JPMorgan Chase simplifies bank structure
According to the Financial Times, JPMorgan Chase (JPM) CEO Jamie Dimon is responding to a new wave of regulatory probes by refocusing the firm, getting rid of non-core businesses and bringing expertise in-house, rather than outsourcing. The publication explains:
Amid increasing concern in Washington that some banks are “too big to manage”, the JPMorgan chief executive told staff that getting rid of non-core business units, especially those with legal or regulatory risks, was a “key initiative”.
“We are also proactively trying to decrease the number of vendors we have, which reduces complexity in our business and creates more jobs internally,” he said, a move that goes against a trend for banks to outsource services and shows the desire to impose more control," Dimon said.