I heard a statistic today that JP Morgan has over 43,000 regulatory and compliance employees — for every four employees doing other ‘stuff’, there’s a regulatory guy. I don’t know who all counts as an employee engaged in banking business (does an HR person count?) or as a regulatory employee (one hour a year doing something related to federal regulations qualifies you?) but I’m willing to take the statement on its face. I don’t necessarily see that as a failing in regulations as a failure in automation.