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The Following Slide Makes Me  Mad!!! ,[object Object],[object Object],[object Object]
Banks: Market Cap (the Original Slide) Morgan Stanley RBS Deutsche Bank Credit Agricole Societe Generale Barclays BNP Paribas Unicredit UBS Goldman Sachs Santander Citigroup JP Morgan HSBC Market Value as of Q2 2007, $Bn Market Value as of January 20 th  2009, $Bn While JPMorgan considers this information to be reliable, we cannot guarantee its accuracy or completeness Source: Bloomberg, Jan 20 th  2009 Credit Suisse 49 120 76 67 80 91 108 93 116 75 100 116 255 165 215 16 4.6 10.3 17 26 7.4 32.5 26 35 27 35 64 19 85 97
So Why Am I  Mad??? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Here’s the Math ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Citigroup 255 19 Citigroup 255 19 Citigroup 255 19 Fig. 1 -  13:1 ratio Fig. 4 -  27:1 misrepresentation Fig. 3 -  JPMorgan illustration Fig. 2 -  13:1 ratio
Banks: Market Cap Morgan Stanley RBS Deutsche Bank Credit Agricole Societe Generale Barclays BNP Paribas Unicredit UBS Goldman Sachs Santander Citigroup JP Morgan HSBC Market Value as of Q2 2007, $Bn Market Value as of January 20 th  2009, $Bn (Misrepresented) While JPMorgan considers this information to be reliable, we cannot guarantee its accuracy or completeness Source: Bloomberg, Jan 20 th  2009 Credit Suisse 120 76 67 80 91 108 93 116 75 100 116 255 165 215 4.6 10.3 17 26 7.4 32.5 26 35 27 35 64 19 85 97 49 16
Banks: Market Cap (Corrected) Morgan Stanley RBS Deutsche Bank Credit Agricole Societe Generale Barclays BNP Paribas Unicredit UBS Goldman Sachs Santander Citigroup JP Morgan HSBC Market Value as of Q2 2007, $Bn Market Value as of January 20 th  2009, $Bn (Misrepresented) While JPMorgan considers this information to be reliable, we cannot guarantee its accuracy or completeness Source: Bloomberg, Jan 20 th  2009 Credit Suisse 120 76 67 80 91 108 93 116 75 100 116 255 165 215 4.6 10.3 17 26 7.4 32.5 26 35 27 35 64 19 85 97 49 16 Market Value as of January 20 th  2009, $Bn (Honestly Represented)

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Banks By Mkt Cap 2009 Vs 2007+

  • 1.
  • 2. Banks: Market Cap (the Original Slide) Morgan Stanley RBS Deutsche Bank Credit Agricole Societe Generale Barclays BNP Paribas Unicredit UBS Goldman Sachs Santander Citigroup JP Morgan HSBC Market Value as of Q2 2007, $Bn Market Value as of January 20 th 2009, $Bn While JPMorgan considers this information to be reliable, we cannot guarantee its accuracy or completeness Source: Bloomberg, Jan 20 th 2009 Credit Suisse 49 120 76 67 80 91 108 93 116 75 100 116 255 165 215 16 4.6 10.3 17 26 7.4 32.5 26 35 27 35 64 19 85 97
  • 3.
  • 4.
  • 5. Banks: Market Cap Morgan Stanley RBS Deutsche Bank Credit Agricole Societe Generale Barclays BNP Paribas Unicredit UBS Goldman Sachs Santander Citigroup JP Morgan HSBC Market Value as of Q2 2007, $Bn Market Value as of January 20 th 2009, $Bn (Misrepresented) While JPMorgan considers this information to be reliable, we cannot guarantee its accuracy or completeness Source: Bloomberg, Jan 20 th 2009 Credit Suisse 120 76 67 80 91 108 93 116 75 100 116 255 165 215 4.6 10.3 17 26 7.4 32.5 26 35 27 35 64 19 85 97 49 16
  • 6. Banks: Market Cap (Corrected) Morgan Stanley RBS Deutsche Bank Credit Agricole Societe Generale Barclays BNP Paribas Unicredit UBS Goldman Sachs Santander Citigroup JP Morgan HSBC Market Value as of Q2 2007, $Bn Market Value as of January 20 th 2009, $Bn (Misrepresented) While JPMorgan considers this information to be reliable, we cannot guarantee its accuracy or completeness Source: Bloomberg, Jan 20 th 2009 Credit Suisse 120 76 67 80 91 108 93 116 75 100 116 255 165 215 4.6 10.3 17 26 7.4 32.5 26 35 27 35 64 19 85 97 49 16 Market Value as of January 20 th 2009, $Bn (Honestly Represented)
  • 7.