The too big to fail get bigger and bigger. JPMorgan, which weathered the financial storm better than all except for certain marine cephalopods, is consolidating its position. Its imment buy-out of the half-share in JPMorgan Cazenove, the UK joint venture it established with City broker Cazenove five years ago, is a case in point. For JPMorgan chief execuitive Jamie Dimon, overseeing assets of over $2,000bn, exercising his call option over Cazenove's 50 per cent stake is a mere tidying up exercise. But for City historians, the passing of this fabled institution proves that while advice may still be local, execution is ever more global.
因太大而不能倒閉的銀行越來越大了。在金融風暴中幾乎比所有同行表現都好的摩根大通(JPMorgan)正在鞏固其地位，即將買下摩根大通嘉誠(JPMorgan Cazenove)剩餘50%股份的交易就是明證。摩根大通嘉誠是它五年前與倫敦金融城券商嘉誠證券(Cazenove)共同成立的合資企業。對於管理著逾2兆美元資產的摩根大通執行長傑米•戴蒙(Jamie Dimon)來說，行使對嘉誠證券50%股份的認購期權，只不過是一次業務梳理而已。但對於倫敦金融城的歷史學家來說，神話般的嘉誠證券最終消逝證明，雖然顧問意見可能仍是本土的，但執行卻越來越全球化了。