JPMorgan Chase and Bank of America from "summary" of Too Big to Fail by Andrew Ross Sorkin
JPMorgan Chase and Bank of America were the two largest banks in the United States, with assets so vast that they were considered "too big to fail." As the financial crisis of 2008 unfolded, these two banking giants found themselves at the center of the storm, struggling to survive in the face of a crumbling housing market and a global credit crunch. JPMorgan Chase, under the leadership of CEO Jamie Dimon, was seen as one of the strongest banks on Wall Street. With a reputation for sound risk management and a conservative approach to lending, JPMorgan Chase had weathered the storm better than many of its competitors. However, even Dimon's bank was not immune to the effects of the crisis. Bank of America, on the other hand, was facing significant challenges. The bank had acquired Countrywide Financial, a mortgage lender known for its risky lending practices, at the height of the housing bubble. As home prices began to fall and mortgage defaults soared, Bank of America found itself on the hook for billions of dollars in bad loans. As the crisis deepened, both JPMorgan Chase and Bank of America w...
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