“The world is changing, and we recognize that a synergistic combination might be in the best interest of shareholders…” – James E. Cayne
Alphacution has modeled the bank-owned broker-dealer operations for the following:
- Goldman Sachs & Co.
- Morgan Stanley & Co.
- Deutsche Bank Securities, Inc.
- UBS Securities, LLC
- Credit Suisse Securities (USA), LLC
We now add J. P. Morgan Securities, LLC – formerly known as Bear Stearns & Co…
Here’s a brief summary of what that analysis shows, so far:
Relative to the other five bank-owned broker dealers in our sample to date, J. P Morgan Securities ranks as the largest by total assets, as of year-end 2018:
Relative to the other five bank-owned broker dealers in our sample to date, J. P Morgan Securities also ranks as the largest by a measure of gross cash equities – as in, equity securities owned plus equity securities sold, but not yet purchased – as of year-end 2018:
Relative to the other five bank-owned broker dealers in our sample to date, J. P Morgan Securities ranks as the only member of the sample with a short – or, negative – net cash equities position, as of year-end 2018:
Based on this cursory analysis, these attributes – particularly for a player of its size – demonstrate solid portfolio construction parameters over the 18-year period, and therefore, are fairly impressive.
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