????美國最大的銀行可能確實太大了。

????周二，摩根大通(JPMorgan Chase)的年度投資者日，這家銀行的高管層花了很多時間來討論公司的“瘦身”計劃。

????“壞賬等于壞收入，”CEO杰米?戴蒙說?！鞍l一大堆壞賬，銀行就撐不下去了。我要增加的是好收入。”

????這次會議上傳出的重磅消息是摩根大通2014年計劃在消費者和社區銀行部門削減8,000個職位。事實上，削減的職位數量少于這家銀行一年前在這些部門進行的裁員。但這只是摩根大通高管們所說的瘦身方式之一。高管們列出了該行計劃退出或縮減規模的業務領域，包括預付卡、實物商品和抵押貸款業務。

????摩根大通稱，它2013年提供的各類房屋貸款多達35種。到2014年底，摩根大通計劃能減少至15種。而且，多年來第一次摩根大通表示，新的一年中不太可能增加銀行分支機構的數目。相比之下，兩年前該行新開了106家分支機構，三年前新開240家分支機構。這些分支機構本身的雇員數量也將比幾年前減少20%。

????事實上，摩根大通唯一顯示出擴張跡象的領域是風險管理和合規部門。這些部門正在招兵買馬。

????從擴張到瘦身，這樣的轉變對于摩根大通合情合理。過去一年，這家銀行似乎在各個地方都遇到了監管麻煩。競爭對手美銀(Bank of America)和花旗集團(Citigroup)早在幾年前就開始縮減業務。但這對于摩根大通而言是一個很大的轉變。

????兩年前，同樣在投資者日上，戴蒙誓言將繼續擴張，盡管政府推出新的監管條例，盡管經濟疲弱，盡管有些人認為，分拆摩根大通分拆可獲得更高估值。戴蒙當時表示，監管機構正在試圖遏制摩根大通和其他銀行，它們很快就會意識到，摩根大通這樣的美國超級大行并沒有大到足以與規模更大的外國同行同場競技的地步。戴蒙當時質問：“波音(Boeing)和卡特彼勒(Caterpillar)將來都用中資銀行大家就高興了嗎？”

????但如今，戴蒙和摩根大通似乎認為，縮減規模后他們可以做更多。

????問題是，瘦身是否值得。首席財務官瑪麗安?雷克表示，摩根大通退出部分業務的計劃明年將為該行節省10億美元。她還說，最終該行的凈利潤將增長至270億美元。要做到這一點，利率需要上升，經濟必須改善。

????但明年實現利潤增長很困難。這家銀行預計2014年抵押貸款市場將下降34%。雷克稱，2014年摩根大通一項關鍵的盈利能力指標可能會下降。像其他銀行一樣，摩根大通終于意識到，沒有足夠多的好收入能彌補放棄全部壞業務帶來的缺口，至少目前的情況是這樣。（財富中文網）

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????The nation's largest bank may indeed be too big.

????On Tuesday, at its annual investor day, JPMorgan Chase executives spent a lot of time talking about the bank's plans to shrink.

????"Bad loans equal bad revenue," said CEO Jamie Dimon. "Do a lot of bad loans and you go out of business. I want to grow good revenue."

????The headline from the meeting was that JPMorgan (JPM) plans to eliminate 8,000 positions in its consumer and community bank divisions in 2013. That's actually fewer job cuts than the bank made in those departments a year ago. But it was only one of the ways JPMorgan executives said the bank was slimming down. Across the bank, executives highlighted businesses they said the bank plans to exit or scale back. Among them were pre-paid cards, physical commodities, and mortgages.

????JPMorgan said that coming into 2013 the bank offered 35 different types of home loans. By the end of 2014, JPMorgan plans to offer 15. And for the first time in years, JPMorgan said it will not likely increase the number of bank branches it operates in the next year. Compare that to two years ago, when the bank opened an additional 106 branches, and 240 the year before that. The branches themselves will have 20% fewer employees than they had just a few years ago.

????Indeed, the only place the bank appears to be growing is in risk management and compliance. Those divisions are hiring.

????The shift to thinking smaller makes sense for JPMorgan. In the past year, the bank seemed to run into problems with regulators everywhere it turned. Rivals Bank of America (BAC) and Citigroup (C) have already spent the past few years paring businesses. But the move marks a big shift for JPMorgan.

????Two years ago, at the same investor day, Dimon vowed to continue to grow his bank despite new regulations, a weak economy, and a suggestion by some that JPMorgan would be worth more broken up. He said regulators trying to rein in his bank and others would soon realize that U.S. mega-banks like JPMorgan were not big enough to compete with larger foreign rivals. "Would it be great for America if Boeing and Caterpillar were to use Chinese banks?" Dimon asked.

????Now, though, Dimon and Co. appear to think they can do more with less.

????The question is whether slimming down will pay off. CFO Marianne Lake said JPMorgan's plan to exit some businesses will save the bank $1 billion next year. Eventually, she says the bank's bottom line will grow to $27 billion. But for that to happen, interest rates will need to go up, and the economy will have to improve.

????For next year, though, higher profits might be tough to achieve. The bank said it expects the mortgage market to drop 34% in 2014. Lake said a key measure of profitability for JPMorgan is likely to drop in 2014. Like other banks, JPMorgan is finally realizing, at least for right now, there's just not enough good revenue to compensate for giving up all the bad stuff.