workers are reflected in the windows of the canary wharf offices of jp morgan in london september 19 2013 reutersneil hallfile photo new york nov 23 reuters breakingviews  jpmorgan jpmn and goldman sachs gsn were among the lenders that were deemed more “systemically important” than they were a year ago by the financial stability board on tuesday the global watchdog accordingly raised the amount of capital it thinks they should hold us banks’ share of capital markets mergers and trading revenue has been rising for years so has their share of financial risk based on breakingviews calculations using data released by the federal reserve and bank of international settlements jpmorgan’s share of the world’s “total exposures” rose to 4 in 2020 from 38 in 2019 risktaking is rewarded jpmorgan trades at almost double its estimated yearahead book value according to refinitiv – at least three times higher than santander sanmc unicredit crdimi and société générale sognpa which are in the fsb’s leastrisky bucket since the end of 2019 goldman’s total shareholder return was 4 times higher than the members of the refinitiv global banking and investment services index most lenders already hold more capital than required by either the fsb or the fed which ultimately sets capital rules for its domestic banks while that’s a drag on returns riskier banks plus riskaverse regulators are a net win for shareholders by john foley austria’s lockdown is looking infectious read more