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running a very large bank successfully has confounded the finest minds at citigroup, bank of america and wachovia—not to mention many institutions in europe. but j.p. morgan chase & co. chief executive jamie dimon argued in favor of letting the big banks continue to try to get things right without undue government interference.
“there are a lot of legitimate reasons to be large,” mr. dimon said tuesday at an event sponsored by the securities industry and financial markets association, which is wall street's chief trade group.
large institutions can best satisfy the financing needs of big corporations around the world and enjoy “economies of scale” that smaller banks lack, he said.
his remarks during an interview with pbs's charlie rose came a day after european regulators forced the netherlands' ing group to cut its balance sheet in half. british authorities, in the meantime, are weighing whether to shrink royal bank of scotland and other troubled institutions. and in the u.s., regulators have forced citi to shed some assets.
mr. dimon may be defending big banks because he has played a larger role than most anybody in creating them. as former citigroup ceo sandy weill's top lieutenant from the mid-1980s through 1998, he helped cobble the bank together before becoming ceo of bank one. in 2004, he merged that bank with j.p. morgan chase, which was already a large institution at the time and has since grown even bigger through last year's acquisitions of the collapsed bear stearns and washington mutual. those deals boosted j.p. morgan's assets by more than 25%, to $2 trillion.
while j.p. morgan is in vastly better shape than most banks of similar size, it continues to conserve capital and build up loan-loss reserves in anticipation of billions in losses from credit cards, residential mortgages and commercial real estate loans.
although mr. dimon said credit to mid-sized business is “flowing,” the size of j.p. morgan's middle-market loan book has in fact shrunk by 16% in the past year. mr. dimon attributed that drop to newly cautious businesses tapping the credit lines less often.
mr. dimon introduced a moment of humor to an otherwise somber presentation when mr. rose asked him if he was a supporter of president obama.

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The given text has 145 "i"s.
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