摩根大通最好一分為三

????投資者需要進行的一項更重要的考量是：即使所有這些針對摩根大通的指控全部落空，這么多的法律訴訟戰所牽扯的大量精力，它們耗費的巨資（僅2010年至2012年就高達173億美元，未來還將有數十億美元），隨之而來的公關噩夢以及被指眾多違規使得摩根大通成為美國政府分拆銀行的首選，這些本身就會造成很大傷害。

????換言之，如果摩根大通不主動對各項業務進行重組，美國政府就要越俎代庖了，要么就是這家銀行將繼續因為拒絕分拆而遭到市場懲罰。反之，分拆將保護現有股東利益，新投資者的加入將會使這家銀行的資產釋放更多的價值。不分拆是在損害所有投資者的利益。

????當然，戴蒙對政府監管的抗拒以及渴望繼續掌控這個銀行帝國的想法眾所周知，他很可能會拒絕采取分拆，而這將導致他在摩根大通更嚴重的失職。

????更好的出路是摩根大通以自己的方式迎接變革，主動一分為三，從中獲益。如果抵制變革，無疑將承擔監管重拳風險，導致公司利潤蠶食，股東利益受損。（財富中文網）

????本文作者是政治和商業評論家。他曾在知名投行Lazard Freres和Dresdner Kleinwort Wasserstein就職，并曾服務于一家數十億美元的對沖基金。??

????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.