In short, JPMorgan Chase suffers from most of the same issues that Citigroup does. Yes, the firm's financial performance has improved substantially in the last few years, but the firm's balance sheet is still a bit of a minefield, even though management talks about having a "fortress balance sheet" every chance they get. There's no doubt that CEO Jamie Dimon is good at his job - and he's a great cheerleader for the industry as well -- but the risks inherent in the big banks right now outweigh most of the rewards in my view.That's not to say that you need to avoid banks wholesale. A number of regional banking names still look like bargains right now, and several bigger names with hefty fee driven revenue offer the scale of large banking names without the balance sheet scariness. JPMorgan shows up on a recent list of 10 Stock Picks of the Highest-Rated Money Managers.