting prism through which to view the post-crisis debate about whether large banks should be torn asunder in a Glass-Steagall-style separation of investment and commercial banking. Net revenues at JPMorgan split pretty evenly between the two. Its investment bank followed Goldman Sachs' record second quarter, with fees of $2.2bn driving a near-quadrupling in net income. It is to cease breaking out its mortgage-related and leveraged lending exposure, closing a chapter in the credit crunch story.
摩根大通(JPMorgan Chase)昨日講述了一個“雙行記”。它給后危機時代的一場討論提供了一個有趣的透視棱鏡，這場討論的焦點是是否應像《格拉斯-斯蒂格爾法案》(Glass-Steagall)隔離投行業務與商業銀行業務業務那樣，將大型銀行一分為二。在摩根大通的凈收入中，投行與商業銀行業務平分秋色。其投行業務追隨了高盛(Goldman Sachs)第二季度的創紀錄表現，服務費達到22億美元，推動凈收入增長了近3倍。該公司將停止單列其與抵押貸款相關的杠桿貸款敞口，翻過了信貸緊縮危機中的一個章節。