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The equities business, too, is splitting the financial atom.
Even cutting costs within the equities business is difficult.
"We are very committed to the equities business," she said.
But, compared with the equities business, the market is a small one.
Chase lacks an equities business, an area where J.P. Morgan also lacks clout.
The combined group will base its international equities business in the French capital.
Others will follow RBS and UniCredit in exiting or rebalancing their investment-heavy equities business.
But it is puny outside Germany, especially in the equities business.
Investment banking revenue plummeted 44percentt and its equities business income dropped 45percentt.
The bank has covered the positions, and the equities business was again operating within its previously defined risk limits.
Fixed commissions on stock trading had just been eliminated, and Ms. Cook sensed the institutional equities business would take off.
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