break 01Break Up The Banks? JPMorgan, Bank of America Already Slimming Down


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Despite calls from some public officials to break up big banks, the government may not need to, given lenders’ belt tightening as JPMorgan Chase (JPM) and Bank of America (BAC) cut staff amid the stock market rout that began the year.

New York-based JPMorgan, the nation’s largest bank, axed several emerging market credit traders, according to sources cited in a Bloomberg report. Robert Milam, an 18-year veteran JPMorgan executive who ran the emerging market corporate and sovereign credit group since 2011, departed last month after two London-based senior emerging market credit traders left JPMorgan in January, Bloomberg reported.

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