Over the past few years, we've sporadically heard calls from analysts and bank shareholders that big banks should consider some profound breakups as a way to unlock shareholder value. With many banks trading well below book value and even the likes of JPMorgan and Goldman Sachs trading at about their book values, the idea has not died.

One idea recently floated was to break Bank of America into five units via spinoffs: commercial banking, corporate and investment banking, credit cards, mortgage banking, and wealth and investment management. By one analysis, this would prove to be a major windfall for shareholders. With the bank's stock languishing, the upside would remain significant on paper anyway. The big issue now might be if management has any other options to boost its stock prices.

We'll just have to wait and see how restive shareholders turn. If they start making strident demands, things will get interesting fast.

ProPublica notes there are many reasons why management will oppose any calls for massive breakups. One analyst was quoted: "The biggest motivation for not breaking up is that top managers would earn less. That is part of the breakdown in the owner/manager relationship. That's a breakdown in capitalism."

There's also the argument that big global banks are necessary to service large multinational corporations, though that could be debated all day.

All told, the fact that people are again talking about breaking up banks says something about the times. But we've heard it all before.

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