摩根大通最好一分为三

    投资者需要进行的一项更重要的考量是：即使所有这些针对摩根大通的指控全部落空，这么多的法律诉讼战所牵扯的大量精力，它们耗费的巨资（仅2010年至2012年就高达173亿美元，未来还将有数十亿美元），随之而来的公关噩梦以及被指众多违规使得摩根大通成为美国政府分拆银行的首选，这些本身就会造成很大伤害。

    换言之，如果摩根大通不主动对各项业务进行重组，美国政府就要越俎代庖了，要么就是这家银行将继续因为拒绝分拆而遭到市场惩罚。反之，分拆将保护现有股东利益，新投资者的加入将会使这家银行的资产释放更多的价值。不分拆是在损害所有投资者的利益。

    当然，戴蒙对政府监管的抗拒以及渴望继续掌控这个银行帝国的想法众所周知，他很可能会拒绝采取分拆，而这将导致他在摩根大通更严重的失职。

    更好的出路是摩根大通以自己的方式迎接变革，主动一分为三，从中获益。如果抵制变革，无疑将承担监管重拳风险，导致公司利润蚕食，股东利益受损。（财富中文网）

    本文作者是政治和商业评论家。他曾在知名投行Lazard Freres和Dresdner Kleinwort Wasserstein就职，并曾服务于一家数十亿美元的对冲基金。  

    An even bigger consideration for investors should be that even if all the charges against the bank do not actually stick, the distraction of fighting so many legal battles, the cost ($17.3 billion from 2010 through 2012 alone and several billions more to come), the public relations nightmare that will accompany this, and the fact that JPM's many alleged infractions have made it a prime candidate to be broken up by the government, will do plenty of damage in itself.

    In other words, if the bank does not reorganize its varied lines of business to silo risk of its own volition, then that job will either be done by the government or the bank will continue to be punished by the markets for not doing so. Conversely, a spin off will protect the interests of existing shareholders while helping to unlock further value in the bank's assets through new investors. Anything less will be a disservice to all investors.

    It is possible, of course, that Dimon will refuse to take such steps out of a much-publicized aversion to regulation and his desire to maintain control of his banking empire, but then that would be an even bigger breach of his responsibility towards his bank.

    It is better for JPMorgan Chase to embrace change on its own terms by breaking itself up into three parts, and reaping the benefits, than to resist the change and risk an ongoing regulatory nightmare that will eat into the bank's profits, and hurt shareholders.

    Sanjay Sanghoee is a political and business commentator. He has worked at leading investment banks Lazard Freres and Dresdner Kleinwort Wasserstein, as well as at a multi-billion dollar hedge fund.