Major moving and shaking in underway in the management of JP Morgan. Jes Staley is to take the seat of the Head of Investment Banking as Jamie Demons quits. Steve Black would see to it that the transition is as smooth as possible. The change is viewed to have been brought about to gear the bank ahead as the credit crisis has been averted. The change at higher echelons of management has implications on the selection of his team to run the division.
Bill Winters 47 Co-CEO came directly in the line of fire! as he has close relations with Jamie Demons. Bill was viewed as successor of Jamie and was thought to carry on the path of his predecessor. Mary Callahan has been called to take the seat of Staley as the Chief of the asset Management Division.
Bill Winters have been very vocal about his criticism of bankers and employees in the escalation of financial crisis. He blamed the crisis on “greedy bankers, investors and borrowers and inept risk managers”. He was widely criticized for his remarks as they offered no practical way out of the tornado.
Winters was also key member to oversee the acquisition of Bear Stearns. Winters joined the bank back in 2004 and had to see the operations during one the most tumultuous period in banking history. He was Head of Credit and Rate market before his duties as Co-CEO.
Bill Winters JP Morgan
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