Goldman Thinks JPMorgan Is Too Big, But Not Too Big to Fail

By Matt Levine – So the math is: New JPMorgan plus New Chase make about $3 billion less from their businesses, but spend about $3 billion less on capital, leading to an all-in net improvement in their combined financial prospects of zero dollars.

So that’s not really a rousing value add. Somehow, though, those zero dollars of extra income are worth an extra $10.23 per share, or over $38 billion, to New JPMorgan and New Chase.

That’s a lot of value placed on no new income! Where could it come from? more>

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