Bill Winters Jp Morgan

Bill Winters Jp Morgan

Bill Winters is very highly regarded,” said William Cohan, a former investment banker at JPMorgan who wrote “House of Cards” about Bear Stearns Cos. “What’s not that big of a surprise is that Jes Staley, who also came from the JPMorgan side, would move up.” JPMorgan was formed by the 2001 purchase of J.P. Morgan & Co. by Chase Manhattan Corp. Winters, 48, joined JPMorgan more than 25 years ago and has spent most of his career working in sales and trading. He and Black, who is based in New York, had worked as co-CEOs of the investment bank since 2004.

Speaking at a conference in London last week, Winters said “greedy bankers, investors and borrowers” were in part to blame for the banking crisis. He also said separating wholesale and retail banking would be “very costly to the economy.” Winters “has been viewed by competitors and peers as a really strong professional,” said Michael Holland, chairman and founder of Holland & Co. in New York, which oversees more than $4 billion including JPMorgan shares. His departure “is a big surprise to me.”

Staley, 52, joined JPMorgan in 1979 and worked in the investment bank for 20 years, moving on to run the asset- management business in 2001. Staley’s new job signals he is one of the board’s top picks to succeed Dimon, according to a person briefed on the management decision. While Dimon is expected to stay at least another five years, the decision was made to round out Staley’s management experience, the person said, declining to be identified because the decisions are confidential.

JPM

JPM Chase & Co। on Thursday said first quarter profit fell 10% as the banking giant boosted reserves for bad loans by more than $4 billion. The company added a total of $4।2 billion to credit reserves, raising its aggregate provision to $28 billion, representing 4।53% of assets, the company said.

Among other closely watched metrics, the New York-based bank said its Tier 1 capital level was 11।3% during the quarter, or 9.2% if the calculation excludes capital the bank got under the government's TARP investment plan. Tangible common equity, or the value of the company minus its liabilities, was $87.2 billion. Analysts at Thomson Reuters had, on average, expected the company to post a profit of 32 cents a share।

"It is reasonable to expect additional increases to credit reserves if the economic environment worsens। Yet, we are confident that even a highly adverse economic scenario would not compromise our overall strength and stability -- or our ability to enhance our franchises," Dimon added. Net revenue rose to $25.3 billion compared to $16.89 billion a year ago. The bank saw provision for credit losses soar 94%, reaching $8.6 billion.