Jamie Dimon clings to outdated business model

No surprise that Dimon defends the status quo, bigger is better and the banking department store model is best (Reuters). But I wonder if he reads the trends in financial services the right way. Specialist providers may well be the way of the future, especially if they make good use of technology. Payments, Fund Management, Investment Banking Advice, Securities Trading all can easily - and cheaply - provided by standalone providers. One only has to wonder why there are still so many bank branches on the High Streets. The only - and probably the real - reason that gives JP Morgan and other super large banks an edge is the (sad) fact that customers - and unfortunately politicians and the regulatory minions - consider them too-big-too-fail. That still pushes clients their way that would otherwise consider cheaper and more nimble competitors. The growth of new product providers is therefore stunted which gives the large banks the opportunity to cling to their outdated business model.