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Does Size Matter? JPMorgan's Jamie Dimon Tells Investors Yes

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Jamie Dimon has two comebacks to skepticism about large global banks, an attitude that has permeated public debate since the financial crisis.

First, the JPMorgan Chase (JPM - Get Report) CEO told shareholders in his annual letter Wednesday, only global banks can meet the needs of global clients, from multinational conglomerates to government institutions and central banks. On an average day, the largest U.S. bank moves $5 trillion for such clients and raises or lends $6 billion for them, he said.

Second, the biggest U.S. banks may not be as big as you think: The assets of all U.S. banks represent a much smaller portion of the economy than comparable firms in other developed countries.

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"Our large and diversified earnings streams and good margins create a strong base of earnings that can withstand many different crises," Dimon wrote in the letter. "This strength is what allows us to invest in countries to support our clients and to have the staying power to survive tough times."

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