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."