Friday, November 27, 2015


Update: JPMorgan boss out after slamming 'greedy' bankers

"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

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."

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PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at, 215.854.5194, @PhillyJoeD. Read his blog posts at and his Inquirer columns at Bloomberg posts his items at NH BLG_PHILLYDEAL.

Reach Joseph at or 215 854 5194.

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