Ever since president Barack Obama shared a podium with Paul Volcker in January to propose a ban on retail-deposit-funded banks engaging in proprietary trading and hedge fund or private equity investing, the threat of a forced break-up of large banks has hung in the air.
As new legislation slowly developed in Congress during the spring, that threat receded as legislators focused on capital rules and resolution regimes. It would seem perverse for the federal government or regulators to break up Bank of America now, having pressed it to do the last two deals that made it so large.
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