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Monday, September 28, 2009

Update: JPMorgan boss out after slamming 'greedy' bankers

UPDATE: Bill Winters, co-head of JPMorgan Chase & Co.'s investment banking business and a former heir apparent to chief executive Jamie Dimon, is leaving the most-solvent Wall Street bank, shocking his peers, a week after he denounced "greedy bankers" and "inept risk managers" for causing the credit crisis. Bloomberg story here.

EARLIER: "Bill Winters, the co-chief executive of JPMorgan's investment banking arm, laid the blame for the financial crisis squarely on the shoulders of his fellow bankers," writes the London Evening Standard here.

“The crisis is about the collapse of the integrated wholesale banking system. The primary culprit was a wholesale banking market where borrowing was made to the wrong people at the wrong price,” Winters said in an industry discussion at the Investment Management Association in London.

Winters added that the banking crisis was a result of "greedy bankers, investors and borrowers," along with "inept risk managers who relied on the rating agencies."

The Standard notes there's been a lot of self-flagellation by bankers as world regulators weigh limits on banker pay, adding, "Winters, an American who is seen as being close to JPMorgan boss Jamie Dimon, is regarded as a likely future leader of the Wall Street bank."
Posted by Joseph N. DiStefano @ 12:27 PM  Permalink | Post a comment
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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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