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At the base of the fed pyramid, and therefore of the bank system's creation of "money" in the sense of deposits, is the fed's power to print legal tender money. but the fed tries its best not to print cash but rather to "print" or create demand deposits, checking deposits, out of thin air, since its demand deposits constitute the reserves on top of which the commercial banks can pyramid a multiple creation of bank deposits, or "checkbook money."
Jpmorgan was already, for the most part. our businesses at jpmorgan share the same cash-management systems. the commercial bank, the private bank, the retail bank, they all use the branches. the cash-management system moves the money around the world - for global corporations, and for you, the consumer, too.
If the numbers are right, icbc [industrial & commercial bank of china], which already earns nearly twice as much as jpmorgan. they'll probably be going a lot faster over time, and one day they can be a lot bigger than us.
Our commercial bank [jpmorgan] is only in the u.s. we are serving what you call smes - small businesses, private companies.
As a matter of fact 25% of our u.s. investment banking business comes out of our commercial bank. so it's a competitive advantage for both the investment bank - which gets a huge volume of business - and the commercial bank because the commercial bank can walk into a company and say, "oh, if you need x, y and z in japan or china, we can do that for you."
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