Shareholders at the biggest U.S. banking conglomerates may demand breakups if valuations remain depressed, according to analysts at Wells Fargo & Co.
So-called universal banks such as Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. are trading at a 25 percent to 30 percent discount to more-focused competitors, analysts led by Matthew H. Burnell wrote in a research report today. Goldman Sachs Group Inc. and Morgan Stanley, which concentrate on investment banking, trading and money management, are within 8 percent of the estimated value of their parts, the analysts wrote.
