Fortune magazine has an interview with Jes Staley, the head of JPMorgan Chase's investment banking unit. Although the article is pretty standard fare, it does reveal one interesting comment made by the man many feel bank CEO Jamie Dimon has handpicked to succeed him.
Although Staley is by no means a shoo in for the top job over at JPMorgan Chase (he faces competition from CFO Mike Cavanagh, asset management head Mary Erdoes, and retail boss Charlie Scharf), he does appear to be in pole position. The trouble is, at 53, Staley is just one year younger than Dimon, and time might not be on his side.
Staley told the magazine: 'If Jamie doesn't leave, then I probably need to leave myself in a few years. If it's not me (who becomes CEO), it's still been a blast working for Jamie. He is one of the greatest people in finance in my generation'.
In the meantime, Bank of America posted a first-quarter profit of $3.2bn, thanks mainly to an excellent performance from Bank of America Merrill Lynch (and fewer credit card delinquencies). Bloomberg quotes independent bank analyst Nancy Bush, who said: 'It was a mega-huge trading quarter', which even compared favourably to the strong performance in capital markets seen over at JPMorgan.
BofA CEO Brian Moynihan said in a statement: 'With each day that passes, the 2010 story appears to be one of the continuing credit recovery, and our results reflect a gradually improving economy'.
Finally, The New York Times reports that President Obama has now threatened to veto the financial services 'overhaul' bill unless it includes strong controls on the use of, and trading in, derivatives.