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Fed’s Bullard Says Largest U.S. Banks Should Be Split

May 17 (Bloomberg) -- Federal Reserve Bank of St. Louis President James Bullard, asked about JPMorgan Chase & Co.’s $2 billion trading loss, said large banks should be broken up into smaller businesses that can be more easily managed.

“I would back my colleague Richard Fisher in that we should split up these larger banks,” Bullard said today in Louisville, Kentucky, citing comments by the Dallas Fed president. “It would be simpler to say we want smaller institutions so they can safely fail” if they fail, he said.

To contact the reporter on this story: Steve Matthews in Atlanta at smatthews@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net

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