Better to build a business for the new era than waiting for the old to return

JP Morgan’s bold move in agency trading is showing that there’s an alternative to cutbacks

When the sun stops shining, it’s time to diversify the business beyond selling ice-cream.

That's part of the thinking behind last week's decision by JP Morgan to set up a new agency trading unit. It's an intriguing example of a bank adapting to the new, quieter market conditions.

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