Bloomberg News

Business Roundtable Shows 21% of CEOs Don’t Need One-Stop Bank

October 07, 2013

The Business Roundtable, a group whose executive committee includes JPMorgan Chase & Co. (JPM:US) head Jamie Dimon, said 21 percent of surveyed chief executive officers think it’s unimportant to have a “one-stop shop” for their financial needs.

Fifteen percent said it’s “very important” to have access to a one-stop company for domestic and international financial services and 34 percent said it’s important, according to the Business Roundtable, which surveyed its 212 CEOs in July and August and got 148 responses, according to a report released today from the Washington-based group.

Leaders of the biggest U.S. lenders have said their customers need large, international banks to finance operations in the U.S. and overseas. Of the survey’s respondents, 98 percent said their companies rely on “large globally engaged U.S. banks” for services to help domestic operations, and 89 percent relied on them for foreign dealings.

The Business Roundtable is a group of CEOs whose members include Bank of America Corp.’s Brian T. Moynihan, BlackRock Inc.’s Laurence D. Fink and Goldman Sachs Group Inc.’s Lloyd C. Blankfein, as well as the leaders of Microsoft Corp., Johnson & Johnson and General Electric Co. The group’s members represent companies with a combined workforce of 16 million employees and $7.4 trillion in annual revenue, according to its website.

To contact the reporter on this story: Laura Marcinek in New York at lmarcinek3@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; Christine Harper at charper@bloomberg.net


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