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'Too Big To Manage Banks' May Need To Break Into Smaller Pieces - Hsu

US
  • The WSJ reports Acting Comptroller of the Currency Hsu as saying ‘too big to manage banks’ may need to break into smaller pieces.
  • ESH3 falls 10 points but remains within the sessions generally tight range at 4009.50. Resistance 4043.00 (Dec 15 high), support 3891.50 (Jan 10 low).
  • Full story here. “A bank's failure to resolve longstanding deficiencies despite reprimands from its regulators and onerous restrictions such as caps on its growth are evidence that a firm is unmanageable and needs to be broken up, acting Comptroller of the Currency Michael Hsu said.”
  • “Mr. Hsu's remarks don't target any specific bank to be broken up but appear to highlight concerns about firms like Wells Fargo & Co., which has struggled to resolve longstanding problems despite repeated enforcement actions and billions paid in penalties.”
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