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摩根大通银行估值模型

摩根大通作为综合金融的领军者，市值近 3000 亿美元（20 年 4 月时点市值），居美国主要 商业银行市值之首，2019 年 ROTCE（Return on Tangible Common Equity，有形普通股股 本回报率，区别于 ROE）达 19%，明显高于美国银行、高盛、富国银行、摩根斯坦利、花 旗银行的同期水平。业务横跨商行、投行、资产管理及财富管理等板块，并在这些业务领 域位居美国甚至是全球银行业前列。2019 年，摩根大通银行是美国排名第一的消费者银行， 信用卡发卡行，拥有美国排名第一的私人银行，投行手续费收入为全球第一，是典型的“全 能选手”，乃全能银行的典范。 西奥多·罗