Matt Levine:

A bank is a collection of reasonable guesses about valuation. It is a purely statistical process. There is no objective reality. Did Bank of America make money last quarter? Maybe! It's an ever-so-slightly biased coin flip. Banks are magic, and if you look too hard at how the magic happens, you might stop believing in it.

James Kwak:

For the banks, of course, this is the most advanced and effective regulatory capture possible. No one has to be paid off, no one has to break the law, and no one asks too many questions.

Nolan McCarty:

Goldman Sachs is a large and complex firm that makes large and complex deals and investments in a large number of complex markets. A partial solution to this problem is to increase the number of [Fed] examiners and pay the premium needed to attract talent and expertise to the Fed. But the better solution is to make banks smaller and less complex. The increase in transparency will lead to better regulation all around.

David Sanger:

JPMorgan's security team, which first discovered the attack in late July, managed to block the hackers before they could compromise the most sensitive information about tens of millions of JPMorgan customers. The attack was not completely halted until the middle of August and it was only in recent days that the bank began to tally its full extent.

The attack came after a recent turnover within JPMorgan's information security group.

Maria Konnikova:

Humans are highly fallible; systems, much less so. Yet, as automation has increased, human error has not gone away.

Andrea Peterson and Craig Timberg:

In an era of soaring national investment in cyber-security, the weakest link often involves the inherent fallibility of humans.