It’s JPMorgan Versus Goldman Sachs in Capital Changes

The Federal Reserve is close to finally finishing its rewrite of bank-capital rules. But, in the final stretch, it has provoked a fight between the biggest US main-street lenders on one side and the markets- and trading-focused investment banks on the other. The ultimate battle in the so-called Basel III endgame is less about how much capital should be in the financial system, and more about which firms should bear the burden.