What's Wrong With Big Banks? Too Many Lost Customers

Jamie Dimon, CEO of JPMorgan Chase, speaks during the 2013 South Florida Economic Summit in Miami Photograph by Joshua Prezant/Bloomberg

As the soap opera about whether Jamie Dimon will or will not continue to hold the chairman’s role at JPMorgan Chase continues, and while there is ongoing discussion of whether banks are too big to fail, what’s missing from the conversation is much sense of the real problem at big banks—a problem that partly drives the bizarre risk-taking in the first place. That problem is losing too many high-value customers. I was reminded of this when a friend who currently does business and personal banking with Comerica asked for a recommendation because he intends to move his accounts.

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