Bank of America’s ($13.44 -0.07%) brokerage and JPMorgan Chase’s ($53.02 0%) asset-management division are among businesses ripe for divestiture if U.S. banks break up to improve stock prices, according to CLSA Ltd.’s Mike Mayo.

Citigroup’s ($51.66 0%) Latin America unit is another example of operations that have “unrealized value,” the analyst wrote in a note to clients today. Bank stock prices could double if risk and cost of capital at the firms were reduced, reversing past efforts to boost returns by taking on more risk, he said.