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At JPM: James and the Giant Reach
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Reilly raises the question why asset allocation decisions of the type made by JP Morgan Chase since 2008, does not make it similiar to a mutual fund or a hedge fund, and why this should itself not be considered a form of proprietary trading. JP Morgan Chase had $600 million of corporate debt in its overall debt portfolio or 1% in 4th quarter 2006. By end of 2008 this increased to 5% or $10 billion. By end of 2009, this went up to 17% of the portfolio or $62 billion, and they are at that level today. The holdings of non-U.S. residential mortgage securities was also increased, going up to 20% of holdings or $75 billion at end of 1st quarter 2012, from $2 billion or 1% of the portfolio in 2008. Corporate debt holdings at Bank of America at the end of the 1st quarter of 2012 were about 1% or $2.4 billion, and at Citigroup were about 4.5% or $12 billion. The Chief Investment Office unit of JP Morgan handles this portfolio, which is the result of deposits of $1.12 trillion exceeding loans of $700 billion. The low interest rate environment after 2008 creates incentives for banks to look for ways to improve crimped margins and in the process adding risk.
JP Morgan Chase debt portfolio and asset allocation decisions similiar to proprietary trading
05/13/2012
Large shift in asset allocation since 2006, with significantly higher corporate bond holdings, creates more risk.
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