Economy
JP Morgan and an age of little competition |
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| Economy | |
| Written by Gary Howes | |
| Tuesday, 13 October 2009 | |
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Morning Business News, Tuesday 13 October: JPMorgan Chase & Co, self certified mortgages and ITV.
JPMorgan Chase & Co (NYSE:JPM) is benefiting from an investment landscape cleared of competition by the credit crisis. The newspaper also reports this morning that JPMorgan Chase & Co’s top executives have embarked on a charm offensive to allay fears by staff and regulators that the ousting of Bill Winters as co-head of the investment bank will mean a diminished role for its London operations. Jamie Dimon, JPMorgan’s chief executive, made a surprise visit to London last week, meeting about 70 senior managers, to reassure them that the City and Europe remain crucial to the bank’s future, the group said, the FT reports. Mortgage self-certification banningThe multi-billion-pound self-certification mortgage industry, in which customers are not required to provide proof of income, is set to be banned by the financial regulator. The Financial Services Authority (FSA) is effectively planning to kill off self-cert home loans by introducing a rule compelling lenders to insist that customers provide evidence of their income, the Times writes. Bishop and ITVSir Michael Bishop turned down the chance yesterday of becoming the chairman of ITV, believing that he lacked the energy to sort out the chronic problems affecting the broadcaster of X-Factor. The former chairman of bmi, the airline, concluded that the commercial broadcaster was crippled by a dysfunctional board and strained relationships with its investors, the Times writes.
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