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A day after describing fellow bankers as “greedy” and “inept”, the head of JP Morgan investment bank in London is leaving.
Bill Winters, who was co-chief executive of the investment bank based in London, is being replaced by Jes Staley, currently head of asset management, who will be based in New York. In 2007 Staley, 52, was paid $16.7 million (£10.4 million).
Winters, 48, was paid $21.2 million two years ago and has a shareholding in the bank worth $55.8 million.
“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 had told a debate hosted by the Investment Management Association.
The other co-head of the investment bank, Steve Black, 57, becomes its executive chairman.
Both Winters and Black gave up multi-million bonuses in 2008 in the wake of the financial crisis.
Today, Dimon said: “With the credit crisis largely behind us and the economy recovering, the timing was right to begin the succession process. “
Winters, who was fulsomely praised by his boss today, said he was looking forward to “my next professional challenge”.
Reader views (4)
"The primary culprit was a wholesale banking market where borrowing was made to the wrong people at the wrong price", you would think that a man who got paid $20m a year would be able to string a grammatically correct sentence together wouldn't you?
- Mark, London
A case of the pot calling the kettle black!
- Simon, London
'Inept and greedy' just about sums it all up, I couldn't have put it better myself.
- Goggs, London
Maybe he has had the temerity to say what everyone else is thinking. Good luck to him
- Elizabeth Taylor, tx us
