Quelle Surprise! Former JP Morgan Chairman Offers Dubious Defenses of Big Banks

``As for "serving clients on a global scale," big companies have long had numerous banking relationships, and take a "horses for courses" approach. The idea, say, that size would give JP Morgan an advantage in doing a merger in France is nuts. Major corporations typically make sure to have relationships with local banks in major countries in which they do business. While the major UK and US banks might snag some top local graduates, the native institutions are going to have a much bigger network of local contacts and expertise. ''